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A Debt Management Plan (or DMP) is an informal agreement with your creditors to reduce the monthly repayments that you make. A DMP allows you to reduce the amount you pay to your creditors so that the payments fit within an affordable monthly budget.
To find out more about DMPs click on the video or continue reading below.
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Call 0800 077 6180 for Advice
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Where to start
• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Debt Management Plan Forum
• Read expert articles about Debt Managements Plans
• Call us now – speak to one of our advisors in confidence to see if a DMP can work for you.
Government Advice
The Government's Insolvency Service has also produced a useful guide to personal debt solutions "In Debt - Dealing with your creditors". This and other useful debt solution resources can be viewed in the "Useful Links" box at the bottom of this page.
Take the first step to beating your debt NOW – Call us on 0800 077 6180
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FROM BEAT MY DEBT NEWS...
01 February 2012 -
Can I include an HP debt in an IVA?
Pay what you can afford
The amount you can afford to pay to your creditors each month is known as Disposable Income. This is calculated by taking your total monthly household income and deducting all reasonable living expenses.
Paying your creditors what you can afford through a debt management plan will enable you to start repaying your debts without having to borrow more and constantly “Rob Peter to pay Paul”.
A Temporary Solution
A major disadvantage of a Debt Management Plan is that normally you will have to pay off all of your debt in full. At reduced monthly repayments, this could take a very long time, normally several years longer than the original agreement timescales.
However, the DMP can be a useful temporary solution if you believe that your financial circumstances are going to improve in the short term.
Expert articles
To read articles about debt management plans written by our experts please click on the expert articles and news link in the "Useful Links" box below.
HOW WE HELP...
"Thank you to Steve Jackson for your help and advice. I have spoken to a number of different debt management firms and you were the first person to give me a straight answer and what I believe to be advice that is truely in my interest. Thanks once again" Mr Dennis1664