What is a debt Management Plan?

A Debt Management Plan (DMP) is an informal agreement between you and your creditors. This solution consolidates all of your unsecured debts into a single and more affordable monthly repayment, which is then paid to creditors on a pro-rata basis over an agreed period of time. 

How does a DMP work?

Debt & Property Solutions would take on the role of handling your debts. We enter into direct negotiations with your creditors to organise a payment plan. The amount you pay each month will be based on what you can afford. The payment will be made to DPSP each month and we pass it on to your creditors. With a DMP we speak with your creditors to try and stop interest and stop you having any hassle from the creditors. For this service DPSP would charge the first months fee and a small percentage each month after that. A Debt Management Plan will last for the period of time it takes to clear your debt during this time it is important to stick to your budget and avoid borrowing any more money. 

Is a Debt Management Plan for me?

A DMP has the benefits of only making one affordable payment each month, and tends to suit people with smaller amounts of debt with only a small amount of income left over each month. We can offer a Debt Management Plan if you’re unemployed, employed and also for those in need of a short term fix. To apply for a DMP click here 

How much is a monthly DMP?

A DMP is based on your affordability.  DPSP are aware that a high number of people are currently out of work and are therefore living off Job Seaker Allowance or another form of benefits.  As DPSP guarantee to have a solutions for everyone, then we have a payment plan that we can set up for you from as little as £40pcm.