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What to do if your DMP company has closed

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

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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.

Several debt management firms have closed down after failing to meet the standards expected by the Financial Conduct Authority (FCA). Others have gone out of business due to financial problems.

If your debt solution comes to an end due to the debt management firm ceasing to trade, Money Helper, the government-backed financial guidance provider, recommends that you seek free 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.

Is a DMP right for you?

Use our free online debt advice tool to get tailored advice and debt solutions in around 20 minutes.

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What's next? Three steps to debt help

  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.

Common questions about transferring your DMP to us

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.

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.

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’.

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.

Find out more about how we can help you

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 30 years. We’ll always tell you why we’ve recommended a certain solution and answer any questions you may have.

Why choose us?

We help hundreds of thousands of 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.

Online debt advice

Use our free online debt advice tool to get tailored advice and debt solutions in around 20 minutes.

Get debt help now