What are the different debt management plans available in UK?

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Moses007

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Post by Moses007 » Sat Aug 17, 2019 12:11 pm
Is there any eligibility criteria & limitations for debt amount to apply for debt management plan?

Foggy

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Post by Foggy » Sat Aug 17, 2019 12:17 pm
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
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

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Post by Lisa Thomas » Mon Aug 19, 2019 8:54 am
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
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Moses007

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Post by Moses007 » Tue Aug 20, 2019 4:16 am
Thank you for your advice foggy & lisa thomas. minimum how much amount of debt I should have to avail a debt management plan?

luluj

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Post by luluj » Tue Aug 20, 2019 4:22 am
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.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"

Lisa Thomas

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Post by Lisa Thomas » Tue Aug 20, 2019 8:15 am
Speak to Stepchange about a DMP.

https://www.stepchange.org/contact-us.aspx
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Moses007

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Post by Moses007 » Wed Aug 21, 2019 7:11 am
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?

Lisa Thomas

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Post by Lisa Thomas » Wed Aug 21, 2019 8:15 am
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.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

Foggy

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Post by Foggy » Wed Aug 21, 2019 9:22 am
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.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Moses007

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Post by Moses007 » Thu Aug 22, 2019 12:01 pm
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.
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