• Debt Management Plans

Have you considered a Debt Management Plan?

A debt management plan (DMP) represents a viable alternative to an Individual Voluntary Arrangement for those people struggling to cope with rising levels of debt. A DMP allows individuals to restructure debt repayments into a informal payment plan.

Before a DMP can begin, a detailed monthly budget is created. This takes into account every element of income and expenditure. Priority is given to essential expenditure such as mortgage or rent, utility bills, council tax costs as well as transport to and from work and general housekeeping expenditure. All other non-essential expenditure is then provided for in a monthly allowance, which will include the cost of car servicing, leisure activities, repairs to the home and other such expenditure. It is important that every element of expenditure is worked into a debt management plan to ensure that the repayment terms offered to creditors are realistic and manageable, allowing some leeway for unforeseen expenditure as and when it arises.

The ultimate aim of a DMP is to see your creditors repaid in full, and therefore the timeline in which to achieve this will be dictated by the level of your debts and the amount you can afford to repay on a monthly basis. This can also be affected if creditors do not agree to freeze interest and charges for the duration of the plan.

To give you a quick overview of a Debt Management Plan, here are a few points to consider:

  • A DMP is an informal process and your creditors can change their terms and commence legal action against you.
  • You will have to provide a detailed monthly budget to your creditors
  • You will plan to repay your creditors in full

For further information about entering into a Debt Management Plan, please refer to the Money Advice Service website

If you don’t take control of your debts your debts will take control of you. We can help you towards a debt free future, so take advantage of our free, confidential and insolvency advice and call us now on 029 2035 1490 or enquire online.

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Our Fees

Our advice is always free and we only charge when we start acting on your behalf. Our fees are proportionate to the activity we perform. Fees for IVA's, Bankruptcy and other services do differ, so please review our fee structure so you are aware of how debt assistance works.

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Learn about PJG Recovery

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