Debt Management Plan

A debt management plan could prove to be the best method for you to make repayments and get back on your feet.

One affordable repayment, high chance of interest and charges frozen, informal flexible arrangement and not a form of insolvency.

We work with a business which is authorised by the Financial Conduct Authority to provide you with advice on whether this solution would be best for you.

✓   One monthly repayment
✓   Only pay what you can afford
✓   Stop creditor harassment

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If your debts are adding up, it may be time to consider arranging a debt management plan.

These agreements serve as safety ropes, helping pull you out of danger before the debt becomes unmanageable. Negotiating these types of plans with creditors can be daunting and complicated. If an informal debt management plan is something you may like to consider, the Bennett Jones team will be happy to provide you with information to help you choose a regulated company or charity that can administer the plan for you. Get in touch today and take advantage of our insolvency knowledge, for free, by calling 0161 960 0054 or submitting your details via our online enquiry form.

Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.

You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.

We are proud of our 5* Trustpilot reviews

March 2024, Charly Ryan

5stars

I would absolutely recommend Bennet jones to anyone who is struggling with debt. They are always happy to help and very friendly! They always reply in a timely matter and always help you come to a resolution to any problems you may have. If you cannot afford payments for any type of reason one month they will help you with this. They never judge you and are always there to help.

March 2024, Mr Amjad

5stars

Excellent company... Bennett jones is the best company they have taken away all the debts & all my worries.I definitely will recommend this company to friends & families. Their service is excellent. Reply in a few seconds. Now I can look after my family. I am especially thankful to Bennett & jones And Laura for helping me out of this …

March 2024, Sam Perry

5stars

If you’re in financial trouble don’t hesitate to reach out. From start to finish a very reputable caring company. Yes I’ve heard they charge but don’t really expect them to do it for free. We all have to get paid when we work. Be realistic. Very friendly and I felt they were thoughtful to my personal struggles. I would highly recommend them. Thank you to them, now have a good night's sleep

March2024, JA

5stars

Incredible all round! Absolutely incredible all round service. Caring, thoughtful, understanding and have your corner no matter what. It has been a journey but they have made everything so much easier and a weight has been lifted. I cannot stress enough, if you do need help, they are your guys and it is 100% worth trying if you are up to it. Thanks to all and for being there with me on this journey. You are treasures, thank you

What’s the difference between an IVA and a DMP?

IVA stands for Individual Voluntary Arrangement, and DMP stands for Debt Management Plan. DMPs are not legally binding. This means that your creditors can still take action against you should you default on your revised payment plan.

Is a DMP right for you?

A DMP may be a good option if the following apply to you:

  • You can afford the monthly repayments on your priority debts (such as mortgage, rent and council tax) and your living costs, but are struggling to keep up with your credit cards and loans.
  • You’d like someone to deal with your creditors for you
  • Making one set monthly payment will help you to budget.

Joint debts and DMPs

If you have a debt in joint names with someone else, this can be included in your DMP. However, your creditors may still chase the other person for all of the debt. This is because whenever you take out a credit agreement, such as a loan or bank account, with another person, you’re both liable for the full amount of the debt. If both you and your partner are struggling with debts, you might want to consider setting up a joint DMP where you’d both be equally responsible for the repayment plan. It doesn’t matter if you have different levels of income or debts. You can also include debts that are only in one name in a joint DMP.

Will a DMP show up on your credit file?

Your DMP may show up on your credit reference file. Some creditors may ask for a note to be put on your file to say that you have a DMP. This would reduce your chances of getting credit if you applied for it while on your DMP, as it would show you’ve had trouble keeping up with repayments. However, if you kept up with your DMP repayments, the DMP would look better on your credit reference file than unpaid debts or debts that you were only making infrequent payments towards. The note may also stay on your file for a time after the DMP has ended, so you may struggle to get credit for some time afterwards.

If you miss payments this is also recorded on your credit reference file. Even if you’re in a DMP, your creditors may still record that you’ve missed payments, as you’ll be paying less than you agreed to when you took out the original credit agreement. This will mean you could find it harder to get credit while you’re making reduced payments and for some time afterwards.