A DMP or debt management plan is a debt solution that is designed for people who cannot afford to pay their debts. It helps you reduced your monthly debt payments at a rate that your budget can afford. If you have trouble meeting your payment with the amount you agreed when taking the credit or loan, DMP can help you reduced the amount.
This means DMPs or debt management plans are suitable if you still have remaining money left after meeting the essential household or living costs. Regardless of where you reside in the UK, DMP is available to assist you in meeting payments towards your debts.
Is a DMP or debt management plan best for me?
If you can still afford to pay monthly debt payments after meeting your essential costs then a DMP might be suitable for you.
In a DMP you will still be paying your creditors but based on the amount that you can afford. Though you’re paying your debts on a DMP, your creditors will normally follow the process of debt collection.
Also, it is important to stick to your DMP budget and avoid getting credits or loans.
FAQs about DMPs
How to create a DMP budget?
You can get help from a trusted organization like us to make a budget which will determine if you can afford to repay your debts through a DMP. Get more details by reading our guide on: How to Create a Budget and Save Money
Are DMPs Free?
Usually, DMP fees are included in your monthly payment plan and DMP budget.
Are all of my debts included in a DMP?
Your unsecured debts are certainly included in your debt management plan. These debts are your store cards, overdrafts, payday loans and others alike. To get further details on which debt is included and excluded on a DMP check the following guide:
Can my creditors contact me during a DMP?
A DMP cannot stop your creditor from contacting you. In fact, it does not stop them from putting the debt collection process in place. You might want to know more through our guide: Creditor Contact, Interest and Charges during A DMP
Can I switch to another DMP provider?
Though your DMP company is still operating, you can switch to another DMP provider. Refer to this guide for further details: Debt Management Companies
Choosing a DMP company or organization
In choosing a DMP company you have to check whether the company is authorised and regulated by the Financial Conduct Authority
Several people need the help of debt management, an expert debt advisor can assist those with financial difficulties, giving them viable debt solutions.
This can often result in them freeing themselves from debts much quicker than if they do not seek debt management help from Debt.Org.UK
Also, companies are ardent to accept arrangements through debt advisors, with the people that own the money. This is because it’s a better option for them rather than taking legal action. Creditors and lenders are more accommodating when dealing with an organization like us rather than negotiating with their debtors. As soon as you ask debt help from us, it already implies that you’re willing to pay off your debt.