Debt Management Plan advice
A debt management plan (DMP) is a debt repayment schedule that is designed specifically to help you manage your debts. Typically, when offering advice, the company you choose will contact your creditors and request that they accept a reduced affordable payment from you. This assistance will lead to one manageable monthly payment which (over time) should allow you to clear your debts.
Why you need our debt management plan forum?
Whilst a debt management plan might sound very beneficial, there may be some disadvantages that you should be aware of. Entering a DMP is not a decision to be made lightly. This debt management forum website exists to help you to make an informed decision by receiving professional advice from industry experts. Visit our debt management plan forum now for the answers you need.
Why consider a DMP?
There are numerous reasons why individuals decide upon debt management plans. Reducing debts into an easier-to-manage and more affordable DMP amount is the most common one. By consolidating all your monthly debt repayments into a single monthly payment, you know where you are financially and therefore what you can afford.
Debt management plans are also chosen as they may reduce or even stop interest being applied to the debts. Good debt management advice can also stop creditors from chasing you for money as the DMP firm should look after your debts and creditors on your behalf.
Debt management advice on whether a debt management plan is appropriate
FFor many people, a DMP is the most suitable option available. If you do not qualify for an IVA and do not want to go bankrupt, then a debt management plan may seem like the obvious way to manage your debts, though you need to make sure you fully understand the potential pitfalls. Visiting our debt management forum for professional debt management advice may assist with that process.
In a debt management plan, creditors do not have to freeze interest and they are within their rights to take legal debt action if they choose. Unlike an IVA or bankruptcy, no part of the debt is written off and therefore repaying the debt in full could take a significant amount of time.
Our forum experts are here for you
Be careful when seeking debt management advice. The DMP advice sector is not regulated as tightly as some others areas of financial services and some rogue firms operate within it. Avoid poor service and extortionate fees by conducting thorough research before making your decision. Communicate with expert advisers in our debt management plan forum for the very best information, advice and support.
If you have a question regarding debt and how best to overcome it, then please join our debt management forum and ask the DMP forum experts. Alternatively, call the advice line on 0800 043 7203 or get in touch using one of the contact forms on the site.
Debt Management Plan Key Facts
If you proceed with a debt management plan fees will apply. Click Here for further details about the fees and the work which will be conducted by our featured DMP companies will carry out. A debt management plan may lead to an increase in the overall amount repayable. If you change your mind about commencing a DMP with one of our featured companies you will have 7 or 14 days to cancel. Your ability to obtain further credit will be affected. Click Here for further details. The Insolvency Service produces a guide to personal debt solutions which explains the various debt solution options. You can read it here: In Debt? Dealing With Your Creditors . Calls to our 0800 “freephone” number from mobile phones and some networks may be charged. We are happy to call you back if you request us to do so.