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Frequently Asked Questions regarding Debt Management Plans.
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Individual Voluntary Arrangements
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Frequently Asked Questions
Please find below a selection of frequently asked questions regarding Debt Management Plans;
Debt Management Plan (DMP) Frequently Asked Questions
What is a DMP?
A DMP (Debt Management Plan) is an informal contract set up between yourself and your creditors which attempts to reduce your multiple monthly payments to just one which you can realistically afford.
When creating a DMP, your debt advisor will attempt to freeze your interest payments, although creditors are not obliged to do so, as this is an informal agreement. For more details of a formal agreement, please see our section on IVA's.
Please find below a selection of frequently asked questions regarding Debt Management Plans;
Debt Management Plan (DMP) Frequently Asked Questions
What is a DMP?
A DMP (Debt Management Plan) is an informal contract set up between yourself and your creditors which attempts to reduce your multiple monthly payments to just one which you can realistically afford.
When creating a DMP, your debt advisor will attempt to freeze your interest payments, although creditors are not obliged to do so, as this is an informal agreement. For more details of a formal agreement, please see our section on IVA's.
Confused by the options?
Unsure whether you should choose an IVA or Debt Management Plan?
No problem - Request a call back for personalised advice.
Unsure whether you should choose an IVA or Debt Management Plan?
No problem - Request a call back for personalised advice.
Do I qualify for a DMP?
Most people are eligible for a DMP if they have £2,000 or more owing to 2 or more creditors. To confirm your eligibility, please fill in our short evaluation form and a trained debt advisor will call you to discuss how they can help in your individual circumstances.
Will I loose my home?
The aim of a Debt Management Plan is to get you debt free ASAP. Unfortunately there can be no guarantee that your home will not be at risk due to your debts, but taking action to tackle your debts is the best way to help yourself to avoid repossession. A Debt Management Plan can be a very positve way of doing just that.
Where can I find out more?
You can also request a call back here. A debt advisor will call you to discuss your needs and help you to choose whether a Debt Management Plan, Individual Voluntary Arrangement or other option is right for you.
Quick Submit IVA/DMP Enquiry
Please calculate your total debt excluding mortgages and/or secured loans when entering your details.
