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.
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 …
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.
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!
£11000 in Debt
Previous monthly payment: £510pm
£31000 in Debt
Previous monthly payment: £1100pm