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Is a DMP right for me?

Is a DMP right for me?

At PayPlan, we will always treat you as an individual and take time to understand your specific situation to ensure that we suggest the best possible solution for your needs. We aim to get you debt-free in a realistic timeframe whilst making you fully aware of the benefits and risks of each solution, to see if it is right for you.

A DMP with PayPlan may be the right solution for you if:

  • You have unsecured debts and are struggling to make payments
  • You would like to pay off your debts in manageable payments
  • You don’t want your name to appear on a public register, so you can keep your arrangement private from friends and family (should you so wish – we advise talking about your debts)

A DMP might not be the right solution for you if:

  • You have a high level of debt, as it could take you a very long time to repay the money owed
  • You don’t have any money left after you pay off your bills and secured debts, as the DMP payment amount is the remaining monies after bills and essential expenditure

Our experienced, helpful agents will always make sure we recommend the right debt solution based on your specific circumstances. Call us FREE on 0800 316 1833 from 8am to 8pm Monday to Friday, or 9am to 3pm on Saturday. Alternatively, complete our enquiry form and we will be in touch as soon as possible.

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You’re just two steps away from taking back control of your finances and freeing up more money for you and your family.

No impact on your credit score.

Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

5 stars
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What is an IVA?

An Individual Voluntary Arrangement (IVA) is an agreement with the people you owe money to. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Management Plan?

A debt management plan (DMP) allows you to pay back your creditors each month at an amount you can afford. The DMP lasts until you have repaid your debts in full or your circumstances improve.

What is a Self-employed IVA?

A self-employed Individual Voluntary Arrangement (IVA) is an agreement to pay back what you owe whilst still running your business. You make affordable payments over a period of time (usually 5-6 years) and at the end, your remaining debts are written off.

What is a Debt Relief Order?

A debt relief order is a solution available if you are not able to afford any payments to people you owe to. It freezes debts for a year at which time they are written off if your circumstances have not improved.

What is Bankruptcy?

Bankruptcy is a type of insolvency that involves applying to the court in order to clear your debts. There is an upfront fee and you may be required to make payments from your earnings into the bankruptcy for up to 3 years.
Excellent, professional, friendly and empathetic service. PayPlan have given us our lives back!
Sandra Daly

Sandra Daly

5 stars
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