Debt Management Plan (DMP)

A Debt Management Plan (DMP) also known as a Debt Management Programme is an agreement between you and your lender(s) to pay back what you owe. They’re used when you can only pay a reduced amount each month to service your debts. A DMP isn’t a legally binding agreement, which means it can be cancelled at any time and the lender is still able to take action to recover the outstanding debt even if you’re keeping up with payments.