A Debt Management Plan is an agreement between you and your creditors to pay all of your debts in full.
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Step 1 - How much do you owe?
You can arrange a plan with your creditors yourself or through a licensed debt management company for a fee. If you arrange this with a company you make one repayment to the company and they divide the money to your creditors.
You may incur charges or fee’s from a company to set up a debt management plan however there are some free services you can find through the Money Helper service, their details are provided at the bottom of the page.
A debt management plan is an informal solution and it aims to put all of your existing creditors ideally into one monthly manageable payment for you.