Debt Management Plan

What is a Debt Management Plan?

A Debt management plan is an agreement between yourself and creditors brokered by a Debt Management company who agree to collect and pay over monthly instalments to your creditors. Some people can restructure their repayments into a more convenient plan and you won’t necessarily have to sell your home as part of the agreement. However, Interest usually continues to be charged so it takes years to reduce the debt. Debt Management Plans are becoming increasingly popular with banks and credit card companies who see a better return over a longer period than is the case with an IVA, and of course, Bankruptcy, which offers the lowest average returns to the Banks and credit card and asset finance companies.

Alternatives to a Debt Management Plan


An Individual Voluntary Arrangement is a contract between you whoever you owe money to, -- your creditors. You pay an agreed monthly amount, almost certainly for 5 years to your Supervisor, a Licensed Insolvency Practitioner of your choice. The Supervisor takes his fees from the fund and pays the balance to your creditors in proportion to the amount of their debt. If the payments are made on time as per the agreement, the debts are deemed to be settled in full and final settlement of all claims.

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Alternatives to Debt Management

The alternative procedures to an IVA:

Individual Voluntary Arrangement

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