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Debt Management Plan (DMP)

Keeping track of your monthly payments to many different creditors can be confusing. Debt Management Plans (DMP), also known as Financial Management Plans, allow experts to negotiate with creditors and simplify all the repayments into one affordable monthly payment. At Hamilton Price we only recommend organisations that do not charge fees for providing Debt Management Advice.

How Can A Debt Management Plan Benefit Me?

One affordable monthly payment

 Reduce calls and letters from creditors

 Interest rates and charges usually stopped

 Suitable for debt on credit cards, store cards and unsecured loans.

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How Hamilton Price Can Help With A Debt Management Plan

 How is a Debt Management Plan different to an IVA?

With a Debt Management Plan creditors do not have to stop interest rates or charges, and they do not have to write off your debt at the end of the plan. With an IVA, all charges are stopped once the creditors have agreed to the plan. Find out more about IVAs here

 Are there any risks to a Financial or Debt Management Plan?

One potential problem with a Debt Management Plan is that creditors do not have to agree to the plan. Creditors can continue to charge interest or fees, and they do not have to write off any outstanding debt at the end of the plan. If payments are missed, the plan may be cancelled or you could be charged more. Missing payments can also affect your credit rating.

 Am I eligible for a Debt Management Plan?

A Debt Management Plan may be an option for you if you are struggling to pay off unsecured debt with one or more creditors, you have disposable income each month after you’ve paid your normal household bills, and you would like someone to deal with your creditors on your behalf.

 Do Hamilton Price offer Debt Management Plans?

No, but we can recommend the best organisations to help you find out more. We can also discuss alternative solutions to unmanageable debt. Why not speak to us   0800 088 2599

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