What Is The Minimum Level For a DMP?
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If you are looking for a debt solution to fit your needs, then the question of how much debt you have can make a big difference to which options will be applicable to you. Some debt solutions have minimum and maximum amounts.
For a DMP (Debt Management Plan), the good news is that there is no minimum or maximum amount of debt that you need to have to qualify. This is mainly because a DMP is an informal debt solution, agreed between you and your creditors. Your creditors do not have any legal obligation to provide a DMP, however it is considered to be good practice to treat those struggling with debt in a ‘fair and reasonable’ way.
It’s worth bearing in mind that the best way to encourage your creditor to be ‘fair and reasonable’ is to ensure that you are treating them in that way as well. Ensure that the amount that you offer to pay per month is both affordable to you, but also allows the debt to cleared within a timeframe that is considered reasonable to your creditor.
To find out more about this, take a look at our Debt Management Plan page.