Debt
management
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Debt management plan FAQ's
How long will my Debt Management Plan take to complete?
It takes approximately 60 months to repay debts through a DMP. Clients joining a Debt Management Plan receive an estimate of the length of time it will take to complete their DMP.
What can I do to make my Debt Management Plan Work?
- Make your deposits on time.
- look at your creditors' statements. It is up to you to check your monthly statements to ensure creditors have reduced interest rates or stopped late fees, if agreed. If your specific creditors reduce interest and fees, it can take up to three months before these reductions are noted on your statements. Keep all statements in a folder or binder in case you need them for future reference.
- Don't make any payments directly to your creditors unless you have discussed this with your DMP provider
- Don't apply for any more credit.
I have more than £15000 worth of debt, can I still do a Debt management plan?
Yes. As long as you can afford the monthly payments.
