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EMPLOYEE
I’m
looking for an answer
Why would I need a DMP? My debt has been mounting up now for last 2 years and I would like to know how a Debt Management Plan would help me?
Official
Response
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There are many reasons why a DMP may be necessary. These include, but are not limited to, problems like sickness, redundancy, loss of hours/income at work, spiralling cost of general living, additions to the family, divorce/separation or just a realisation that credit repayments cannot be met without resorting to using credit further, or using credit to fund the household, buy food etc. A DMP is often the best solution to short term debt problems, where a long-term formal arrangement like an IVA may be overkill.
EMPLOYEE
-
There are many reasons why a DMP may be necessary. These include, but are not limited to, problems like sickness, redundancy, loss of hours/income at work, spiralling cost of general living, additions to the family, divorce/separation or just a realisation that credit repayments cannot be met without resorting to using credit further, or using credit to fund the household, buy food etc. A DMP is often the best solution to short term debt problems, where a long-term formal arrangement like an IVA may be overkill.
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