Debt Management may be the answer to your debt problems but, like all debt solutions, it depends on your financial circumstances. Read on to find out whether a Debt Management Plan is more appropriate for you than a Protected Trust Deed or other debt solution.
A Debt Management Plan (DMP) is an informal arrangement put together by a debt management company. You agree to pay a regular amount each month to a debt management company which negotiates new debt repayments with the Creditors you owe money to; usually a lower repayment, but over a longer period of time.
The debt management company will work with you to establish an affordable monthly repayment schedule. They will negotiate and deal with your Creditors on your behalf, and will request Creditors to freeze or reduce interest payments. Creditors will be paid monthly payments from the contributions you make on a pro-rata basis, and you will be sent regular statements and kept informed of any changes.
Unlike a Protected Trust Deed, a Debt Management Plan is not a legally binding agreement and does not offer protection against Creditors. Call 0141 227 7730 for your best debt solution.
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Brought to you by Peter Dean
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Peter Dean has helped thousands of people with quality money advice, through Your Debt Expert.
Peter Dean is one of the most highly-qualified and experienced debt solutions professionals in Scotland. He established Carrington Dean in 2001 following a distinguished financial career in which he became a Partner with one of the world’s leading accountancy firms and a recognised insolvency expert.
Peter is a Fellow of the Chartered Management Institute, a Fellow of the Association of Business Recovery Professionals, a Member of the Chartered Institute of Arbitrators, and a Member of the Insolvency Practitioners’ Association.