I owe more than £15,000

You can use a DMP for any level of debt as long as you can offer a reasonable repayment each month. The amount you should aim to pay each month would normally be between 0.5%-1% of the amount you owe as a minimum. 

If you owe more than £15,000, a Debt Management Plan may still be ideal if you need a temporary solution. For example, you may only need to reduce your monthly repayments for a short period of time because you know that you will receive a wage increase in the near future or your wife will return to work or your children finish nursery.
 
Sometimes people do a Debt Management Plan for a few months until their circumstances become more suitable to enter into an individual voluntary arrangement.

What debts can be included in a DMP?

You can include most unsecured debts in your debt management plan. These include credit cards, store cards, personal loans, bank overdrafts and catalogue debts.

However secured debts such as your mortgage, secured loan and car HP cannot be included in a DMP. These debts still have to be paid in full each month.  If you do not maintain the repayments on these debts, you will risk the associated property being repossessed.

I have Tax and VAT debts - HMRC

If you owe money to HM Revenue and Customs (HMRC) this can not be included in a DMP. If you have HMRC debts then an Individual Voluntary Arrangement may be more suitable for you.

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