If you’re struggling with debt, you’ll probably come across two options very quickly: A Debt Management Plan (DMP) An Individual Voluntary Arrangement (IVA) They both sound like solutions. They’re both widely used. And confusingly, they can both be right… or very wrong depending on your situation. So let’s strip it back properly. The Short Answer…
A Debt Management Plan (DMP) is one of the most common ways people deal with problem debt in the UK. It allows you to make reduced monthly payments to your creditors based on what you can realistically afford. Many people decide to run their own Debt Management Plan rather than using a company or charity….
Debt repayment is rarely a straight line. If you look at social media or personal finance blogs, you’d think people wake up one day, make a budget, and magically clear £30,000 of debt in 18 months while drinking homemade smoothies and feeling spiritually fulfilled. Real life is messier than that. This post is a transparent…
Managing your own debt management plan versus paying someone else to do it is one of those choices that looks simple on the surface and then becomes a maze of spreadsheets, phone calls, and mild existential dread once you actually start. Still, thousands of people in the UK deal with this every year, and there…
As alluded to in my about page, my debt problems returned last year and is the whole reason this site exists again. It has been over a month since I last posted on the blog so I thought it was time to update you on how I am managing my debts. It has been nearly…
When it comes to Debt Management Companies you have to be careful who you deal with. Selecting the right debt management company can seem like a daunting task but it needn’t be. There are a number of companies who advertise offering to set up a debt management plan for you and they will charge a…