All About DMPs
A Debt Management Plan (DMP) allows you to make a single monthly payment towards your debts based on what you can afford. A DMP continues until all your debts have been paid back in full.
Criteria for DMP
- You can afford to pay creditors a small amount each month.
- Your debts are unsecured i.e. not secured against a property or a vehicle.
DMP advantages
- A DMP is flexible so your payment amount can change as your situation changes to ensure it remains affordable.
- Creditors may stop interest and charges, but this is not guaranteed.
- Some DMP providers offer their services for free meaning that all the money you pay goes towards paying your debts.
Things to consider
- Your credit file will be affected because you are not making the agreed repayments to your creditors. This could result in defaults being registered on your credit file.
- Your creditors may still contact you.
- A DMP does not offer legal protection so your creditors could take further action against you.
Other debt solutions
We'd love to hear from you
Contact Us
If you are having a difficult time financially our team will be happy to discuss your available options. Fees will apply in some solutions, and your credit rating may be affected.