Do you qualify for a DMP?
The following criteria is used as a guide, therefore we suggest you call us on 0800 096 1331 for a free initial consultation to make sure this is the best solution for you.
DMP benefits
- One reduced monthly payment
- Plans built around you
- Clear unsecured debts on successful completion
- Of 84% of debts managed we freeze interest and charges.
- We handle creditor letters and phone calls
Debt Management Plan: what you need to know
| Interest and charges: | Creditors are not obliged to freeze interest and charges – this means the companies you owe money to could continue to add to your debt. Of 84% of debts managed we freeze interest and charges, and we will discuss this with your creditors at the same time as negotiating lower repayments. |
| Repayment period: | By choosing to repay your debts at a reduced rate, you could increase the amount owed and the period in which you repay your debts. |
| Credit rating: | Your credit rating will be affected in the medium to long term. However if you already have a history of late or missed payments, your credit rating may already be affected. |
| Obtaining credit: | You may find it difficult to secure credit in the future. |
| Debts: | Only unsecured debts can be included in a DMP. For example: personal loans, store cards, credit cards, bank overdrafts and catalogue accounts. |
Baines and Ernst Ltd