Debt management is one of the most looked after services & finding the right service provider is stressful for customers. Over the years we have helped many individuals who have been struggling with their debts. One option to help you cope with your existing debt is to think about a Debt Management Plan (DMP).
A Debt Management Plan is an agreement that is made between you and your creditors to help control and pay all your debts. They will help to reduce your monthly payments and consolidate this into one affordable amount.
DMP can help condense outstanding, unsecured debts over time to help you feel you have regained control of your finances. A DMP is not a legally binding debt solution and won’t appear on any public registers, so nobody needs to know about your DMP unless you tell them.
Advantages of Debt Management Plans
- Your monthly household budget will be taken into consideration so you only pay to your creditors what you can afford to pay.
- If you have not been able to pay your household bills, you can get any arrears added to your DMP.
- If your circumstances change, the DMP can be amended to ensure you are only making payments which are affordable for you.
- The interest on your debts is frozen as at the date of the creditors meeting convened to approve the IVA.
- You make one monthly payment which your debt management company will distribute amongst your creditors.