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Managing a DMP

Can I pay off my debt management plan early?

Debt management plans (DMP) are flexible. This means you may be able to pay off a DMP early. You can do this by increasing monthly payments or paying a lump sum.

Your DMP payment is based on what money you have left after paying:

  • Your priority household bills
  • Arrears
  • Other living costs

You may be able to pay your DMP off early if:

Can I increase my monthly DMP payments?

You may be able to increase you monthly payments if:

  • Your income changes
  • Your spending changes
  • You have more savings than expected

Increasing your payments makes your DMP shorter.

To change your payments:

  • Review your budget with your DMP providers
  • Use any leftover money to increase your DMP payments

Most debt management companies that offer DMPs charge a fee for this service. We are a charity and offer DMPs for free.

Here are some tips to reduce spending if your income is not increasing:

  • Try shopping at cheaper supermarkets
  • Check online price comparison sites for deals
  • Consider switching to a cheaper phone contract or a sim only deal
  • Consider switching utility provider
  • Check if you could get a social tariff
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Considering a DMP?

We can help with free, impartial debt advice online now.

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Could I settle a DMP early with a lump sum?

Let your DMP provider know if you get a lump sum.

A lump sum could be:

  • Inheritance
  • A redundancy payment
  • A bonus
  • Savings

They may suggest one of the following options:

  • Pay the money into the DMP
    • This spreads the amount fairly among your debts
    • It makes your DMP shorter
  • Pay the people you owe in full if possible
  • Make partial settlement offers
    • This is when you pay off part of the debt
    • This is based on the money you have available
    • Your provider asks for the rest of the debt to be written off if there is not enough to pay the full balance

The people you owe do not have to agree to a partial settlement offer. But there is no harm in asking the question to see if any discounts are available.

You could also sell assets to pay off debts.

These include things like:

  • Vehicles
  • Antiques
  • Valuable goods like jewellery

What if I have a windfall or win the lottery during my DMP?

You would be expected to pay off part or all of your debts if you won the lottery.

This depends on:

  • How much you win
  • How much debt you still owe
  • How this lines up with the amount of money you have won

Free DMP advice

DMPs are not right for everyone.

We can help you find the right solution for you.

Use our online debt advice tool for free debt advice.