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Debt Management Plan

At Parker Andrews, we specialise in offering Debt Management Plans (DMP), designed to help individuals manage and reduce their debts in a practical and sustainable manner. Understanding the stress that financial debts can bring, our friendly and experienced team is committed to guiding you through each step of your debt management journey.

What is a Debt Management Plan (DMP)?

A DMP is an informal agreement between you and your creditors to pay back non-priority debts. It involves making a single, affordable monthly payment, which is then distributed among your creditors. DMPs are often suitable for those who have surplus income after covering their essential living costs.

Benefits of a Debt Management Plan

Simplified Payments: Consolidate your debts into one manageable monthly payment.
Flexibility: DMPs can be adjusted if your financial situation changes.
Reduced Pressure: We deal with your creditors on your behalf, easing the stress of direct communication.
No Charges on Free DMPs: Certain providers offer free DMPs without setup and handling fees.

Step by Step Process of a DMP

  • Step 01
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  • Step 05
  • Step 06
Initial Consultation

Contact us for a confidential discussion about your financial situation to see if a DMP is right for you.

Assessment of Your Finances

We conduct a thorough assessment of your income, living expenses, and debts to determine an affordable monthly payment.

DMP Proposal

We develop a proposal outlining your new payment plan, which is then sent to your creditors for approval.

Negotiation with Creditors

Our team negotiates with your creditors to freeze or reduce interest and charges where possible.


Once agreed upon, you start making monthly payments, which we distribute to your creditors.

Regular Reviews

We conduct regular reviews to ensure your DMP remains suitable for your circumstances.


Will a DMP affect my credit rating?

A DMP may affect your credit rating as it shows you are not paying debts as originally agreed.

How long does a DMP last?

The length of a DMP depends on your debt amount and how much you can afford to pay each month.

Can all debts be included in a DMP?

DMPs usually cover non-priority debts like credit cards and personal loans, not secured debts like mortgages.

Ready to take control of your debts with a Debt Management Plan?

Contact Parker Andrews today for personalised, empathetic guidance on managing your finances. Get in touch with us for a free consultation and start your journey towards financial stability.

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Freephone:0800 612 7593