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with a DMP
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What is a DMP?

A Debt Management Plan (DMP) is an informal debt solution that can be used to help you pay back what you owe at an affordable rate. A DMP will allow you to reduce monthly payments towards your debts to one affordable amount. This is done by negotiating reduced rates with your creditors based on your disposable income after completing a full breakdown of your current personal circumstances.

Key Facts Of A DMP
  • Unsecured debts like personal loans, overdrafts and credit cards can be included in a DMP
  • Priority debts, mortgages and so on are not typically included in a DMP and you should continue paying these as you would normally
  • Debts are repaid in one set monthly payment, divided between your creditors
  • Typically, a DMP is managed by a DMP provider who will deal with your creditors on your behalf
Is a DMP right for me?

If you’re struggling to keep up with loans and credit cards, a DMP may be able to help. They can also be beneficial if you prefer someone else to deal with your creditors on your behalf.

If you’d prefer to make one set payment each month to help you budget more effectively, a DMP may also help you do this.

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Monthly budget

Get in touch with a debt advisory service to devise a monthly budget to see if you can afford to make debt repayments.

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Unsecured debts

All unsecured debt - like personal loans, overdrafts and credit cards - can be included in a DMP. Priority bills like your mortgage aren’t usually included.

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Single payment

All your debts are consolidated so you only have to make one single payment each month, making it easier for you to manage your finances.

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Extended payback

Remember that it may take longer to repay your debts because you’ll be paying less each month.

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Monthly budget

Get in touch with a debt advisory service to devise a monthly budget to see if you can afford to make debt repayments.

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Unsecured debts

All unsecured debt - like personal loans, overdrafts and credit cards - can be included in a DMP. Priority bills like your mortgage aren’t usually included.

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Single payment

All your debts are consolidated so you only have to make one single payment each month, making it easier for you to manage your finances.

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Extended payback

Remember that it may take longer to repay your debts because you’ll be paying less each month.

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Eligible Debts
A DMP may work for…

A Debt Management Plan is a potential option for paying back non-priority debts like loans, credit cards, store cards and so on, with debts repaid in one single monthly payment.

Loans

Credit Cards

Store Cards

Payday Loan Debt

Previous Energy Bills

Overdrafts

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Ineligible Debts
A DMP may not work for…

Debt Management Plans are unsuitable as an option for priority debts, such as…

Mortgages

Current energy bills

Rent

Current court fines being recovered by a bailiff

Current council tax arrears

Income tax

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Why choose us?
Why Choose a DMP with Fresh Start UK?

Fresh Start UK has helped more than 12,000 people gain control of their finances and become debt-free. If you’re struggling with debt and finding it tough to keep up with your bills, speak to an advisor today.

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The upsides to using a DMP?

img 24 hour set up.

img Flexible.

img We have successfully stopped interest and charges for 99.9% of our customers

img Informal arrangement based on your affordability.

img In place until your debts are paid.

The downsides to using a DMP?

img There is no guarantee interest and charges will be stopped.

img No guarantee creditors won’t take legal action against you.

img No debt write-off, like some other solutions.

img Reduced/missed payments to creditors show on your credit file.

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Money Helper has replaced the Money Advice Service and brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.