Dealing with debt can be an overwhelming challenge, affecting not only your financial wellbeing but also your overall quality of life. However, if you find yourself struggling to manage multiple debts, a Debt Management Plan (DMP) can be a helpful solution to help you regain control over your finances. So how does a Debt Management Plan work? And how could it help you repay your outstanding debts? This guide will delve into every aspect of a Debt Management Plans (DMP), from benefits to eligibility criteria.
What is a Debt Management Plan?
A Debt Management Plan (DMP) is a structured debt repayment strategy designed to lower your monthly debt repayments. Unlike other debt solutions, like an Individual Voluntary Arrangement (IVA), DMPs ar…
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