Debt Management ( often called a DMP or Creditors Agreement ) is a way of handling your debts when you are no longer able to meet the agreed contractual monthly repayments.
An agreement is reached with all of your crediors where they share your monthly disposable income on a pro rata basis.
A DMP often gives you some breathing time to review all of your long term options and see if your circumstances will change.
Please note that a DMP provides no court protection so your creditors are still able to charge interest and pursue court action if they wish.
Even if interest is frozen by all your creditors it can take many years to clear the debts.
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