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Debt Management Plan

Whether a Debt Management Plan is the right solution for you will depend on a number of things...

A Debt Management Plan may be right for you if:

You can’t afford your monthly repayments on your unsecured lending (such as credit cards, loans, overdrafts etc)

You can still afford to make a regular monthly payment

Debt solutions are offered subject to eligibility and acceptance. Fees payable if continuing services are provided.

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We’ll listen and get to understand your situation, make a recommendation to help sort out your debt problems based on your circumstances – and we’ll be with you every step of the way.

Debt solutions are offered subject to eligibility and acceptance. Fees payable if continuing services are provided.

Debt Management Plans explained

If the money you pay out every month on your unsecured debts (credit cards, loans and overdrafts etc) is putting a real strain on your budget and it’s a constant fight to make ends meet, a Debt Management Plan could help.

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It could reduce your monthly repayments down to a level you can afford. So you’ll still be paying off your debts…but in a way that’s not leaving you struggling with other living expenses.

This may mean it takes you longer to repay your debts. And it could mean you pay more in the long run. But at least you will have some breathing space every month. A Debt Management Plan doesn’t have to be a long term solution – it can be a temporary measure to help you manage your finances until your circumstances improve.

We will talk to the people you owe money to and explain the situation you’re in.

We will ask them to accept a lower monthly repayment from you; and to freeze any interest and charges on your lending. They’re not obliged to agree but we’ll work to show them why it’s in their interest (as well as yours) and keep you fully informed every step of the way.

You can read more about Debt Management Plans and how they work here

A typical example of a Debt Management Plan

Last year we helped thousands of people with their debt. But because everyone’s situation is different, the way we tackled each problem was different too.

From all the customers who were recommended a Debt Management Plan, here’s an average example which shows how these customers’ payments were made more affordable each month.

Unsecured personal debt: £9,549.55
Number of lenders: 7
Monthly debt repayments before: £346.56
Monthly debt repayments now: £192.65
Monthly reduction: £153.91 (44%)

These figures are based on the averages across all Debt Management Plans arranged for customers in 2014. We assess each customer individually based on their circumstances and payments to the Debt Management Plan are based on what is realistic and affordable.

Our fees are explained here

What will happen during a Debt Management Plan?

A Debt Management Plan could really help if you’re struggling with debt, but there are some things you’ll need to consider:

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1. The fact that you've not met your contractual obligations with your lenders will affect your credit record and appear on your credit file for six years

2. This means your credit rating will change and you’ll find it more difficult or more expensive to get credit during that time

Want to know if a Debt Management Plan is the right solution for you?

Talk to us or take your first step to getting your debt under control by getting a free personalised report to assess your situation and provide guidance on what you can do next.

Based on Feefo.com reviews - 99% of customers who left a Debt Advisory Centre review recommend us with an average rating of 4.9 out of 5 from 172 reviews left by Debt Advisory Centre customers (as of Oct, 2015)