Can I Do a Debt Management Plan Myself?
A Debt Management Plan is an agreement between you and your lenders/creditors and doesn’t need an Insolvency Practitioner to set up.
Debt Management Plans are usually set up when you can only afford to pay a reduced amount to your lenders each month or if you have short term financial issues that may return to normal within a few months.
You can set this plan up yourself, by contacting your creditors and discussing this with them individually or you can hire a licensed private company to organise this for you, for a fee.
If you take the second option, then you will normally pay one monthly amount, which the company will distribute equally to your creditors.