Debt management plan (DMP)
A debt management plan (DMP) is a debt solution that lets you make affordable payments to pay back your debts.
On a DMP, you make reduced monthly payments towards your debts.
It may be the right choice if:
- You are struggling to keep up with your normal debt payments
- You do have some money leftover each month after bills and living expenses
A debt management plan (DMP) is usually arranged on your behalf by a third party provider like:
- A debt charity
- A debt management company
Here is how it works:
- You make a single monthly payment to the DMP provider
- They contact all of your creditors
- They send each one a share of your monthly payment