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Representative 79.5% APR (variable). Representative example: Amount of credit: £1000 for 12 months at £116.52 per month. Total amount repayable is £1392.63 Interest charged is £392.63, interest rate 79.5% pa (variable). Rates from 11.8% APR to Maximum 1721% APR – your Free*, No obligation quote and APR will be based on your personal circumstances, and Finance is subject to availability and status. Authorised and regulated by the Financial Conduct Authority. We are a fully regulated and authorised credit broker and not a lender.

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Guide to Debt Management Plans

Written by Alice, Editor · Reviewed by Stephen, Compliance

A debt management plan (DMP) lets you repay your unsecured debts with one affordable monthly payment, organised by a debt advice provider. If you’re struggling to keep up with existing credit, a free DMP is usually a better option than taking out another loan to cover the payments.

Signs a DMP may be better than borrowing

You’re using credit to pay for essentials such as food or bills.
You’re only making minimum payments on your cards, or missing payments.
You’ve been thinking about a loan to pay off another loan.
Your debts feel unmanageable and creditors are chasing you.

If any of these sound familiar, speak to a free debt adviser before you apply for credit. A new loan could make things worse.

How a DMP works

A debt adviser works out what you can afford after your essential bills. You pay that amount each month to the DMP provider, who shares it between your creditors. Many creditors agree to freeze interest and charges, though they don’t have to. Priority bills such as rent, council tax and energy stay outside the plan and must be paid first.

What a DMP means for future borrowing

While the plan is running, most lenders will decline new credit applications, and your DMP provider will usually ask you not to borrow. Accounts in the plan are likely to show as in arrears or defaulted on your credit file, and that information stays there for six years.

That isn’t permanent. Once the plan ends and the six years pass, the entries drop off your file. In the meantime, paying bills on time and registering on the electoral roll help rebuild your score.

When a small loan can still make sense

If you’re keeping up with your bills and simply face a one-off cost, such as a car repair, a small loan you can afford to repay may be reasonable. Our small loans guide explains how they work. If you’re already behind on payments, get free advice first.

Free debt help

Never pay for a DMP. The same plan is free from these organisations.

Frequently asked questions

Is a DMP the same as an IVA?

No. A DMP is informal and you can end it at any time. An IVA (individual voluntary arrangement) is a legally binding insolvency solution with stricter rules. Scotland has its own options, such as the Debt Arrangement Scheme.

Can I get a loan while on a DMP?

It’s unlikely, and it’s usually not advisable. Talk to your DMP provider first if an essential cost comes up.

Is Pounds4U a debt adviser?

No. Pounds4U is a credit broker, authorised and regulated by the Financial Conduct Authority. For debt advice, use one of the free services above.

Warning: late repayment can cause you serious money problems. For free, confidential help, go to MoneyHelper.

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