Debt Management Plan block
A flexible debt solution
Debt Management Plan
With a Debt Management Plan (DMP), you come to an informal agreement with your creditors to repay the money you owe. Our specialists will help you calculate how much you can afford and then you’ll make one set repayment per month. This money is divided between your creditors. A DMP isn’t insolvency. You aren’t tied in for a minimum period, and if your financial circumstances change, you can alter your repayment plan.
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Protect your home from repossession
Individual Voluntary Arrangement
An IVA is a legally binding agreement that you reach with your creditors. Under an Individual Voluntary Arrangement, you pay an affordable monthly sum over a fixed period of time. This is usually 5 or 6 years. Any debt that remains after this point is written off.
On average, MoneyPlus IVA customers write off more than 70% of their total debt. Over a third write off 80% or more.* With an IVA, you’re also protected from creditor contact, legal action, asset repossession and increasing interest and charges.
*From April 2022 to April 2023 our average debt write off for IVA customers was 74% and 36% of customers achieved a debt write off of over 80%.
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There are always solutions, no matter what your situation.
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“I really cannot speak too highly of MoneyPlus, they literally saved my life.“
— Stuart, Norfolk
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Are you ready to find your debt solution?
- Affordable monthly payment
- Stop creditor contact
- Stop interest and charges
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Testimonial 1
“I really cannot speak too highly of MoneyPlus, they literally saved my life.“
— Stuart, Norfolk
Read Stuart’s story…
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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. “
— Linda, Greater London
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“It’s taken so much stress away… they’ve really given me my life back. “
— Karen, Gloucestershire
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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.
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How it works.
We’re here to make things as easy as possible for you. We know that dealing with your debts can be stressful and confusing, which is why our experts do as much of the work for you as we can. If you qualify, here’s what happens when you contact us:
Talk to our experts.
Chat to our specialists about your finances and the debts you’re struggling with.
Find the right solution for you.
Based on your individual situation, we’ll come up with a plan to get you out of debt. This may be through one of our managed solutions or it may not be. Our advice is based on what’s right for you.
Take the next step.
If you’re using our managed solutions, we’ll reach out to your creditors and tell them you’re with MoneyPlus. If not, we’ll make sure 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
Available to eligible people living in Scotland, a Protected Trust Deed is a formal debt solution designed to ease the pressure of debts you can’t afford to repay. It combines these debts into a single monthly payment.
Debt Consolidation Loan
With a Debt Consolidation Loan, you can pay off all of the unsecured debts you have by making one monthly payment, instead of having to pay multiple creditors separately.
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
An Administration Order is a formal agreement that allows you to repay debts over a specified time period, typically 3 years. It’s available to people with at least 2 debts that total less than £5,000 and who have an unpaid County Court Judgement (CCJ).
Minimal Asset Process (MAP)
This is a scheme intended for people with few or no assets and without the disposable income they need to make debt repayments.
Alternative solutions 5
Bankruptcy
Usually seen as a last resort, Bankruptcy is a legal process and a type of insolvency that writes off debts you can’t afford to repay. It may be suitable for you if you can’t repay the money you owe in a reasonable amount of time.
Settlement
A Settlement involves making a lump sum payment to your creditors. This can either be a full and final settlement or a partial settlement.
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Still unsure or want to know more?
Confused about which debt solution might be best for you? Don’t worry, help is at hand. At MoneyPlus, we know that everyone’s financial situation is unique. That’s why we approach all our customers with the individuality and care they deserve. We’ll find a solution that works for you.
Simply get in touch with our specialists today to find out more about our trusted debt help solutions. We’re here to help you start living better.
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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. 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.
Solution finder
2 minutes average time to complete
Quick enquiry.
- 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.
15 minutes average time to complete
Full debt Advice Online.
- 100% online debt plans!
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.
Why choose MoneyPlus Advice?
14,000
Based on our numbers up to May 11th, we’re expecting to give debt advice to over 14,000 people this year!
1 million +
For our most vulnerable customers, we successfully fought for £1,042,722 of unmanageable debt to be written off.
£240
We save our Debt Management Plan customers on average £240 each month in Interest & Charges.
MoneyHelper
To discover more about how to manage your debt and to receive free debt advice, you can visit www.moneyhelper.org.uk or read about options for paying off your debt.