Debt Management Plan: Help & Advice
An arrangement to reduce your monthly payments to your creditors is known as a debt management plan. It can be negotiated by you or a third party. Unlike other debt-relief options like an Individual Voluntary Arrangement (IVA), it is not legally binding. Your proposed monthly payments under a DMP are determined by how much you can actually afford. Debt Management Plan works A debt management plan may take several forms depending on the circumstances, but generally speaking, it will proceed in the following ways: Select your DMP provider: Although you can choose to hire a third party if you require…