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A DMP with PayPlan

A Debt Management Plan (DMP) is a debt solution that allows you to make one affordable reduced monthly payment instead of paying your creditors individually.

What are the benefits of a DMP?

  • You’ll make one affordable monthly payment towards your debts, and we’ll split it fairly between your creditors.
  • A DMP with us is completely free – everything you pay will go towards paying off your debts.
  • We’ll deal with your creditors on your behalf, and they’re likely to agree to freeze interest and charges while you’re in a PayPlan DMP.
  • It’s not legally binding, so you have some flexibility to change your monthly payments if something affects your budget.
  • Taking steps to pay your debts back through a DMP could improve your credit rating in the long term.

What do I need to be aware of with a DMP?

  • You’ll still receive some contact from the creditors included in your plan. You may receive automated communications or things they must send you.
  • Whilst your creditors will likely agree to freeze interest and charges, we can’t guarantee they will.
  • Your creditors can still take court action against you while you’re in a DMP, but it’s unlikely this will happen. If it does, we’re here to support you through the process.
  • If your creditors issue default notices while in a DMP they will stay on your credit file for six years.

How can I apply for a DMP?

  • We’ll start by making sure that a DMP is the best debt solution for you based on your circumstances. You can use our free online debt solution tool or call us and speak to one of our specialists on 0800 316 1833, WhatsApp or Live Chat. Our debt advice is completely free.
  • Once we’ve agreed on an affordable monthly payment, we’ll begin setting up your DMP. After your plan’s been set up, we’ll distribute your new payments fairly between the companies you owe money to.
  • You can review your plan anytime; if something changes, you can adjust your payment. If you can increase your payment, you can become debt-free quicker. If you need to reduce your payment, it could take longer to finish your plan.

DMPs are available in England, Wales, Scotland and Northern Ireland.

Visit our FAQs to find out more about DMPs.

Find out if a DMP is the best way for you to clear your accounts today

Get in touch to see if a DMP is a suitable solution for you. Our experienced advisers are here to help you find the right solution for your circumstances. Call us on 0800 316 1833, message us on WhatsApp or Live Chat Or fill out our online form.

Let’s make life more affordable

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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