A DMP is an agreement between you and your creditors to pay off all your debts. It allows you to pay off your debts at a rate you can afford.
One affordable monthly payment.
We negotiate with creditors on your behalf.
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A Debt Management Plan, also known as a DMP, is an informal solution designed to reduce your monthly payments towards multiple debts.
A Debt Management Plan is administered by a licensed Debt Management Company that will negotiate an affordable payment plan with creditors. Once an agreement has been reached with your creditors, you make one monthly payment, which is then distributed equally to your creditors by your Debt Management company.
A Debt Management Plan (DMP) is for people who have a bit of extra money left over each month after paying basic living costs. If you can pay your priority debts such as mortgage, rent and council tax but are struggling with paying off non-priority debts like credit cards and store cards, then a DMP may suit you.
Before you apply for any debt solution you should consider the advantages and disadvantages of the solution and how these may impact you. Our experts will be more than happy to walk you through these and explain them in detail.
If you are interested in finding out more about debt management plans, Call 0800 121 48 63 or complete the online form by clicking on the “Get Debt Help” link above.
A Debt management plan (DMP) can only be used to pay off non-priority unsecured debts such as;
You cannot use a DMP for a secured loan such as a mortgage.
In order to qualify for a Debt Management Plan (DMP) you need to fulfil certain criteria:
Even if you have a poor credit rating, you should be allowed to have a debt management plan (DMP), as long as you fit the profile above.
If you enter a Debt Management Plan (DMP) you can only include your unsecured debts. Secured debts such as your mortgage cannot be included. After you start your Plan you must continue paying your mortgage to make sure you do not put your property at risk.
If after reading this you think that a Debt Management Plan (DMP) would be the right sort of debt repayment plan for you, get in contact with Refresh Debt Advice to discuss your options. One of our expert advisers will look at your income, assets, debts, and creditors, which they will review with you, helping you to work out what money you have coming in and going out so that you can agree on an affordable monthly repayment amount to manage your debts.
Call now on 0800 121 48 63 or use the contact form on this page to request a call-back from a debt management expert.
We only charge a fee if you opt for a debt solution with us. All fees will be discussed prior to the commencement of any debt management plan. Details of our fees can be viewed here. Please be aware entering into a debt solution can affect your credit rating for at least 72 months.
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