www.iva.co.uk

Is there any eligibility criteria & limitations for debt amount to apply for debt management plan?

A debt management plan (DMP) has very few limitations, apart from being realistic from both sides. Yoy can get a sirm such as Stepchange or Payplan to administer one for you, or even do it yourself.
Unlike an IVA, DRO or Bankruptcy, it is very informal and either side can drop out at any time.

Have a read here: https://www.gov.uk/options-for-paying-off-your-debts

There is only one Debt Management Plan procedure available but there are alternative debt options available for individuals.

My short video summarises the key options here:

https://youtu.be/TgalT1vhn6M

Thank you for your advice foggy & lisa thomas. minimum how much amount of debt I should have to avail a debt management plan?

Everyone's circumstances differ and your debt of say £2000 and my debt of say £40000 may be suitable for a DMP ... you need to gain some independent advice on your circumstances to ensure the most appropriate debt solution is identified for you.

Speak to Stepchange about a DMP.

https://www.stepchange.org/contact-us.aspx

Yes, I'm taking the suggestions from the Debt Management Companies. but for how many years we can keep this DMP program to clear the debts?

My understanding is they initially offer payments for a year and then the position is reviewed. How much are your debts and how much can you afford to pay each month?

Stepchange will be able to answer all your questions about DMPs.

Wed Aug 21, 2019 7:11 amMoses007 wrote:

Yes, I'm taking the suggestions from the Debt Management Companies. but for how many years we can keep this DMP program to clear the debts?

As I mentioned before, there is no defined term for a DMP -- it is a rather informal arrangement and creditors can allow it to go on for decades, or decide to revert to normal repayment after 6 months.

Thanks all for your valuable suggestions, I remember each & every point you suggested to me & thanks to this forum admins as we are getting a lot of advice from the experts here.