Debt Management Plan Frequently Asked Questions

What happens to a Windfall during a DMP

What is a windfall? Can you keep any windfall received during the Plan? Could you use it to settle your Plan early?

The minimum payment for a DMP

What is the minimum payment for a DMP? Can you increase the payment once agreed? What if you cannot afford the minimum? What are the other options?

Can you Leave Debt Out of a Debt Management Plan?

Are you allowed to leave debt out of a DMP? Do any debts have to be left out? Can you use any credit during the Plan? What happens to joint debts?

What happens to overtime or extra income in a DMP

Can you keep overtime during a DMP? Should you increase your monthly payments? Using a lump sum during your DMP to settle smaller debts.

Self Employed – Can you do a Debt Management Plan?

How to get a Debt Management Plan if you are self employed. Can business debts be included? Will you have to change your bank account?

How long will a Debt Management Plan last?

How to calculate how long your Debt Management Plan will last. Could the Plan last longer? How to pay off your Plan more quickly.

What happens to my Bank Account in a Debt Management Plan

Should you open a new bank account if starting a debt management plan? If so which type is best? Is it worth paying for a managed account?

Who will Find Out about my Debt Management Plan?

Who is told you have started a Debt Management Plan? Does your Bank have to be involved? Will your employer find out? Do you have to tell your landlord or mortgage company?

Will Creditors Agree to a Debt Management Plan?

Your creditors do not have to agree to your Debt Management Plan (DMP). What can you do if one of your creditors says no? Will interest and charges be frozen?