Finance Glossary
Debt Management Plan
An informal arrangement between a borrower and their creditors to repay debts at a reduced monthly rate that reflects what the borrower can genuinely afford. Debt Management Plans are usually set up by free debt charities such as StepChange or the National Debtline. While not legally binding, most creditors agree to freeze interest and charges during the plan period.
Related terms
IVA (Individual Voluntary Arrangement)
A legally binding agreement between you and your creditors t…
Default
A formal record on your credit file indicating that a credit…
Bankruptcy
A legal process in the UK (in England, Wales, and Northern I…
Debt Consolidation
The process of combining multiple debts into a single loan, …
Now you know what Debt Management Plan means — find your best loan
Free to use. Click directly to any lender to apply.
Compare all lenders →