If you decide to start a Debt Management Plan (DMP) there is nothing to stop you setting it up yourself. This is regardless of the amount of debt you owe, how many creditors you have or how much you can afford to pay.
If you do not want to manage the Plan yourself you can use a debt management service to help you. This can be ideal if you are concerned about negotiating directly with your creditors yourself and you want the simplicity of paying just one payment a month which will then be shared between your creditors on your behalf.
BMD Tip: Wilmott Turner does not offer a service to help you implement a Debt Management Plan.
We will advise you as to whether it is the right debt solution for you. If you want specific help with setting up and managing your Plan we will explain the options of either using a free or a fee charging service and point you towards the different organisations that can help you.
Government Advice about Personal Debt Solutions
Before making the final decision to apply for a DMP you should also consider the following information:
As well as the information found on this website the Government’s Insolvency Service has produced a useful guide to personal debt solutions which you might also find useful: “In Debt – Dealing with your creditors”.
The Money Advice Service (MAS) are an independent service set up by the Government to provide people with free advice about all aspects of personal finances. For help from MAS if you are struggling with debt please follow this link: MAS – Help if you are struggling with debt.
It is also recommended that you read this one page document produced by MAS entitled “Dealing with debt – 5 things you should know”.
Arrange a call with a DMP Expert
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