Debt Management Plan (DMP)
A debt management plan (DMP) helps you to manage your debts and pay them off at a more affordable rate by making reduced monthly payments.
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We’ll work with you to establish a budget that meets your household’s needs. If a DMP’s right for you we’ll pass your case to one of our trusted service providers who will help you set up and manage it, at no cost to you. Many debt management companies provide DMPs, but most charge a fee.
Benefits of a DMP
- You’ll only pay what you can afford to your creditors. after putting together a monthly household budget.
- You’ll make one monthly payment and payments to your creditors will be managed for you.
- Your DMP will be regularly reviewed to make sure you’re paying what you can afford.
Risks of a DMP
- Some of your creditors may still contact you
- Most creditors will agree to reduce or stop interest and charges, but they don’t have to
- If creditors continue adding interest and charges, this could increase the total amount you currently owe
- Your creditors don’t have to agree to your reduced payments, but your payments send to your creditors anyway.
- Your creditors may still take further court action against you, such as a County Court judgment (CCJ)