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Do my own Debt Management Plan

Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services.

The commercial providers charge a fee for their debt management advice. Charities such as CCCS do not charge the debtor directly but since they are funded by the creditors, then the creditors are arguably no better off since they do not fully benefit from the contributions made by the debtor to the Debt Management Plan.

What about doing a Debt Management Plan on your own?

DIY Debt Management

There is no reason why a self administered Debt Management Plan should not work in theory. Since the debtor puts the plan together and is responsible for ensuring compliance with the plan and since there are no third party service providers to pay, then it would seem that such a Debt Management Plan would be attractive to creditors. From the debtor’s point of view, the debt is repaid more quickly since all of the funds are going towards reducing the balances with no ‘fees’ deduction.

So why is this not a growth industry, so to speak? From the point of view of creditors, there is the ‘hassle’ factor. The approach of debtors would differ from person to person. With commercial Debt Management Plan providers and CCCS for example, simple systems can be put in place to manage the process in a uniform way. The policy of the creditor in regard to freezing interest, penalties and other charges can be applied in a systemic consistent way. If creditors have to deal with individual customers then the workload and efficiency of their systems would be challenged. Nevertheless, the DIY Debt Management Plan can be done. The surprising thing is that creditors have not been more proactive in promulgating their receptiveness to the self administered Debt Management Plan.

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Fees and key info

We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. Fees will depend on which debt solution we provide and what your personal circumstances are. All fees will be discussed prior to commencement of any service or debt repayment plan. Click here to read our fees and key info. Please note: From time to time we may refer you to other services providers or charities such as the CAB.


If you’d like more information on other sources of free debt help and advice you can visit MoneyHelper – an organisation, backed by government and set up to offer free and impartial advice to those in debt. - Click here to visit MoneyHelper