A Debt Management Plan is not a court sanctioned solution and is really a private agreement between you and your creditors. They are able to change their minds at any point or even sell on the debt to a more aggressive debt collection company.
Any missed or late or part payment will effect your credit file for 6 years. Your creditors may also issue a default notice or even pursue County Court proceedings and secure their debt against your property.
Most important of all is that unless the interest is frozen your debt will usually get larger rather than reduce.
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