Debt Management Plan (DMP)
Debt Management Plans are an informal way for you to deal with your debts. They offer a valuable solution for people who are struggling to maintain their minimum monthly repayments on consumer debts such as personal loans, credit cards, store cards, catalogues, overdrafts etc.
A Debt Management Plan enables all unsecured debts (such as personal loans, overdrafts, credit card debts etc) to be repaid with a single monthly payment – which is based on how much you can afford to repay.
We’ll deal with all of the demand letters and calls you currently receive, on your behalf, so you don’t have to worry about difficult conversations with creditors. We’ll also speak with the people you owe money to and ask them to accept payments that you can afford to repay. This may mean that additional interest and charges stop being added to your accounts, which could reduce the total amount of debt you have to repay.
With a Debt Management Plan from The Debt People you could:
- Only make a single monthly payment
- Possibly reduce or freeze interest and charges (dependant on your circumstances and creditor approval)
- Leave us to deal with demand letters and calls from creditors
- Regain control of your finances to stop the situation getting worse
