Advantages & Disadvantages of a DMP

Non-priority debts? No problem with DMP

If you’ve just read through our DMP page you’ll realise how easy it is to set up a DMP payment plan with Find a Debt Expert. Debts of all shapes and sizes are our business, and we particularly like working with you on Debt Management Plans. For the simple reason that they’re hassle free, informal, and (usually) both creditor and debtor leave with a smile on their face.

Plus, a DMP is the right choice for so many people in debt, especially smaller debts as those are the most common – we call them non-priority debts. They can be anything from exceeding your credit card limit to maxing out a store card. Both of which easily done, and both of which are easily rectified with Find a Debt Expert. And as quickly as possible.

But bear in mind, as with all of our debt solutions, including our DMP payment plan, there are highs and lows – and it’s up to, along with our expert, knowledgeable and well-informed support advisors which plan best suits your needs. Feel free to pop into Find a Debt Expert for a chat and we’ll put your mind at ease, but first, check out our advantages and disadvantages of typical DMP referred by Find a Debt Expert.

Pros outweigh the cons

  • Unlike other debt plans that require you to make several payments over a month, with a DMP you’ll only have to make one monthly payment. Just one.
  • We’ll work together to establish exactly what you can afford to pay back on a monthly basis.
  • We’ll do the leg work – we’ll find out who your creditors are, how much you owe them etc... You can sit back and relax.
  • Arrears are allowed – if you’ve fallen behind at any point you have a chance to get the payments back up to date.
  • Find a Debt Expert will try to secure lower interest rates on your behalf.

But there’s always a downside or two

  • In case you take on even more card debt, all of your credit card accounts are temporarily closed.
  • Some of your creditors can still contact you regardless of the situation.
  • Your creditors needn’t agree to the payment plan we’ve put together – but we’ll your payments will be sent anyway.
  • The upside is that you’re paying lower interest rates with Find a Debt Expert, but if you fall behind with your plan, you might lose your benefits, so it is vitally important that you keep your monthly payments consistent.
  • DMPs can sometimes take longer to complete than solutions such as an IVA or Bankruptcy.
  • Credit Rating may be affected

If you feel you qualify for A DMP, then get in touch a with Find a Debt Expert today and we’ll work out the best repayment plan. It might be DMP or it could be one you’ve yet to consider. Contact Find a Debt Expert today on 0161 694 2650 or use our Debt Calculator.

Find a Debt Expert is a trading style of Milton & Stirling Ltd, Company Number SC587851 – Solutions Scotland, 78a Stanley Street, Glasgow, G41 1JH. DPA number ZA431921

Milton & Stirling Ltd are an Appointed Representative of MichaelAlan Ltd who are authorised & regulated by the Financial Conduct Authority, FRN 690939.

As part of our free service, we’ll review your financial situation, explain the available options and recommend a debt solution which is suitable for you. The risks of all suitable solutions will be explained clearly and if you decide to go ahead with a debt solution we will refer you to one of our trusted providers who specialise in the management of that debt solution. We’ll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information in our terms & conditions. To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

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For independent advice on how to deal with creditors with regards to Insolvency Services see https://www.gov.uk/government/organisations/insolvency-service