The purpose of a debt management plan (DMP) is to help you manage your debts and pay them off at a more affordable rate. One such way you could achieve this is by making reduced monthly payments.
We can help you to establish a budget that meets your household's needs. Any money left over will be consolidated into one monthly payment towards your debts.
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Other things to consider with DMPs:
- Your creditors don't have to agree to the reduced payment offered in a DMP. However, even if they don't, we can still send them your payments. Creditors have a legal obligation to accept these, as repayment of your debt. Creditors won't start receiving repayments from us (on your behalf) until your DMP is set up.
- Be aware that if creditors continue to add interest and charges, then this could increase the total amount you currently owe.
- As you will be making lower, more affordable payments, it will take longer to repay your debts on a DMP than if you were to continue to make your contractual payments.