Get back to the things you love

DMP (Debt Management Plans)

What is a Debt Management Plan (DMP) and how to let PayPlan shoulder the worry of dealing with your creditors

One of the most unsettling aspects of being in debt is dealing with the demands and threats from your creditors – the people you owe money to. By taking advantage of a Debt Management Plan from PayPlan, we can help REDUCE THE WORRY by dealing with your creditors for you. Enabling you to concentrate on repaying your debt at a realistic, affordable rate.

Unlike most debt management companies, PayPlan does not charge fees for setting up and handling debt management plans. So you’ll pay no set-up fee or no monthly fees – allowing all of your regular payments to go towards repaying your debt.

Get advice now

Is a debt management plan right for me? 

A debt management plan is an informal agreement between you and your creditors whereby you agree to repay your debt in reduced payments that are more affordable for you.

It could be the right solution for you if you have more than £5,000 in unsecured debts and if you are struggling to make the repayments. All debt will be repaid and there is no obligation to release equitable interest or other assets to your creditors.

It might not be the right solution for you if you have an unsecured debt of £7,000 or more in which case an IVA (Individual Voluntary Arrangement) is an alternative solution.

An IVA is a formal agreement between you and your creditors whereby you repay a percentage of your debt in affordable monthly repayments, and they agree to write off any outstanding debt once your final payment is made.

For many people, an IVA is the preferred solution as it enables them to avoid bankruptcy and all the unsettling consequences that come with it.

So what’s the best option for you? The simple answer is that there is no definitive hard and fast rule. There are several factors and criteria for both and your personal circumstances and preferences will affect what is best for you.

If you are unsure of what is the best option for you, contact PayPlan to discuss your options with our friendly team. Or click on the box below to visit the IVA page and find out more about this as an alternative debt solution.

Get IVA Advice

What to expect from a FREE debt management plan with PayPlan?
Single, affordable, regular payments

You make just ONE PAYMENT every month, at the most convenient time for you – for many people this is just after they’ve been paid. We then use this payment to pay all of your creditors. Read more below if you need help with debt management plans  

 

  • Convenient online tracking

You can check the progress of your plan at anytime on PayPlan Plus.
This free online service enables you to keep tabs on all the payments you make, the amount that has been paid to all of
your creditors and allows you to see when your debt will be fully repaid.

  • Freezing of interests and charges 

While PayPlan cannot guarantee to get interest and charges frozen in all cases, we are often able to negotiate with creditors.
This is thanks to our excellent reputation within the credit industry.

  • Friendly and experienced staff 

You’ll find our trained advisers understanding of your situation and ALWAYS ON HAND to assist you with any questions you
have about your debt management plan.

Get advice now


How about the ‘small print’?

We always ensure our clients are aware of, and understand, all aspects of the debt solutions we offer. So before committing to a
Debt Management Plan, you should be aware that failure to keep to your agreed repayment terms will result in your plan being
cancelled.

And, although your regular repayments may be lower, your repayment period could be longer and the total amount payable higher.

Like the majority of debt solutions, entering into a Debt Management Plan will affect your credit rating and as they are not legally binding agreements, your creditors do not have to accept the proposal.

Read more about the pros and cons of a DMP.

Debt help requestIt's simple, so let's get started

  • We can help you! To get personalised free debt help and advice on your options to becoming debt free simply fill the form below.

    All fields above must be completed.

Payplan Debt Management Plan reviews

We rate 4.9 out of 5 based on 19 Debt Management Plan reviews

Joyce
Debt Management Plans
5 out of 5
I rely on DMP, they have been really helpful ,a very organised team and personal debt manager, always quick to respond to any question or query, ready to give advise and dealing efficiently with all creditors on my behalf, i feel safe and trusted and also trust the management . Would recommand to anyone who is struggling with debt repayment or any financila problems. Very good review.

Peter
Debt Management Plans
5 out of 5
After first contacting National Debtline, my case was taken up by PayPlan. At each stage I was treated sympathetically with each solution explained clearly. With my DMP, PayPlan have helped set up a budget to repay my creditors. They have taken away the worry of contacting each creditor in turn. PayPlan send regular e-mails with different money saving tips etc. It will take time but I am determined to see this through with the help of PayPlan.

Read all Debt Management Plan reviews

Take advantage of our free debt help and advice – Contact us today

At PayPlan, we know that debt is an accepted PART OF LIFE for many people. But we don’t believe that this has to be the case.

We’ve developed our wide range of practical solutions to help people deal with their debt and get on with LIVING THEIR LIFE rather than just accepting it and struggling to survive.  To start putting your debt worries aside, call us free on 0800 280 2816 and have a chat with one of our fully trained advisers, (Mobile calls may be cheaper on 0203 468 6179).

You can be confident of receiving sensible, sound advice without obligation and they’ll happily help you in your search for a solution. They can talk you through a full review of your current circumstances and explain the choices that are available to you.

If you already think that a DMP is the right choice for you, then simply call our advisers today on 0800 280 2816 and take the first step towards regaining control of your life and your debt. And please don’t be put off if our advisers are busy helping our other clients, just fill in our online Debt Help form and we will call you back.

Get advice now

In debt?You're not alone!

Debt is a big worry for many people, as you'll see on our unique UK Debt Map. See how many people Payplan helped near you this year.

View map

Example IVA

In this typical example, we arranged an IVA for our client who was struggling to repay his debts. His payments are now more affordable!

  • Debt: £20,000
  • Creditors: 3
  • Was paying: £520 per month
  • Now paying: £120 per month
  • Written off: £12,000
See examples IVA advice

Let us help you today

  • Free debt advice
  • No hidden fees
  • Non judgemental

Here at PayPlan, we understand the effect that debt can have on your life, but we believe that living with debt shouldn’t have to mean living in despair.

Get Debt Advice