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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. This page explains all you need to know about DMP’s and how to apply.

What is a DMP?

Could a DMP be right for you?

As with any debt solution, you should always seek professional advice before committing. However, if any of the below sounds like you, a DMP could be the solution for you.

The ultimate aim of your debt management plan is to enable you to repay your debts in full albeit over a longer period of time. There is no point putting a plan in place that is going to leave you even more stretched at the end of each month. That is why our main priority is to protect your living expenses and help you manage your debts in a way that is sustainable until your debts are repaid. We will hold your hand throughout the entire process, from completing your application and getting your debt management plan approved, all the way through to making your monthly repayments to your creditors for you and making sure that going forward you can continue to make your repayments.

If you would like to find out if you are eligible for a DMP please call us on 0161 669 3340 or complete our eligibility form below and someone will call you straight back to answer any questions or queries that you have.

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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.
Debts that can be included -

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.

Get Started

To speak to an advisor now please complete our contact form below

DMP Eligibility Calculator

Complete the form below to find out whether you could be eligible for a DMP.

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