Debt Management Plans (DMP)

Our team will call you to build a complete picture of your income, spending and debts. This conversation is completely confidential, and there is no obligation to proceed.

If you complete the form during office hours, we’ll usually call you the same day for a confidential chat. We’ll help you review your debts and budget and explain the debt solutions that may be suitable for your circumstances. You can also call us on 0161 532 2926 or email info@thedebtadvisor.hubsolv.com.

Yes. There is no fee to talk to us initially, but fees will apply if you enter a solution with us. There’s no obligation to proceed. We’ll take the time needed to understand your situation properly, explain your options and answer any questions you have, there’s no rush.

If you choose a solution, fees will apply and will be explained clearly before you proceed. IVA fees are normally agreed as part of the arrangement and paid from the contributions you make into your IVA. You can also access free and impartial debt advice from the Government’s MoneyHelper service.

Yes. The Debt Advisor Ltd is authorised and regulated by the Financial Conduct Authority to provide debt advice and administer certain debt solutions.

If you miss a payment to your debt management plan, the arrangements in plan could break. However, if you notify us, we can get in touch with your creditors for you and explain why. If you do struggle to maintain payments it is important that you contact us and we can review your circumstances and the solutions available to you.

A debt management plan is an informal plan and therefore does not prevent creditors from pursuing you in relation to payment or from taking further action. If your offers are approved by your creditors then correspondence should then reduce to statements in line with the Consumer Credit Act 1974. Other correspondence you could expect to receive is a default or notice of sums in arrears as you are not maintaining your contractual payments. In any solution it is important to share the creditor contact you receive with the provider assisting you to ensure that the information that is held is accurate and up to date.

Yes, a Debt Management Plan will affect your credit rating and creditors may record missed or reduced payments on your credit file.

Some creditors may agree to reduce or freeze interest and charges, but this isn’t guaranteed. As a DMP is an informal arrangement, creditors don’t have to accept the terms.

A DMP has no fixed end date and lasts for as long as it takes to repay your debts. The length of the plan depends on how much you owe and what you can afford to pay. Payments can be reviewed if your circumstances change.

In most cases, no. However, an IVA or other formal debt solution may affect certain jobs, particularly in finance, law or roles requiring security clearance. If you’re unsure, check your employment contract or speak to your HR department.

Unsecured debt is money you owe that isn’t secured against an asset, such as credit cards, personal loans and overdrafts. Secured debt is linked to an asset, such as your home or car, which may be at risk if you don’t keep up with repayments. Most formal debt solutions mainly deal with unsecured debts.