Debt Management Plan
A DMP is an informal agreement to help you repay your debts in full with a reduced monthly payment over an extended period of time. If you are struggling to make repayments on any unsecured debts you can start a debt management plan and pay your debt over time with no obligation to release equity from your home or declare other assets to your creditors.
If you have a higher amount of debt a DMP may not be the right solution for you, as it could take you a lot longer to repay back your debts. Before you can start a DMP, you will need to get advice from a debt solution provider such as Creditfix.
When your debt management plan starts you will make payments to the DMP provider, and they will make monthly payments to your creditors.
A DMP could be a good debt solution for you if you have some money left over each month after paying for food, accommodation and utility bills. The DMP provider will work with you to see what level you can afford to pay and this will be divided amongst the businesses that you owe money to. In this way it avoids the stress of having to deal direct with creditors, and it proves that you want to repay your debts.
Contact Creditfix to speak with one of our advisers and see what’s best for you and your situation.
Call us now for immediate and confidential free debt advice on 0808 208 5198 or complete the form. We can start to work through our debt problems as soon as you contact us.
- A plan can be agreed for any level of debt.
- The plan does not include your assets.
- The agreement is not legally binding.
- Creditors may continue to add interest and charges.
- Creditor may continue with legal proceedings.