A Debt Management Plan (DMP) offers you the chance to pay your creditors a figure based on what you can afford each month, by freezing or reducing interest this plan will aim to get you out of debt sooner rather than later.
More on Debt Management Plans (DMPs)
"Mark O’Brien(Not real name) has a sorry tale to tell, one all too familiar to many people at present. He is a married man with two children working in his own carpentry business. Work has become much quieter for Mark in the last year so much so that his usual monthly income had halved, this along with his wife losing her job as an administrator had placed the family under pressure with their monthly repayments. They had three creditors with personal debts totalling €18,000, they were becoming under increasing pressure to make repayments totalling €700 each month through aggressive phone calls and letters. This went on until Mark decided to use Debtcare to formulate a debt management plan based on the family’s monthly income and expenditure...when this plan was put in place they now were able to pay €250 per month dispersed by debtcare to all three creditors on their behalf. This has enabled Mark and his wife to finally get some peace of mind and a better quality of life safe in the knowledge that all payments are being made on a regular basis".
CLIENT EXAMPLE (actual case)
Here is an example of how a typical Debt Management Plan could make your debts affordable.