- Individual Voluntary Arrangements (IVA's)
- Bankruptcy
- Debt Relief Orders (DRO's)
- Debt Management Plans (DMP's) Return to homepage
- Informal Agreement with Creditors
- County Court Administration Order (CCAO)
- Trust Deeds (Scotland)
- Consolidation Loan
- Mis-sold Payment Protection Insurance (PPI)
- Debt Calculator
- Debt Advice Centres
- Latest Insolvency News
What is the cost of a DMP?
£nil if you set it up and administer it yourself (dowload our free guide below).
There are various organisations to whom lenders and government organisations will encourage you to contact in order to enter into such an arrangement. These organisations will receive monthly payments from you and make pro rata distributions to your creditors for you. Some of these organisations are registered charities that are funded by the main lenders and some are privately owned. Despite some of their claims, the services they provide are not free of charge; just like an IVA, their costs are funded by your creditors.
A typical fee will be the first two months payment that you make and also an ongoing monthly management fee of 15% to 20% of the payments you make.
