Debt Management

A debt management plan (DMP) is where you make reduced monthly payments towards your debts. It is one solution for people struggling to keep up with their 39298516_mcontractual debt payments but who still have money available to pay towards their arrears after all essential living expenses.

In most cases the plan is arranged by a third party (eg, a debt help charity like StepChange Debt Charity) and they contact your creditors with a proposed schedule of reduced payments. If the creditors agree to the plan, you make one affordable payment to the third party every month, and they divide it between your creditors on your behalf.

In other cases you can manage your DMP yourself with support from experienced advisers.  If you find yourself in debt, there is a wealth of good information freely available and many charities that are able to help you.

Online services are secure and offer immediate, personalised help. Some are available 24 hours a day.

  Christians Against Poverty   StepChange Debt Help    Citizens Advice    National Debtline     Payplan Debt HelpMoney Advice Service

Money Health check

The Money Advice Service have launched an online money planner which is designed to help everyone understand and manage their money better.

It takes about 10 minutes to answer some straightforward questions and the health check will give you a personalised action plan which identifies the top three things you can do to make the most of your money right now, and to plan for future goals.

It’s free and it’s unbiased – The Money Advice Service won’t recommend a particular product or provider or try to sell you anything.

Click here to take the health check now.

There are also informal forums & discussion boards where you can discuss your issues and get support from people who have been, or are going, through similar.

MoneySavingExpert.com Forumslegalbeagles

 

If you would rather have an experienced firm deal with your creditors and manage your payments for you there is a wide variety of charities and firms who can help you.

Payplan Debt Help

4 out of 5 star rating - Rating given by LBcompare

Free Debt Management Plan
0800 280 2816 – National

StepChange Debt Help

4 out of 5 star rating - Rating given by LBcompare

Free Debt Management Plan
0800 138 1111 – National

 

We have included some of the fee charging Debt Management Plan providers in the listings below for example of the fees and costs applicable when using these firms. The charges are far too often hidden amongst the Te2015-12-31 18_05_43-Home - Financial Conduct Authorityrms and Conditions and over on the LegalBeagles forum we have found a number of consumers had been paying into a DMP for a number of years unaware that a very large chunk of their payments were not going to their creditors at all.You should always check a Debt Management Company holds a current consumer credit licence and is regulated by the Financial Conduct Authority. You can check this here

Comparable Prices based on cost if you made payments into your DMP of £200 per month over 12 months.  Click View to see more details of fees, and terms and conditions.


Showing all 17 results

Vincent Bond & Co Ltd

Vincent Bond no longer offer Debt Management Services.
0 out of 5
£360.00

Ideal Corporate Solutions

If you made payments to your DMP of £200 a month, over 12 months this plan would cost you £420.
0 out of 5
£420.00

ClearDebt ( Abacus )

Charges: Monthly fee 17.625%  - subject to a minimum fee of £30.00 If you paid £200 per month to your DMP over 12 months this plan would cost you £423  
3 out of 5
£423.00

Debt Release Direct

If you paid £200 into your DMP then for the first 12 months you would pay £456 in fees.
0 out of 5
£456.00

Gregory Pennington

Charges 18.5% of each monthly payment, subject to a minimum of £38.50 and a maximum of £90. If you paid £200 per month to your DMP over 12 months this plan would cost you £462.
3 out of 5
£462.00

Atlantic Finance (UK)

If you paid £200 per month to your DMP over 12 months this plan would cost you £570
0 out of 5
£570.00

Abacus (Financial Consultants)

If you paid £200 per month to your DMP for 12 months this plan would cost you £600.
0 out of 5
£600.00

Belmont Financial

The board of Belmont Financial Management Consultants Ltd has decided to withdraw from offering and administering Debt Management Plans and therefore, as of 9th May 2016, is no longer in a position to manage your Debt Management Plan. Please rest assured that we will continue to process and distribute to…
0 out of 5
£751.98

The Debt Advisor

Charges: 50% of payments for first six months, 17.5% thereafter. If you paid £200 per month to your DMP over 12 months this plan would cost you £810.  
2 out of 5
£810.00

MoneyPlus Group

If you paid £200 per month to your DMP over 12 months this plan would cost you £820.  This means you make payments of £2400 and just £1580 will go to your creditors.
0 out of 5
£820.00

Money Matcher Debt Management

This firm's website has recently been taken down and the FCA has refused permission for them to continue undertaking consumer credit activities. . You should make extra enquiries. If you paid £200 per month to your Debt management plan, after 12 months you will have paid £824.22 in fees and…
0 out of 5
£824.22

Harrington Brooks

Charges: 50% of payments for first 6 months, thereafter £38 monthly. If you paid £200 per month to your DMP over 12 months this plan would cost you £828.
2 out of 5
£828.00

Ashley Park – Debt Management Plan

Charges: 50% of payments for first 6 months, thereafter 18.5% monthly.If you paid £200 per month to your DMP over 12 months this plan would cost you £837.
2 out of 5
£837.00

Baines & Ernst

If you paid £200 per month to your DMP over 12 months you would pay fees of £960.
0 out of 5
£960.00

Pathfinder Financial Services

This plan would cost you £960 if you paid in £200 a month over 12 months.
0 out of 5
£960.00

Debt Line – Debt Management Plan

Charges 50% of payments for 6 months and then a maximum of £75 per month. If you paid £200 per month to your DMP over 12 months this plan would cost you £1050.
2 out of 5
£1,050.00

Debt Advisory Line

Charges: 49% of payments throughout your plan. If you paid £200 per month to your DMP over 12 months this plan would cost you £1200.
2 out of 5
£1,200.00

 

 

 


 

Citizens Advice Web Chat

www.citizensadvice.org.uk
Citizens Advice offers free, independent, confidential and impartial debt advice through their web chat service.


PayPlan

www.payplan.com
PayPlan’s online services include free, confidential online chat with debt help experts, a debt help request form, and a wealth of online resources.


StepChange Debt Charity

www.stepchange.org
StepChange Debt Remedy provides you with the expert advice, budget support and solutions to help you manage your debts.


National Debtline

www.mymoneysteps.org
National Debtline offers free debt advice online through its My Money Steps tool and its web guides, fact sheets and sample letters.


masFree debt counselling, debt adjusting and providing of credit information services is available by contacting the Money Advice Service.

To get simple, free support from others who have been through similar circumstances then please visit LegalBeagles Forum

 

 

 

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