0800 077 6180
Calls from mobiles may be charged
Questions asked regularly and interesting questions asked elsewhere on Beat My Debt are posted here for the benefit of all.
Because a Debt Management Plan is an informal agreement, you are not legally bound to maintain the agreed monthly repayment and as such you can change it at any time.

If your financial situation worsens and you have to reduce your monthly repayments, you will need to inform your creditors of this. It is likely that you will have to re-present an income and expenditure statement to them explaining the effect of the change. In reality, if your circumstances have become even worse, it might be sensible for you to consider one of the alternative ways to resolve a debt problem – perhaps Bankruptcy.

If your financial situation has improved, then it is a good idea to increase the monthly amount that you pay into your Debt Management Plan as this will repay your debt faster. Alternatively you may now be eligible for an alternative solution such as an IVA which could allow you to become debt free faster.