Tel: 0141 370 1015

DEBT MANAGEMENT PLAN

Debt Management Plan (DMP)

A Debt Management Plan, or DMP, is an informal agreement between you and your unsecured creditors to pay back non-priority debts, reducing your monthly payments to a single affordable amount each month. There are both fee-paying and free-fee debt management plans available. 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 pay back your debts.

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

BENEFITS OF A DMP – DEBT MANAGEMENT PLAN

DISADVANTAGES OF A DEBT MANAGEMENT PLAN

  • Not Legally Binding
  • The DMP agreement is not legally binding.
  • Interest & Charges
  • Creditors may continue to add interest and charges.
  • Legal Proceedings
  • Once the DMP has been assigned, creditors may continue with legal proceedings.

Make an appointment
today 0141 370 1015

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