What is a Debt Management Plan?

A solution that can be as easy as DMP

A Debt Management Plan is an informal agreement between yourself and the person/people/business you owe money to. Both parties reach a compromise whereby you, the debtor, pays a debt back to the creditor at a rate that you can afford.

This easy-to-set-up payment solution is essentially for paying back non-priority debts. With Find a Debt Expert you’ll pay back the debt through a series of smaller, more affordable monthly payments. Sound reasonable? Well, better still, for added peace of mind, most DMPs are managed by a DMP provider who deals with your creditors on your behalf – meaning you don’t ever have to deal with your creditors yourself.

We’ll not just won’t work for you, we’ll work with you

At Find a Debt Expert our aim is to help you manage your debts in a way that’ll make you feel comfortable, confident and less concerned about your money problems – a way that makes you feel like you are in total control. Easier said than done, we understand. But relax, we’ll tailor a solution to your personal situation, together. And remember, a DMP is not legally binding, which could work out well or not so well but the good thing is, you can cancel it at any time.

We’ll work with you to create a Debt Management Plan that’ll meet your household and family’s needs. And of course, Find a Debt Expert will set it up and manage all of those complicated fiddly bits, your case will be referred to a our one of our carefully selected Debt Management Plan administrators who will administer you DMP for a fee.

Want to be dept free? A DMP could be on the cards

If you’ve a tendency to overspend on your cards – for instance, your credit card, a store card or a loans card – a DMP may be your way out of money worries. At DMP Find a Debt Expert, smaller non-priority debts are ones such as:

  • overdrafts
  • bank or building society loans
  • money borrowed from friends or family
  • personal loans
  • credit card, store card debts or payday loans
  • catalogue, home credit or in-store credit debts

A Debt Management Plan with Find a Debt Expert is not however the answer to of all your financial troubles. DMPs won’t cover larger ongoing debts such as mortgage payments, hire purchase agreements and child support.

But with Find a Debt Expert, and an advised DMP, you could be free of debt a lot sooner than you had hoped. And our friendly advisors treat everything you say in confidence. Everyone has money problems at some point in their life, so there’s nothing to feel bad or embarrassed about. We’re more than happy to chat about your current situation, and we guarantee that we’ll come up with your very own, personalised debt solution. 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