You may have heard the abbreviation DMP banded around in the papers or on the TV - well you should learn that this stands for "Debt Management Plan". Essentially speaking, a DMP is a way of trying to manage and reduce the monthly payments you are obliged to make on your existing debts by making a mutual agreement with your creditors.
This can be advantageous in some circumstances as it may in turn potentially allow you to gradually settle your debt over a more extensive and protracted period of time - which may allow you to relieve the immediate pressures of debt hanging over your head.
However - there are also potential negative factors to considerer when thinking of adopting a DMP. For example in most instances there is a strong chance ongoing interest will still be accumulated against your outstanding balance.
