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What is a Debt Management Plan?

A debt management plan is a debt solution that takes the form of a negotiated agreement between you and your creditors so you can make reduced monthly payments.

Debt management plans are intended to provide short-term relief from mounting unsecured debt problems and unmanageable monthly repayments.

For example, if you have a number of different credit and store cards which are gathering interest every month to the point where you can no longer afford to repay the monthly amounts, a debt management plan could help to relieve some of the immediate pressure.

Our experienced negotiators may even be able to arrange with your creditors for your interest and charges to be frozen for a period of time as part of your debt management plan.

It's crucial to note that a debt management plan is not legally binding on you or your creditors, unlike an IVA. As a result, your debt management plan should only be viewed as a short-term fix, especially as the overall amount you owe will still have to be repaid in full.

Learn more by visiting our debt management plan information page