MoneyEase
Call 0161 854 0850
MoneyEase
Get helpCall 0161 854 0850

Debt Management Plan

One payment you can afford, shared out between your lenders, and flexible enough to change with you.

See if I qualifyHow it works

A DMP isn’t right for everyone, and fees may apply. Creditors don’t have to agree to it, and it can affect your credit rating. Debt charities run DMPs for free. Free, impartial debt advice is available from MoneyHelper.

A dad and his son hanging their finished jigsaw of the MoneyEase mark, framed, above the fireplace of their terraced house.

Roughly how much do you owe?

A DMP at a glance

A month, to us, and we share it between your creditors.
1 payment
Not legally binding, so you can change it or end it at any time.
Informal
You repay what you owe, so it runs until the debts are cleared.
In full
How long defaults and missed payments stay on your credit file.
6 years

Figures from MoneyHelper.

Why people choose a DMP

  • One manageable payment

    Your debts become one monthly payment, set by what you can afford after your essential bills.

  • Flexible

    Pay more when you can and less when you can’t. Your plan is reviewed as things change.

  • Keep your home and belongings

    Nothing has to be sold, and no court is involved.

  • We deal with your creditors

    We contact your creditors for you and handle the letters and calls.

  • Not on a public register

    A DMP is a private arrangement: it isn’t listed on any public register.

  • Clear fees, and free options

    Any fee is set out before you start. Debt charities also run DMPs for free, and we’ll always tell you so.

How a DMP works

  1. Tell us about your debts

    Answer a few questions. One of our advisers calls you, goes through your income and outgoings, and explains every option, not just this one.

  2. Your creditors are asked

    We work out an affordable payment and ask each creditor to accept it, and to freeze interest and charges.

  3. One payment a month

    You pay us once a month, and we share it between your creditors.

  4. Reviewed as you go

    Your plan is checked regularly and changed if your income or costs change, until the debts are repaid.

Weigh it up

A DMP is flexible, but it isn’t binding on your creditors. Here is what helps, and the catch, side by side.

What helps

  • One affordable payment a month
  • Flexible: you can change it or end it
  • No court, and nothing on a public register
  • You keep your home and belongings
  • Free DMPs are available from debt charities

What to weigh up

  • Creditors don’t have to agree to it
  • Interest and charges may not be frozen
  • You repay the debts in full, so it can take years
  • It can still affect your credit rating
  • Creditors can still contact you or take action

Is a DMP right for you?

You’re likely a fit if…

  • You have more than one unsecured debt
  • You’re struggling to keep up with repayments
  • You’d rather avoid a formal insolvency solution
  • You have a regular income
  • You can afford a reduced monthly payment

It may not be right if…

  • You only have one creditor
  • You can comfortably afford your payments
  • Most of your debt is secured, like a mortgage
  • You want the protection of a legally binding agreement
  • You can’t afford any payment towards your debts

Other ways out of debt

A DMP isn’t the only route. We’ll tell you which could work for you.

  • FormalCan be used in England, Wales

    Debt Relief Order

    For a low income and few assets. Qualifying debts are written off.

  • FormalCan be used in England, Wales

    Breathing Space

    Legal protection from most interest, charges and enforcement while you get advice.

Live in Scotland? The Debt Arrangement Scheme can make a plan like this legally binding.

A dad and his two children cycling slowly along a sunny park path in spring, past a Victorian bandstand and daffodils.

Questions about DMPs

  • How is a DMP different from an IVA?

    A DMP is informal, and you repay your debts in full for as long as it takes. An IVA is legally binding, lasts a set time, usually five years, and writes off what’s left at the end.

  • Will creditors stop contacting me?

    Most will deal with us once the plan is set up. They don’t have to, though: a DMP is informal, so they can still contact you.

  • How long does a DMP last?

    Until your debts are repaid. It depends on how much you owe and what you can afford; you can pay more to finish sooner if things improve.

  • Can I leave a DMP?

    Yes, at any time. Your debts go back to their original terms, and creditors may add back interest and charges that were frozen.

  • Are there fees for a DMP?

    If there’s a fee for running your plan, it’s taken from your monthly payment and set out in full before you start. Debt charities run DMPs for free, and we’ll always tell you so.

  • Is there free help?

    Yes. MoneyHelper offers free, impartial debt advice, and you don’t have to use a company like ours to get help with your debts.

You don’t have to sort this out alone

Tell us roughly what you owe and we’ll show you what could help. It takes two minutes, won’t affect your credit score, and there’s no obligation.

Roughly how much do you owe?