How much does a DMP cost?

A DMP practitioner may take a fee or may be free for you to use. Fee charging DMP practitioners usually charge an initial arrangement fee plus a handling charge for each monthly payment they process. The three main free DMPs are StepChange, Payplan and National Debtline.

What is a fee charging DMP?

Fee charging DMP practitioners usually charge an initial arrangement fee plus a handling charge for each monthly payment they process. The three main free DMPs are StepChange, Payplan and National Debtline. One thing to bear in mind is that unlike with an Individual Voluntary Arrangement (IVA), the interest on the debt is not automatically frozen.

DMPs are usually arranged and managed by a DMP practitioner. The practitioner will act as a buffer between you and your creditors – they will negotiate with them on your behalf, and you will make regular monthly payments direct to them. The DMP practitioner will then pay your creditors the agreed monthly sum.

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· Unlike an IVA, a DMP isn’t listed individually on your credit report, but the debts included are. This is because it isn’t a legally binding agreement and, therefore, isn’t listed on any public registers. During a DMP, lenders can apply one of two markers to your credit file: default or ‘arrangement to pay’ (AP).

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