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What is a Debt Management Plan (DMP)?

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A debt management plan is an arrangement that we make with your creditors on your behalf.

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We’ll help you to work out what you can afford to pay towards your debts each month.

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Once a month you will make a payment to us, which we’ll distribute between your creditors. From this payment, a fee will be paid to Angel Advance to manage your debts on your behalf.

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We’ll take care of your account and speak to your creditors and manage your debts for you.

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The plan is flexible, so if anything changes it can be changed to suit you, just get in touch.

Learn more about our Debt Management Plans (DMPs) here.

If you ever need our support in understanding the information you have been given, please get in touch.

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Money helper logo

To find out more about managing your money and getting free and impartial debt advice, visit www.moneyhelper.org.uk, an independent service set up to help people manage their money.

How do I apply for a Debt Management Plan (DMP)?

You can’t enter a debt solution without getting debt advice first.

Step 1

Get debt advice online here or switch to book an appointment and speak to an advisor. You don’t need to speak on the phone unless you want to, you can get your debt advice online.

Step 2

If one of the available options for you is a debt management plan, you can apply online by filling in the application form with your personal details or by speaking to an advisor who will start the process. You can also save your progress online and come back later when you’re ready to apply. 

Step 3

Once you’ve made the decision to apply, you can sign your agreement online, via email or we can post it to you for review. You’ll then need to sign it and return it to us. We’ll work with you to verify your debts, income and outgoings by seeing one of your bank statements. Once we have all the information we need, we’ll get your plan up and running.

What are the advantages and disadvantages of a Debt Management Plan (DMP)?

Advantages of a DMP

We deal with your creditors on your behalf and provide them with everything they need.

You will just make one monthly payment to us, which we will send to your creditors.

In the vast majority (99.48%) of cases, creditors will stop applying interest and charges, so the money you pay will come straight off your debt.

It’s flexible, so you can login to your online account and change details anytime you want.

If your circumstances change, we can contact creditors to renegotiate the payments.

Disadvantages of a DMP

Your creditors don’t have to agree to the repayment, or to freeze interest and charges.

A DMP doesn’t protect you from further recovery or legal action from your creditors.

A DMP will affect your credit rating because you’ll be paying reduced amounts to each creditor.

More Frequently Asked Questions

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You can save your details and come back any time. Work at your own pace and edit/change your details until your situation is all accounted for. Help is at hand if you need it.