How does a Debt Management Plan work?

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How does a Debt Management Plan work? A Debt Management Plan allows you to pay off your debts at a rate that you can afford. It’s suitable if you have non-priority debts like credit or store cards, overdrafts, and private loans. Your DMP provider will try to figure out a reasonable payment method and talk to your creditors.

Which debts am I able to pay off with a Debt Management Plan? You can set up a Debt Management Plan for non-priority debts. These include: •

Bank overdrafts

Personal loans

Money borrowed from your friends or family

Credit card, store card debts, or payday loans


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