Can I go on holiday once in a Debt Management plan?

Written by Payplan Ryan on 27 June 2012

Being in debt and in a plan such as a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA) can mean that many will have to change the way in which they spend and make cut backs. Many of these cut backs will come from areas of your budget which may be deemed as a luxury or non-essential.

Holidays are seen as a luxury to your creditors who will want to see that you are paying all that you can into your plan. For this reason we are unable to allow an expense in your budget to save for a holiday.

With this being said, people in a plan with us do still go on holiday.

If you want to look at the possibility of going on holiday whilst in a plan then you could consider one of the following:

*Collect vouchers from newspapers, magazines or the internet that offer discounts or cheap holidays to bring the cost down.

*book self-catering holidays

*set yourself a daily spend limit so that you do not live beyond your means whilst on holiday

Remember it is extremely important that you maintain payments into your plan at all times. Failure to do so could result in your creditors rejecting your repayment plan for a DMP or can lead to the failure of your IVA.

Filed under Living in Debt

This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

One thought on “Can I go on holiday once in a Debt Management plan?”

  • Pauline Brown

    June 27, 2012 at 9:50 am

    We visit family at the seaside which doesnt cost us anything, use normal food budget, and any saved goes on treats, it can be done, but people need to realise that it has be on a budget, buy a tent!!

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