Reduce your monthly debt repayments until your debts are repaid in full.
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As with any debt agreement, it’s important that you seek professional advice before committing.
A DMP is an informal agreement between you and your creditors to make a smaller, affordable monthly repayment towards your non-priority debts until they are fully repaid.
A DMP could be ideal if you want to repay your debts in full but need more time over which to repay them. All of your included debts are consolidated into a single monthly debt repayment based on what you can afford and not what you owe. The DMP agreement will continue until your debts are repaid in full or you breach the terms of the DMP agreement.
Being an informal agreement, details of your DMP will not appear on any public register (including your credit file although there are exceptions – see below), so the only people that will know about your DMP are the people that you tell, whether by choice or obligation.
Although DMP’s are not legally binding on you or your creditors, it is still important that you speak to a debt professional to ensure that you fully understand the implications of a DMP.
To learn more about priority and non-priority debts click here.
If you are struggling with non-priority debts such as loans and credit cards, a DMP could be right for you.
Below are the main advantages of entering into a DMP. To learn more, please get in touch.
Below are the main disadvantages of entering into a DMP. To learn more and see how a DMP could impact you, please get in touch.
This is not a full list, please get in touch to see what other debts can be included.
Authorised and regulated by the Financial Conduct Authority.
May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here.
If you have more than £6,000 debt and can afford to make a regular monthly repayment towards clearing them, there is a good chance that an IVA would be a good solution for you.
With an IVA you make a single monthly, affordable repayment towards all included debts for, typically, a 5 year period. After this time any remaining debts are usually written off in full.
* We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.
If you are able to repay your priority debts (such as rent, gas and electric) but struggle to maintain repayments for non-priority debts (such as bank loans and credit cards) and would just like to reduce your repayments and extend the period of time over which you repay, then a DMP could be the right debt repayment solution for you.
You should bear in mind that in a DMP you agree to repay your debts in full. So depending on the amount of debt that you have, and monthly repayment amount you can afford, your DMP could run for quite some considerable time.
Because a DMP is an informal solution it is unlikely to have any impact on your employment. However, to make sure that this is the case in your individual circumstance, it is important that you seek professional advice before you enter into a DMP.
Because a DMP is an informal agreement between you and your creditors, details of your DMP will not automatically be added to your credit file.
However, some creditors may request that a note be placed on your credit file stating that you have a DMP.
Although the initial advice that we offer is completely free, fees will apply should you enter into a DMP. This is the case with all DMP providers due to the ongoing management of your account and repayments.
These fees are detailed in your DMP proposal and will be agreed by your creditors. Typically fees are included in your agreed affordable monthly repayment , not in addition to it.
Registered office: Paul House Stockport Road, Timperley, Altrincham, Cheshire, England, WA15 7UQ
Registered office: Paul House Stockport Road, Timperley, Altrincham, Cheshire, England, WA15 7UQ
© 2023 Dissolve Debt Ltd. www.yourdebtadvisor.co.uk is a trading style of Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority, firm reference number 662423. Your payments into a Debt Management Plan are protected, and compensation could be available from the Financial Services Compensation Scheme if there are any shortfalls in funds held on a customer’s behalf.
We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency appointment.
Registered office: Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Registered office: Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
© 2024 Advice Centre Group Ltd. www.yourdebtadvisor.co.uk is a trading style of Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association, We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice regarding Individual Voluntary Arrangements (IVA) is given in reasonable contemplation of an insolvency appointment.
Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930
Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)
What you need to know about Individual Voluntary Arrangements (Insolvency Service)
We provide solutions to individuals throughout the UK, We Will help recommend solutions available to your circumstances in which you can then make an informed decision about which solution you qualify for is best for you and your circumstances