Debt Solutions Northern Ireland
Debt Advice Northern Ireland
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Debt Management Plans Northern Ireland

What is a Debt Management Plan?

A Debt Management Plan is a debt solution for people who cannot afford their monthly debt payments. If you are not eligible for an IVA then a Debt Management Plan also referred to as a DMP may be an alternative debt solution for you. A Debt Management Plan is an Informal Agreement between you and your creditors were you agree to repay your debts at a lower monthly rate that is more affordable to you.You can organise a debt management plan yourself or contact a Debt Management Company like our selves who can speak to your creditors on your behalf and work out the terms of your agreement.
A debt management plan can be a great debt solution for a temporary period if you are struggling financially every month. However keep in mind that because a Debt Management Plan is only an informal arrangement with your creditors, you or your creditors can opt out of the agreement at any stage, so if your creditors feel that you aren’t sticking to the terms they can terminate it and go back to demanding the full payment amount.

Benefits of a Debt Management Plan

  • An Informal agreement that can be stopped at any time as your circumstances change (for better or worse).
  • Interest & Charges could be frozen if creditors agree.
  • Creditor pressure eased as they deal with us.
  • 1 easy monthly payment to cover all unsecured debts.
  • A debt management company will negotiate with creditors on your behalf, so offers are more likely to be accepted and interest frozen than if you try to do this yourself.
  • A debt management company will help you prepare your plan, including agreeing the level of your household and personal spending based on guidelines, which can then be used to put your case to the creditors.

Disadvantages of a Debt Management Plan

  • Can remain on credit file for sometime after completion if a default notice has been issued.
  • If your creditors refuse to freeze or reduce interest this can lead to increased debt level as repayments are less than original contractual payments. Any further collection actions may incur costs that will normally be added to the debt
  • Debts will be repaid over a longer period of time than if contractual payments were made.
  • You will repay debts until they are paid in full
  • Repaying debt over a longer period may increase the total amount to be repaid.
  • Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.

How long does a Debt Management Plan last?

How long a Debt Management Plan will lasts depends on:

  • How much your debt is
  • What your monthly payments
  • How long your circumstances will remain the same.

You may want to remain in the plan until the debt is cleared, or you may see it as a temporary measure. You may want to clear your debts as soon possible, every situation is different.
If you want to remain in the Debt Management Plan until the debt is paid in full, a rough guide of the duration of the plan can be obtained by dividing your total debt by your new monthly payment amount giving you an approximation of the total number of months it is expected to last.

How do I apply for a Debt Management Plan?

If you wish to apply for a Debt Management Plan you can contact us through several different ways by clicking here. The quickest way is to call us now on 0800 0430 550. When you contact us we will go over your financial situation and figure out firstly if a DMP is the correct debt solution for you or if an alternative debt solution one would suit better. If we think a DMP is a good option for you we can then draw up a repayment plan that you can afford, and we will then contact your creditors and ask them to agree to it. Usually your creditors will consider accepting lower payments if it's the best way for you to repay the money you owe, and they may also agree to reduce or freeze interest and charges, so you can focus on paying off the debt itself. If a Debt Management Plan sounds like something you might be interested in, you can apply for a DMP here or contact Debt Advice Northern Ireland further help via our contact page. All our advice is confidential and free so call now for free debt help.

Contact Debt Advice Northern Ireland for Debt Management Help and Advice

Get in touch with Debt Advice Northern Ireland now and we will be able to help you with your debt problems and advise you on what Debt Solutions are available to you. All our advice is FREE so you are under no obligation by giving us a call. Call us now on 0800 043 0550 or visit our Contact Page to see the various ways to get in touch with us. Alternatively you can Chat Online to one of our Debt Advisors now or take our Debt Calculator to figure out how much of your debt you could be paying back.

In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
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debtadvicenorthernireland.co.uk is owned by McCambridge Duffy, who provide free debt advice on a variety of debt solutions. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any service or debt repayment plan. Repaying debt over a longer period may increase the total amount to be repaid. Your ability to obtain credit will be affected in the short term and might be affected in the medium to long term.  Creditors may still contact you with promotional material or to fulfil contractual obligations to you but they should deal with us in all aspects relating to the outstanding debts. Interest and charges will only be frozen at the creditors' discretion.

Phonecalls: Calls from a landline are normally free. Please consult your provider if you are unsure. Calls from a mobile may be subject to charges. If you get charged just ask us to call you back for free.