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Which debts can be included in a DMP?

Which debts can be included in a DMP?

A Debt Management Plan is designed to help you repay your unsecured debts by making more affordable payments.

Unsecured debts that can be included in a DMP:

  • Personal loans 
  • Credit cards
  • Catalogues
  • Store cards
  • Overdrafts
  • Water bills

DMPs don’t include priority debts. These are debts that have been secured against your home and other assets, as well as utility bills or Council Tax. You’ll need to prioritise payments to these in your budget. These must be paid in accordance with the original agreement.

Priority debts that would be excluded from a DMP are:

  • Mortgages
  • Secured loads/second charge loans
  • Hire purchase agreements
  • Council tax (current bills)
  • Gas (current bills)
  • Electricity (current bills)

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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

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