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What is a Debt Management Plan (DMP)?
A Debt Management Plan is an informal agreement between you and your creditors to lower your monthly debt repayments if you are struggling.
How does it work?
The first thing we do is have a chat with you to see if it is your best option. We analyse your financial situation, giving priority to your living expenses. This allows us to determine what your new lower monthly payment would be. We make sure the payment is affordable for you and fair for your creditors. Your monthly payment will be equally distributed to all your creditors based one what you owe each of them.
A Debt Management Plan usually continues until you have paid off your debts in full, or until your circumstances change or until you decide to opt out it. It is a flexible plan designed to suit you.
The need to knows
Almost anyone who is in financial difficulty with unsecured debts (credit cards, loans, overdrafts, etc. ) can do a Debt Management Plan. You can be single, married, employed, self-employed, a homeowner or a tenant.
There are certain criteria involved in doing a Debt Management Plan, such as level of income, debt level and number of creditors. We will only recommend Debt Management if it is one of your best options. If Debt Management is not suitable, we can recommend other various options for you to consider.
Your Debt Management payment is calculated by analysing your income and expenses on a monthly basis (not including any debt repayments). We then work out how much money you have left over each month. This left over amount is your potential payment towards your unsecured debts.
We do not charge for advice and unlike many debt management companies, we do not charge set up fees. We charge a monthly fee for managing your plan which is built into your monthly payment. This charge is one of the most competitive in the Industry (£25 per month plus £2 per creditor).
Other ways we can help
Frequently asked questions
Below are just some of the questions we are asked most often. If you have your own question that is not answered please ask by clicking on the Ask a Question button below.
What are the advantages of a Debt Management Plan?
- An Informal agreement that can be stopped at any time should your circumstances change (for better or worse).
- Interest and Charges could be frozen if creditors agree. We will negotiate with creditors on your behalf, so offers are more likely to be accepted and interest frozen than if you try to do this yourself.
- Creditor Pressure is eased as you can direct them to your Case Manager.
- 1 easy monthly payment to cover all of your unsecured debts.
- Payments are tailor-made to suit your individual needs.
- You do not have to release equity from property.
- You will repay all of your debts in full (unless you opt out of the plan).
- The Agreement is preferred by creditors.
What are the disadvantages of a Debt Management Plan?
- A Debt Management Plan can remain on your credit file for some time after completion if a default notice has been issued.
- If your creditors refuse to freeze interest or charges this can lead to increased debt level as repayments are lower than original contractual payments.
- Debts could be repaid over a longer period of time than if contractual payments were made.
- You will repay debts until they are paid in full or until your decide to opt out of the plan.
- Repaying debt over a longer period of time may increase the total amount to be repaid.
- Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.
What debts are covered by Debt Management?
A Debt Management Plan includes any unsecured debts such as loans, payday loans, credit cards, store cards, overdrafts etc. If you are struggling to pay secured debts such as your mortgage or HP agreements we will ensure these outgoings are prioritised in your income and expenditure calculation, so you do not fall behind on payments. We will always suggest ways to deal with your secured and priority debts.
Will my credit rating be affected in a Debt Management Plan?
Yes. As we negotiate a reduction in your monthly payments, and you are no longer repaying the agreed amount to your creditors, a note of this may be made on your credit report. If you currently have arrears or a history of missed payments or late payments your credit rating will already be affected. Records are retained by the credit reference agency for 6 years.
Will the Creditors accept my lower Debt Management Payment?
We are extremely successful at negotiating with creditors and have a proven track record of getting offers accepted. We would like to make you aware that a creditor does not have to accept a reduced payment or to freeze interest and charges and this may result in your repayment term being extended. There is also no guarantee that any existing or threatened proceedings will be suspended or withdrawn. Any further collection actions may incur costs that will normally be added to the debt.
We have a dedicated Creditor Liaison department who will negotiate with your creditors on your behalf. Your dedicated Finance Manager will keep you informed.
Will my employer find out?
No. National Debt Relief offers a complete guarantee of confidentiality and privacy in relation to your financial affairs. We will never disclose any information about you to any outside organisations and will never say who we are when we call you. This means that you can feel safe in providing your contact information, without the worry that others will find out that you are seeking our help.
How much will it cost me to do a Debt Management Plan with you?
We are happy to provide you with debt advice only. We only charge a fee if you opt for one of our debt solutions. All fees will be discussed prior to commencement of any service or debt repayment plan. For our Debt Management Plans, we do not charge set up fees as we believe this to be unethical. We do have a monthly charge for working on and managing your plan which is built into your monthly payment to your creditors. This charge is one of the most competitive in the Industry (£25 per month plus £2 per creditor). We strive to be the cheapest Debt Management Company in the Industry.
Are there other advice agencies?
From time to time we may refer you to other services providers or charities such as the CAB.
You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.