DEBT MANAGEMENT PLAN

A Debt Management Plan (DMP) is co-ordinated by a specialist company on your behalf and provides a structured repayment schedule for your unsecured debts.

Can I apply for a debt management plan?

If you have 3 or more creditors and can afford to pay at least £100 per month towards your debts you could consider a debt management plan.

What are the benefits?

• You send one payment each month to your debt management plan company and they send the appropriate amount to each individual creditor

• The debt management plan company handle all communication with your creditors and they negotiate repayments on your behalf

• The debt management plan company will attempt to have interest frozen on your accounts

• Day to day control of your debts is passed to the debt management plan company

• Unlike with an Individual Voluntary Arrangement, you do not have any court protection and dissatisfied creditors may still continue legal action against you

• Creditors may not freeze interest on your accounts

• There is no 'end date' to your debt problems. A debt management plan should be considered a short-term solution.

Note - An IVA Individual Voluntary Arrangement solves each of these disadvantages

For your free, no obligation assessment, please complete the form on this page above or give us a call on our freephone number.