Choose the solution that suits to you

Debt Management Plan (DMP)
A Debt Management Plan is a debt solution with a repayment schedule that fits in with your income and expenditure. A single affordable payment will allow you to manage your finances better and pay back what you can afford every month.
Advantages
- A DMP is an informal agreement giving you one affordable monthly payment which is split fairly amongst your creditors.
- A DMP may slow down creditor in some cases.
- Debt Management Plans are generally flexible, informal and not legally binding, so you can leave the plan at any time if your financial circumstances improve.
- Your Debt Management Plan provider will deal with your creditors on your behalf.
- Interest and charges on included debts may be frozen
- Certain charities and organisations will do this free of charge, you can contact the Money Advice Service for more information.
Disadvantages
- There are non fee charging companies who can offer DMPs but if you choose a fee-charging Debt Management company, you will usually be charged for their services monthly within your regular DMP payment.
- Fees vary between Debt Management companies.
- Interest and charges are not guaranteed to be frozen
- Creditors can still contact you about payments and may refuse to co-operate
- A DMP may adversely affect your credit rating and your ability to obtain credit may be affected.
- All Debts will still have to be paid in full. Reducing monthly payments to an affordable level will generally increase the term of your debts.
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