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Debt Management Plan

Debt Management Plan (DMP) is an agreement to help you repay your debts in full with a reduced monthly payment over an extended period of time.

The Money Advice Service is able to help you get free advice about whether a Debt Management Plan is right for you.

Available UK-wide

  • A debt management plan is used when you can only afford to pay your creditors a small amount each month or you currently have debt problems but you will be able to make payments in a few months.
  • You will set up a plan with a company authorised by the Financial Conduct Authority (FCA).

ADVANTAGES

  • The company negotiates with your creditors so you no longer need to
  • A debt management plan demonstrates your willingness to tackle your debts
  • Creditors may be willing to accept reduced payments from a third party

CONSIDERATIONS

  • Requires your creditors continued support, which can be withdrawn at anytime
  • Any creditor can still take legal action at any time, causing the plan to fail
  • A Debt Management Plan is not legally binding, so you don’t have legal protection
  • Lower, more affordable payments means that it takes longer to repay your debts

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