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Debt Management Plan
A Debt Management Plan is an informal agreement between you and your creditors to pay back your debts. We’ll help you work out what’s really affordable, and you’ll pay one set monthly amount, which is then divided between your creditors.
A DMP is not insolvency, you’re not tied in for a minimum period and can make changes to your payment if your circumstances change.
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Protect your home from repossession
Individual Voluntary Arrangement
A legally binding agreement between you and your creditors to pay an affordable monthly amount for a set period of time – usually 5 or 6 years, and then any remaining debt will be written off.
On average, our IVA customers write off over 70% of their total debt, with more than a third achieving over 80% debt write-off. They’re also protected against legal action, creditor contact, rising interest & charges, and asset repossession.
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There are always solutions, no matter what your situation.
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Are you struggling with debt?
There are always solutions, no matter what your situation.
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Are you struggling with debt?
There are always solutions, no matter what your situation.
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- Affordable monthly payment
- Stop creditor contact
- Stop interest and charges
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“I really cannot speak too highly of MoneyPlus, they literally saved my life.“
— Stuart, Norfolk
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“It’s made a big difference to me and how I live.“
— Helen, Aberdeenshire
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“I was amazed at how easy it was to talk to a stranger about my debt.“
— Kevin, Greater London
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“All staff are amazing… nothing ever seems like too much trouble. “
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How it works
How it works.
We try to make your life as easy as possible, so we do as much of the work for you as we can. Here’s what happens when you get in touch:
Speak to us.
Tell us about your finances and the debts you’re having problems with.
Build a solution.
Based on your circumstances we’ll build a plan to get you out of debt, whether that’s with us, or not.
Let’s stick together.
We’ll either contact your creditors and tell them you’re with MoneyPlus, or make sure that you know who can help.
How it works – Grey
How it works.
We try to make your life as easy as possible, so we do as much of the work for you as we can. If you qualify here’s what happens when you get in touch:
Speak to us.
Tell us about your finances and the debts you’re having problems with.
Find a solution.
Based on your circumstances we’ll build a plan to get you out of debt, whether that’s with us, or not.
Choose your plan.
We’ll either contact your creditors and tell them you’re with MoneyPlus, or make sure that you know who can help.
Alternative solutions 1
Debt Management Plan
A Debt Management Plan is an informal agreement between you and your creditors to pay back your debts with one affordable monthly payment, without taking on more debt.
Debt Relief Order (DRO)
A DRO is an alternative to bankruptcy for people with debts of less than £30,000 (£20,000 in Northern Ireland) and less than £75 a month in disposable income.
Alternative solutions 2
Protected Trust Deed
A formal debt solution, for residents of Scotland, that’s intended to remove the pressure of unmanageable debts, by combining them into a single monthly payment.
Debt Consolidation Loan
Pay off all of your unsecured debts with one debt consolidation loan and make one monthly payment, rather than multiple payments to creditors.
Alternative solutions 3
Individual Voluntary Arrangement (IVA)
Make one affordable monthly payment over five or six years and then write-off any remaining debt.
Debt Arrangement Scheme
A government backed debt management scheme available to residents of Scotland which allows you to repay your debts through a debt payment programme.
Alternative solutions 4
Administration Order
A formal agreement to pay back debts over a set period of time, usually 3 years. For people with 2 or more debts, totaling less than £5000, and an unpaid County Court Judgement (CCJ).
Minimal Asset Process (MAP)
A Minimal Asset Process is a scheme designed for people with little, or no, assets without the surplus income to contribute towards debt repayments.
Alternative solutions 5
Bankruptcy
Bankruptcy is a form of insolvency that writes off debts if you can’t afford to repay them. It’s a legal process that’s suitable if you have little hope of repaying your debts in a reasonable amount of time.
Settlement
Settlement refers to clearing your outstanding balances with a one-off, lump sum loan. This can be used to pay your debts in full, or partially.
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Still unsure or want to know more?
That’s where our advisors come in, our expert debt advice team can help you find a solution that works for you.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.
Contact us – block
Still unsure or want to know more?
That’s where our advisors come in, our expert debt advice team can help find a solution that works for you. If you need help with problem debt, we’re on your side.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.
Contact us – narrow image
Still unsure or want to know more?
That’s where our advisors come in, our expert debt advice team can help you find a solution that works for you. If you think a Debt Management Plan could be right for you, get in touch now.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.
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- Answer 3 basic questions about your debts.
- We’ll let you know if we can help.
- Speak to one of our advisors or complete online.
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With our Advice Online service you can review all the solutions that work for you and then get set up on a plan. All online.
MoneyHelper
For free and impartial money advice and guidance, visit MoneyHelper.