DMP
Debt Management Plan (DMP). Established and honoured by the FCA (Financial Conduct Authority)*, the aim of the DMP is to optimise debt repayment by lowering instalments, with the effect, of course, of getting rid of debt. With a DMP, your interest payments can be permanently frozen.
FCA (Financial Conduct Authority) - The overarching authority for financial affairs in the UK. In the UK the Financial Conduct Authority is responsible for regulating consumer credit.
ADVANTAGES OF A DEBT MANAGEMENT PLAN
- you can use a DMP if your debts are already £2,000 or more
- your personal adviser is responsible for contacting your creditors, you no longer have to worry about phone calls, reminders or demands for payment
- you can freeze your interest, commission and any extra costs
- repayments are made in affordable instalments to suit your means
- the DMP is a flexible plan - you can terminate it at any time
WHAT YOU NEED TO REMEMBER
- the scheme is for people on a fixed income
- if you have debts of more than £5,000 this scheme is not generally recommended. In this case we would rather suggest IVA
- The Centre of Interest in Life (COMI) must be in England, Wales or Northern Ireland
- a DMP is based on negotiation with creditors, in the case of recalcitrant creditors it may not be possible to use the scheme
- applying for a DMP with several companies at the same time will create confusion and make it difficult for the analyst to get the best deal for you
- not all debts may be included
- a DMP may have a negative impact on your credit score
- if you cancel your DMP, creditors may override repayment arrangements agreed during negotiations
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UK DEBTBUSTERS PL LTD always maintains due diligence towards clients, their personal data, and does not hold money of indebted persons.
The company carries out its objectives responsibly and carefully towards the entities with which cooperation agreements have been concluded. Therefore, every debtor seeking help, by contacting us, receives full information of the various options that may help such a person to get out of a debt situation. In accordance with your region of residence, within the United Kingdom. We provide verbal and written information in cooperation with a Licensed Insolvency Practitioner or Debt Counsellor about these solutions, in order for the debtor to make the best decision for him.
The final decision is made by the debtor, based on the material provided to them and the advice and consultation from the Licensed Insolvency Practitioner or Debt Counsellor.
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