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?
Debt Management Plan FAQ
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?
Are you allow to pay off a Debt Management Plan early? How to pay off a Plan by increasing monthly payments or with a lump sum. Do all the debts have to be paid at the same time?
It is likely that your circumstances will change during your Debt Management Plan. What if your finances get better? What can you do if they get worse?
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?
Your Debt Management Plan will last until your debts have been paid in full or settled. How to estimate the length of your Plan. How to pay off a DMP early.
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.
Not all debts can be included in a Debt Management Plan. Which debts cannot be included and how to manage these. Can you chose to leave debts out?
What is the Debt Management Protocol? What standards has it introduced? Are they mandatory? Will the introduction of the Protocol be effective?
What is a joint Debt Management Plan? How much will the monthly payments be? Can you leave debts out of the Plan? What if you split up during the Plan?