If you are in a Debt Management Plan (DMP), it might not be the best option for you. Research estimates that more than 2 million people are in a DMP – with 35% of them not having been told there were other ways to deal with their debts.
We can provide a free review of your plan to deal with your debt problems.
A DMP can be suitable for providing breathing space following something like a redundancy, divorce or bereavement. However, in too many cases people are left in a DMP for too long, without making any significant impact on their debts.
Problems with a Debt Management Plan
The problems include:
- Debts will not be written off and must be repaid in full
- Creditors don’t have to freeze the interest on the debt
- Creditors don’t have to enter the Plan, so may still demand immediate repayment
- It could last a life-time
However, options like an Individual Voluntary Arrangement, Bankruptcy or Debt Relief Order can address all these issues.
We have helped a number of clients who came out of a DMP to get their debt problems sorted out once and for all.