What is a Debt Management Plan?

Debt Management Plans (DMP) are designed to help people who are struggling to pay back money they have borrowed. The total debts you owe will eventually be paid off through a DMP, providing payments are maintained. Payments are calculated based on what you can afford rather than how much you owe. Interest and charges may be frozen or reduced. Payments to your creditors may be reduced, which may increase the period of time taken to repay amounts owed to creditors.

Any communication you receive from creditors included on a DMP is managed by your DMP provider.

Continue to next section How does a DMP work?
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