Do Debt Management Plans Really Work?

People facing debt: Could you write off some debt? Get started here: moneynerd.co.u...
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590

[@MoneyNerd]

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[@Showtime_Mike]

I signed up for a DMP a few weeks back and have made my second payment today. According to the plan the DMP company sent me, I could be debt free in 43 months. I haven’t heard anything from my creditors yet, I guess I’ll see what happens over the coming months.

[@MoneyNerd]

Hello Mike! It looks like the DMP is in motion. Hoping for the best!

[@sajidrahman8356]

How is it going mate?

[@Showtime_Mike]

@@sajidrahman8356 I ended up signing up with a DMP called debt correct. My monthly payments have been reduced to £650 a month which is manageable for me. If all goes to plan, I should be debt free by June july 2027. All my creditors seem to have agreed to the plan so far and I have had no body banging on my door or phone calls from anybody.

[@Showtime_Mike]

@@sajidrahman8356really well, I’ve been in the DMP with a company called debt correct since September and hopefully all debt free by June or July 2027. I haven’t had any bailiffs round or phone calls or people hounding me for money. My payments have been reduced to what’s affordable to me too. I can currently paying £650 per month. I wish I had signed up sooner!