If you are finding it hard to pay off monthly debt payments for example on credit cards, loans or store cards, and looking for help, a Debt Management Plan may be suitable.
A DMP, or debt management plan, is a way for you to manage your debts through a tailored plan. If you are unsure what a DMP is, or how it works, read more from Legal Advice Helpline.
What a DMP can do for you
A DMP is a payment plan set up to repay your debts affordably and is managed by an independent Debt Management Company.
When you meet with a DMP planner, they will help you work out what you can afford to pay each month. From there, you will pay that fee each month to the DMP company, who will then pay your creditors for you.
If you can make regular payments on your debts and want an easy way to pay them off, a DMP might be the right option for you.
In order to find out if you are eligible for a DMP, or to find out more about what a DMP is, contact a debt help specialist or debt professional to get advice on your debts and how they can be managed.
Before you decide to start a DMP, make sure you look at all your options for dealing with debt.
Other debt services
If you are unsure as to whether a DMP is the right option to solve your debts, but are interested in other debt services, Legal Advice Helpline can help you.
For information on IVA's (individual voluntary arrangements), bankruptcy, debt consolidation loans or other debt services, call Legal Advice helpline today on 0800 612 3042.