Streamline Debt Repayments With A Debt Management Plan

Are you struggling to pay off your debts? Are you feeling overwhelmed and hopeless? You’re not alone. Millions of people are in the same boat. But there is hope. You can get out of debt, but it’s going to take some work. Read on for information on how to get started.

What is a Debt Management Plan?

A Debt Management Plan (DMP) is an informal agreement between you and the people you owe money to (creditors). A DMP will state that you will pay back the money over an agreed period of time.

Your monthly payback rate will depend on how much you can afford.

What makes a DMP different to a lot of the other debt solutions available on mymoneyoffice is the fact they are not legally binding. This means that although your creditors might firstly agree to your terms; they can go against the agreement at any point.

Unlike IVAs, DMPs will not protect you from legal action and they will also not protect your assets.

It is possible to freeze interest charges on debts using a DMP however that is down to the creditors, within a DMP creditors are not legally obligated to do this.

DMPs are very flexible due to the fact they are not legally binding. This means that if you need to make adjustments to the agreement based on future circumstances then this is entirety possible and can be made relatively quickly.


Pros and Cons of Debt Management Plan (DMP)




How does a Debt Management Plan work?

A Debt Management Plan (DMP) is broken down into 3 steps.


Complete our free solution finder, we’ll understand your circumstance and then create the best solution for you. If we believe you fit the criteria for an IVA you will be alerted by one of our specialists. Or you can call us directly …


Quick Chat With Our Specialist

Our friendly specialists will have a 5 minute discussion of your situation and run you through your options. This process is 100% free and confidential.


Your Choice

If a DMP is the best solution for you, our specialists can help motion this whenever you’re ready. This will put you on the path to becoming debt free!


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(These are some hypothetical examples of clients using an IVA)

Sean Anderson

£11000 in Debt

Previous monthly payment: £740pm
New Payment
£ 0 Per month

Daniel O’Brian

£6500 in Debt

Previous monthly payment: £510pm

New Payment
£ 0 Per month

Chloe Doran

£31000 in Debt

Previous monthly payment: £1100pm

New Payment
£ 0 Per month

What to do If your IVA application is rejected?

(list of creditors)


A solution for people with over £6000 worth of debt, you must also owe more than one creditor. An IVA is a legally binding agreement which can help write off up to 81% of debts over a 50 – 60 months period.

Debt Management Plan

A Debt Management Plan or DMP, is an informal agreement between you and your creditors to pay back lower priority debts, this will reduce your monthly outgoings to an affordable figure each month.


Bankruptcy is a formal solution designed for those who physically cannot repay debts. Bankruptcy is often viewed as the last resort but can be a good solution for those who cannot make any repayments.

Don't know where to start?

No need to worry – we’re here to help you figure it all out.
The Money Advice Service is a free and impartial organisation, created by the Government, with the goal of providing debt counselling, debt adjusting and credit information services to those in need. Individuals can get professional free advice on how to manage their financial burdens by visiting