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
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Personal loans
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Money borrowed from your friends or family
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Credit card, store card debts, or payday loans