If you haven’t finished paying off your debts you’ll need to contact your creditors to arrange another way to pay. You can cancel your DMP at any time if you decide it’s not the right debt solution for you or you’re struggling to pay. You can change your DMP at any time, for example if your income increases and you can afford to pay more.
How long your DMP lasts will depend on how much debt you have and how much you can pay off each month.Īnyone can get a DMP - it doesn’t matter how much debt you have. They’ll deal with your creditors for you and make your payments. The DMP provider is an independent company. If you get a debt management plan you agree to pay off your debts with one monthly payment to a DMP provider. Check if you can get a debt management plan (DMP) To check if bankruptcy is right for you, contact your nearest Citizens Advice. Set up an individual voluntary arrangement (IVA) - this means you’ll pay off your debts through a specialist called an insolvency practitionerĮven if you have money to pay your debts, going bankrupt might be an option for you. Set up a debt management plan (DMP) - this means you’ll pay off your debts through an independent companyĪpply for an administration order - this means you’ll pay off your debts through the court If you have money left after paying your priority debts, you might be able to: If you can’t make an agreement with them you should still pay them what you can afford, but this might not stop them taking action against you. Try to make an agreement with your priority creditors before you explore any debt solutions. check if you can reduce your living costs.check if you can increase your income to give you more money to pay your debts.check which of your debts to pay first - these are called priority debts.collect information about all of your debts.Check how much money you can pay towards your debtsīefore you explore any debt solutions, you’ll need to: Speak to your mental healthcare provider about ‘Mental Health Crisis Breathing Space’. Crisis treatment includes things like getting emergency or acute mental health care in hospital or the community.
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You might be able to get breathing space from your creditors for the whole time you're getting crisis treatment, plus 30 days after. If you’re getting mental health crisis treatment To see if breathing space is right for you, talk to an adviser. You'll need to get advice from a debt adviser first - they’ll check all your debts to see if they’re covered. It covers most debts, including credit and store cards, loans, overdrafts and arrears on household bills. If you’re eligible, you could get 60 days of breathing space where your creditors can’t: If you're not ready to use a debt solution or you can't afford to right now, the government-backed Breathing Space scheme could give you extra time. Get breathing space if you need more time to decide what to do If you don’t feel able to talk to your creditors directly, or they won’t agree to your offers, check if you can use another solution. If you've already agreed to make payments to your creditors you should still check if other debt solutions could help you - there might be a better way forward. Find out about making a plan to pay your creditors. You might be able to come to an agreement with them to pay off your debts, or get more time to work out your situation. Talk to your creditorsīefore you explore any debt solutions it's important to talk to your creditors. If you need more help understanding the different options and their risks, contact your nearest Citizens Advice. Make sure you understand how you'll be affected before you apply for a debt solution. For example, they might affect your credit rating, mortgage or savings, or restrict the work you can do. Different debt solutions can affect your life in different ways.
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