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Dan Reardon

I am a Debt Counsellor, licensed by the Financial Conduct Authority

Debt Management Plan

If you want to apply for a Debt Management Plan, you should do so with a service in the Free Sector. Those three providers can be found here:

Stepchange – https://www.stepchange.org/how-we-help/debt-management-plan.aspx

National Debtline – https://www.nationaldebtline.org    

PayPlan – https://www.payplan.com/debt-solutions/debt-management-plans/

If there is a delay with any of the free providers and you need to arrange a Debt Management Plan quickly, please get in touch with me via the contact section.

This is a summary of what I explain in the video:

Key Points of a Debt Management Plan

  1. All existing monthly payments rolled into one affordable monthly payment.
  2. Payments made to each creditor on your behalf after every monthly payment is made.

Consequences and potential drawbacks of a Debt Management Plan

  1. All debts included in the DMP will default, harming your credit rating and making it difficult to obtain further credit for at least six years.
  2. A DMP will run until all debts are repaid in full. This could mean that a DMP takes years longer than an alternative solution.

If you want to discuss whether a DMP is the right solution for you compared to the alternatives, please get in touch with me via the contact section.