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A Review on Debt Management Plans

The last economic recession experienced by UK was in 2008-2009. The economy had been on its lowest then since the late 1970s; now, the country waits with baited breath to see if the upcoming recession will be as bad as these two.

If in 2011 the UK people were already challenged by income squeeze, we can already see what will happen to them as the economy worsens further during recession. It is possible that the number of people who will rely on loans to help pay for their monthly expenses will increase this year. Although we cannot immediately conclude that most of them will end up becoming debtors, there will always be a big possibility that the number or debtors in the country will also go up.

This is why debt management plans are popular among UK credit consumers. It is one of the debt solutions that finance experts have been recommending for indebted individuals who are having trouble paying back the money/credit they borrowed. At the very least, they advise the public to seek free debt management advice to avoid the possibility of having debts in the first place.

There are many debt management companies in UK that can provide debt management services and advice to debtors. There are also charitable organizations such as CCCS, National Debtline, and Citizens’ Advice Bureau (CAB), all of which are excellent sources of free debt management advice and the latest news about the economy.

Background on Debt Management Plans

A debt management plan, also known as DMP, is a debt repayment scheme that allows debtors to repay their debts following a revised payment term. This “plan” is created based on the financial status of the debtor and how much he can afford to pay; this means the plan takes into consideration the daily living expenses and other ongoing responsibilities of the debtor. This plan is created after the debtor has a consultation with the debt manager assigned to him.

Convincing the creditors to freeze interest charges is up to the company. This isn’t always a guarantee in DMPs, unlike with individual voluntary agreements or IVAs.

This is because DMPs are not as legally binding. Creditors may or may not choose to agree with the plan that the debt management company proposes on behalf of the debtors. They can also change their minds halfway through the program and demand for the debtors to revert back to the original terms.

DMPs can be applied for large and big amounts of debts; however, small debts owed to multiple creditors will be better off with a debt consolidation, and debts more than £15,000 are often referred for IVAs.

Requirements for Debt Management Plan Applicants

There are some important requirements that debt management companies have for those who wish to avail of a debt management plan:

- Regular Income
- Debts are unsecured

Only unsecured debts are allowed to be entered into a DMP. Creditors will simply have to lay claim on the collaterals for secured loans and will have no need of a DMP to get back what debtors owe them.

DMPs are offered by debt management companies for a fee. This is why it is important for a client/debtor to have a job or a steady source of income. A DMP will only become successful if the debtor is able to regularly forward his payments to his debt manager on a timely manner.

Perhaps the most important requirement of a DMP is a debtor’s sincerity and willingness to pay back the money he owes.

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