Debt Management Plan FAQ

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

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?

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?

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

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

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 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?