Debt Management

  1. A Debt Management Plan (“DMP”) is an informal arrangement with your unsecured creditors. We will negotiate with your creditors to accept reduced payments and freeze any interest and charges accruing on your account. Whilst many lenders are willing to help and will do this, we cannot guarantee they will agree. We will advise you if any of your creditors take this stance.
  1. If any of your creditors refuse to freeze charges accruing to your account, it will mean your debt to them will be cleared over a longer period of time and it may lead to an increase in the total amount to be paid.
  1. We can only deal with the unsecured creditors that you advise us of and wish to put into your DMP. We recommend that all your unsecured creditors are in your DMP. Please advise us if you feel unable to do this in order that we can advise you accordingly
  1. By paying reduced payments to your creditors, your credit rating will be adversely affected. This means that you may not be able to obtain credit during the period of the DMP, or for a period after it has been completed.
  1. A DMP is flexible consequently, should your financial position improve, and you increase your payments it will take a shorter time to clear your outstanding debts.
  1. Please do not ignore any letters from your creditors. Please contact us immediately in order that we can advise you. If letters from creditors are ignored if could lead to them taking legal action for the recovery of the debt which will incur addition costs.
  1. The initial fee charged is to cover the costs involved in the setting up of your DMP. This means that your creditors will not be paid from this fee although they will be contacted by us and informed we are helping you. You may receive phone calls and letters from creditors as your account will have fallen into arrears, or further into arrears, with them .Please advise us of any letters or calls you receive from your unsecured creditors so we can help you deal with them.
  1. The monthly management fee is taken to cover the cost of administration.
  1. The Money Advice Service is an independent service set up to help people manage their money. If you would like to look at alternatives to My Payment Plan, the Money Advice Service provides details of organisations that provide free debt advice and services. For more information visit . You are also able to access the debt solutions available to you at
  1. Please note that your credit rating will be adversely affected if you in a debt management plan which will affect your ability to obtain credit.


  • Mortgages, other loans secured on your home or rent payments are not included in your DMP and should be continued to be paid as failure to do so could result in either the repossessions of your home or eviction. 
  • Utility bills, taxes, fines and child support payments are not included in your DMP. Failure to pay these may result in the loss of access to essential goods or services. 
  • Hire purchase arrangements are not included in your DMP. Failure to make payments under these agreements may lead to you losing the use of the goods secured under these agreements. 
  • Ignoring any letters from creditors may lead them to taking court action against you which may then cause further cost to be incurred by you. Please advise us immediately should you receive any letters from your creditors so we can provide you with the correct advice. 
  • We will negotiate with your unsecured creditors with a view to them accepting reduced payments and freezing interest along with other charges. However we cannot guarantee that any current recovery or court action will be withdrawn.

Provided you maintain payments to your Debt Management Plan we will send you monthly statements confirming how much money has been received and how it has been utiltised. Your creditors will receive payments on a proportional basis which we will calculate.

How long does a Debt Management Plan last?

A DMP normally lasts until your debts are paid in full. Please remember that as you will be paying lower than your contractual amount this will most likely be longer than the term of your original credit agreement. You will be in default of your agreement therefore your creditors will be entitled to send you a Notice of Default to protect their legal position.

My Payment Plan offers you free debt advice based on your circumstances and will discuss all debt solutions with you in attempt to resolve your difficulties.

You are also able to obtain free advice and free debt management plans from organisations such as Stepchange who can be contacted at