What is a windfall? Can you keep any windfall received during the Plan? Could you use it to settle your Plan early?
Debt Management Plan FAQ
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 keep overtime during a DMP? Should you increase your monthly payments? Using a lump sum during your DMP to settle smaller debts.
How to calculate how long your Debt Management Plan will last. Could the Plan last longer? How to pay off your Plan more quickly.
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?
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?
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.