Debt Management Plan Frequently Asked Questions

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 know? Will your employer or landlord find out?

Can I pay off a Debt Management Plan early

Are you allow to pay off a Debt Management Plan early? What is the best way to do it? Do all your debts have to be paid at the same time?

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?

Can you go on Holiday during a Debt Management Plan

Are you allowed to take a holiday during a Debt Management Plan? What is the best way to pay for it? Can you miss payments? Can save towards a holiday during your Plan?

Is Interest Frozen in a Debt Management Plan?

You cannot guarantee interest will be frozen in a Debt Management Plan. What can you do to get interest frozen? Should you use an alternative debt solution?

What happens to my House in a Debt Management Plan?

You do not have to release equity if you use a Debt Management Plan (DMP). Can mortgage arrears be included? Is your property at risk of Charging Orders?

How to set up a Debt Management Plan yourself

How to set up a Debt Management Plan yourself. How much to pay each creditor. How to negotiate with them. When to start making your payments.

The Debt Management Protocol

What is the Debt Management Protocol? What standards has it introduced? Are they mandatory? Will the introduction of the Protocol be effective?