Is a Debt Management Plan right for me?

A DMP could be an option if:

• you’re struggling to keep up with repayments
• you have unsecured debts like credit cards, loans or overdrafts
• you have a regular income
• you can afford a reduced monthly payment

Your payment is based on your disposable income — the money you have left after paying for essential living costs like rent, bills and food.

This means your payment is set at a level that’s affordable, while still repaying as much as you realistically can.

We calculate your monthly payment by taking into account your total income and your essential living costs.

After covering priority expenses like housing, bills, and food, any remaining money (your disposable income) is used for your DMP payment.

A DMP might not be the right option if:

• you can comfortably afford your current repayments
• your debts are too big to repay within a reasonable time
• you don’t have enough disposable income to make regular payments

If a DMP isn’t suitable, there may be other options available.

In some cases, formal debt solutions (such as insolvency options) may be more appropriate, particularly if your debts are to high to repay in a reasonable time.

We’ll explain all available options clearly, including the potential risks and benefits, so you can decide what’s right for you.