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What to do if your DMP has stopped

Act quickly and get free debt advice and a solution from us.

Debt management company closing down

Several debt management firms have closed down, after failing to meet the standards expected by the Financial Conduct Authority (FCA). If your debt management plan (DMP) company has closed down, you may be wondering where you stand, and if you can carry on with the arrangement you currently have with your debts.

It’s really important that you seek free and confidential debt advice as soon as possible. As the UK’s leading debt charity, we offer expert advice and solutions tailored to your needs. We'll also help you with practical on-going support as you aim to become debt free.

What to do next? Follow these three steps.

  1. Get together up-to-date details about your finances, including your income, household bills, living costs and debts.
  2. Enter these details into our online debt advice tool to get practical advice, a personal action plan tailored to your situation and recommended debt solutions.
  3. Read your personal action plan. This recommends the best way to deal with your debts and tells you the next steps you need to take. Call us if you have any questions.

Get debt help

We’ll help you put together a budget that covers your living expenses and priority household bills. Once that is done, we can then consider ways to deal with your unsecured debts. In order to give you the best advice possible, we need to know about every debt you’re dealing with.

Once we have a full understanding of your situation, we can then tell you which solutions are best for you. Please be aware that we may not be able to offer you a debt management plan (DMP) as you previously had. This may be down to several factors, such as:

  • Your previous DMP didn’t cover all of your living expenses
  • Your previous DMP didn’t take all of your creditors into account
  • A DMP may not be the best advice taking into account your current situation

We’ve provided free, confidential and trusted debt advice to millions of people for over 20 years. We’ll always tell you why we’ve recommended a certain solution and answer any questions you may have.

Why did my debt management plan stop?

In order to ensure that you’re treated fairly, all debt management providers -including ourselves - have had to apply to the FCA for “authorisation”. Since then, all providers have been operating with “interim permission” until full authorisation is gained.

Earlier this year, some firms were told by the FCA that their application for full authorisation was likely to be refused. For example:

  • The company failed to demonstrate that it had the appropriate system and controls in place
  • People were being advised to enter debt solutions that were unsuitable

If the FCA refuses to approve a debt management company’s application, then that company is no longer allowed to trade. Their clients will need to consider other options to deal with their debt.

I've lost money because my debt management firm closed down - will I receive compensation?

We wouldn't be able to help you with this, unfortunately. If the debt management company you're currently with is going into administration, the FCA should be able to put you in touch with the administrators overseeing the process. Please contact the FCA consumer helpline on 0800 111 6768 (Freephone) or 0300 500 8082 (charged at a local rate for mobile phone users), and press ‘2’.

Why can’t I just switch my debt solution over to StepChange Debt Charity?

When we advise you, we do a full review of your circumstances, and recommend the best solution for your debt problem. We do this because we consider all aspects of your budget to be important. Only by taking everything you're dealing with into account can we assure you're getting the best help and advice possible for your debts.

Who are we?

We help 620,000 people a year across the UK to get their lives back on track. Seek our help and you'll get a personal action plan to deal with your debts. Once your creditors know you’re getting help from us they're more likely to give you breathing space to sort out your debts.

How we can help

Use our anonymous online advice tool Debt Remedy to put together a budget. In around 20 minutes you’ll have a free personal action plan to deal with your debts.

Or, if you prefer, call our Helpline and our advisors will suggest the best debt solution for you. All advice is confidential.

Why choose us?

Money Advice Service

If your debt solution comes to an end due to the debt management firm ceasing to trade, Money Advice Service recommends that you seek free debt advice as soon as possible.

With over 20 years experience, you can be confident that StepChange Debt Charity will provide you with the best possible advice for your situation.

Our advice and debt solutions are based on what's best for you, not what's profitable for us.

We're rated

4.8 Stars
4.8 out of 5
Read reviews of StepChange »

This is the average rating of our service by DMP and DRO clients three months into their solution.


What our clients say about us

"Thanks for helping me keep my home and happiness...I was desperately worried. Now I can feel confident about the future."
- Karl, Yorkshire

Read about the lives we've changed»


Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

We link to external websites where they contain relevant information for our visitors. We're not responsible for the content of these websites, or any infringement on your data rights under data protection regulations by any external website provider.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2018