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Debt Management Plans (DMP's) - all you need to know

If you are struggling with debts such as bank loans and credit cards, a DMP could be right for you.

Debts that can be included -

What is a Debt Management Plan?

  • An informal agreement between you and your creditors to repay back what you owe over a longer period of time.
  • Your debts are consolidated into a single, affordable amount that is split between your creditors each month until the balance is repaid.
  • You can only add non-priority debts to a DMP, such as unsecured bank loans and credit cards. Debts such as mortgages and council tax cannot be included in a DMP.

Find out if you are eligible for a Debt Management Plan

If you are struggling to make ends meet at the end of each month and would like more time to repay your debts without creditor pressure a DMP could be right for you. Complete our form below to see if you could be eligible.

By completing this form you are agreeing to be contacted by a member of the MyDebtManagementPlan.co.uk team.

DMP Benefits

  • A Single Affordable Monthly Payment - We will collect the payment from you and divide it amongst your creditors on your behlaf.
  • All Debts Repaid - On completion of your DMP, your debts will be repaid in full.
  • Financial Control - Keep in control of your finances with a single monthly repayment you can afford.
  • Interest and Charges Frozen - Once you enter into a DMP all charges and interest on your debts will be frozen.

DMP Considerations

  • Where You Live - DMP's are only available to people who live in England, Wales and NI.
  • Priority Bills Not Included - Priority bills cannot be included in a DMP so you will need to think about these separately.
  • Length of Time - Because you are paying a smaller amount each month it could take a lot longer to repay all of your debts.
  • Your Credit Rating - As with any other debt solution, your credit rating may be affected for a period of up to 6 years with a DMP.

Our Reviews

See what our clients think of us and the service we provide.

Absolutely Brilliant
Absolutely brilliant company, so easy to contact, easy to talk to, Hannah is so lovely. G.R.
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Can't fault this company
Absolutely can't fault this company Scott and Hannah went above and beyond for me too try and sort my debts out . 100 percent recommend company. S.K.
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Good service
Good service and very helpful team 👍👍
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How to apply

We want to make the experience of dealing with your debt to be as simple and pain free as possible. Here is what you can expect from us:

Contact Us

Let's have an informal chat. Tell us what debts you are concerned about and why.

Find a solution

Based on your individual circumstances and details, we will help you build the right debt solution.

Rest Easy

We will contact your creditors and let them know we are assisting you and all future correspondence should come to us.

mydebtmanagementplan is a trading style of Beech Finance Ltd.

Beech Finance Ltd is authorised and regulated by the Financial Conduct Authority and you can check this on the Financial Services Register at: https://www.fca.org.Uk/

 

The information and guidance contained within this website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers resident within the UK.

 

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.Uk

 

Beech Finance Ltd Venture House Cross Street, Macclesfield, Cheshire, SK11 7PG : Reg 08626802 England

Money Helper is an important service set up by the Government. They provide free debt counselling, debt adjustment and credit information. Click here to contact Money Helper