Debt Management Plans | Scotland

A Debt Management plan is an informal arrangement between you and your creditors whereby you agree to make a payment every month to your creditors. It is managed by a Debt Management company who are responsible for all and any correspondence between you and your creditors.

The duration of the debt management plan is set so that all of your debts are paid back in full and can be a good way of reorganising your finances. It does not provide you with any protection as your creditors are not legally bound by its terms.

If you would like to ask us any questions about Debt management plans you can contact us and we will be happy to advise you.

Only unsecured debts are entered into a DMP and they are only really suitable for debts between £2,500 and £12,000.

Will I need to sell my property?
No

What will my repayments be?
Your repayments will calculated on how much you can reasonably afford to pay. This will then be negotiated with your creditors to reach a figure which everyone agrees on. This payment will then be made each month and distributed to your creditors according to their debt level.

How long does it take to set up a Debt Management agreement?
We can set up an agreement very quickly, but it does depend on your situation and how quickly you can and want to start.

For free, confidential and impartial advice on how to manage your debts, call us today on 0800 043 0300 or arrange a call back at your own convenience.