Debt Management
A Debt Management Plan (DMP) is an effective way to pay your non-priority creditors. Your debt help counsellor will calculate the amount you can afford to pay after giving consideration to your main debts e.g. mortgage, utilities, council tax, daily living expenses etc.
Any money left-over is then deposited as a single monthly payment and then distributed to your creditors on your behalf.
Reduced payments are negotiated on your behalf with your creditors . In many cases the creditors will also agree to freeze or even reduce the amount of interest being charged on your accounts, giving you the benefit of:
- You have our assistance in dealing with your creditors
- Making payments you can afford and reducing your debt
- Having regular reviews of your circumstances and your monthly deposit amount changing to reflect your situation
Any Scottish resident with 2 or more creditors and over £1,000 of unsecured debt can apply. If you apply for a Debt Management Plan, our advisers will talk you through the process and then finally decide whether a DMP is the right debt solution for you. Click here to Apply for Debt Management. |
