Debt Management Plan (DMP)
An informal plan where you make reduced payments to creditors based on what you can afford. Interest and charges may be frozen, but this is not guaranteed.
Debt solutions explained
Understand the routes that may be available
Every situation is different. This page gives general information only and is not a recommendation or regulated debt advice.
Before you choose any debt solution: speak to an authorised debt adviser or a free debt advice organisation. Fees, credit file impact, assets, home ownership, employment and location can all affect suitability.
Common options people ask about
Individual Voluntary Arrangement (IVA)
A formal agreement in England, Wales and Northern Ireland. You make affordable payments for a set period and some debt may be written off at completion, subject to creditor approval.
Debt Relief Order (DRO)
A formal insolvency option for people with low income, low assets and qualifying debt levels. Eligibility rules apply.
Bankruptcy
A formal insolvency option that can deal with serious debt but may have major effects on assets, credit file, employment and financial restrictions.
Protected Trust Deed
A Scottish formal debt solution. It may not be suitable for everyone and should be discussed with a qualified adviser.
Breathing Space
A temporary scheme that can pause certain creditor action while you receive debt advice. It does not write off debt.
What My Debt Doctor can do
- Help you gather balances, creditor names, reference numbers and payment details.
- Help you build a clear household income and expenditure summary.
- Explain, in general terms, what different types of solutions are called.
- Signpost you to FCA-authorised or free debt advice where regulated advice is required.
What we do not do
- We do not provide regulated debt advice online.
- We do not tell you which debt solution to enter.
- We do not guarantee debt write-off, creditor acceptance or credit file outcomes.