Debt Management Plans

With adults in the UK now owing on average £5,914* (excluding mortgages) getting into trouble with debt can easily happen.

Perhaps you have so many debts that you have found it difficult to keep up and so have fallen behind on repayments. Or maybe your debt repayments take away a large part of your income and your monthly wage barely covers your outgoings.

If do feel that you are struggling financially then a Debt Management Plan (DMP) could be the solution you need.

What is a Debt Management Plan?

Debt Management Plans provide a way for people struggling with overwhelming debts to improve their finances. Many thousands of people in the UK take advantage of these arrangements to restructure their debt repayments and solve their financial problems. 

A Debt Management Plan offers a viable option for people having trouble with unsecured debts. This can include a personal loan, bank overdraft, credit cards and store cards.

There are a number of benefits of this type of arrangement.

In a Debt Management Plan you will -

  • Consolidate your debts
  • Pay a single reduced amount each month
  • In many cases freeze interest and charges on your debts
  • Have someone to deal with your creditors on your behalf
  • Avoid more serious outcomes such as bankruptcy
  • Have more flexibility than in some other debt solutions

Is a Debt Management Plan the best solution to your debt problems?

In a Debt Management Plan your debts are consolidated so that you only make one single payment per month. This single payment is particularly advantageous if you have been paying off a large number of credit and store cards. Being required to make only one payment will take away the stress of managing many different debts.

The payments you make in the plan are set at an affordable level based on your income and essential outgoings. Typically the arrangement will be a flexible one and so it can be altered if there are any changes to your circumstances.

Debt Management Plans are not however a solution for all debt problems. They are only an option for people who genuinely can't afford to keep up with their current repayments and it will likely affect your credit rating. If you have high amounts of debt then an Individual Voluntary Arrangement (IVA) may be a better option.

Royal Exchange - Providers of Debt Management Plans

Debts of Over £5,000? Struggling to make payments? We can help you.

Royal Exchange provides debt management advice and services to people throughout the UK. Our Debt Management Plan - also known as a Managed Repayment Plan (MRP) - is an agreement with your creditors which leaves you with just one affordable monthly payment.

We take over all dealings with your creditors, this means we do all of the work and manage your debt leaving you free to get on with your life and stop worrying.

Our Managed Repayment Plan (MRP) is tailored to you; unlike other debt management solutions we regularly assess your circumstances making your plan flexible so that you repay the debt comfortably and responsibly.

You pay us the agreed amount each month and we make the payments to your creditors. There is no contract with us - if you're not happy you can stop making payments to us and walk away at any time and there are no up-front fees to pay.

We work to get all interest charges frozen to make sure that your payments reduce your debt quickly.

Call us free to find out if you qualify for help on 0800 028 4422 - lines open 9am - 9pm.

Our Service - Frequently Asked Questions

How much will I pay?
There is no fixed amount to pay in a debt management plan. The exact amount you pay each month will be based on how much you can reasonably afford on your current income and essential expenditures. Should your circumstances change then debt management plans are flexible arrangements which allow you to alter your payments to suit you.

Do I need to get a loan?
No -
Our Debt Management Plan reduces your monthly payments making them affordable to you. It helps you to repay your debt responsibly and all payments are based on what you can afford with your current income. The main advantage is that you are stopping yourself getting deeper into debt.

How do I get started?
Call our debt helpline so we can discuss your case. There's no obligation. Once we have all the information we need and we are sure that this is the right solution for you, we will offer to take you on as a client. Any fees payable are taken from the monthly amount you pay - there are no up-front fees. All the work we do on your behalf is covered by your affordable monthly payment.

Debt Management Plan Help and Advice

Royal Exchange is one of the UK's leading debt management and financial services companies. We help thousands of people each year to regain control of their finances and become free from debt.

Our advisors are on hand to help you whatever your financial circumstances. We offer advice on debt management plans and all other alternative options.

To find out more simply contact us on 0800 028 4422. Alternatively complete our enquiry form and one of our advisors will call you back.

* Figures from Credit Action