Debt Management Plan

What is a Debt Management Plan?

A Debt Management Plan (DMP) is an informal payment arrangement between you and the creditors where you pay reduced monthly payments that are more affordable for your budget. This might be because you are struggling with your debt repayments each month.

You can arrange a DMP yourself or you can arrange it through an appropriate provider, who will handle everything on your behalf. We do not offer this type of service at mcCambridge Duffy. We are a Personal Insolvency company, so only offer formal plans. If you would like advice on your unaffordable debts, or information on the types of debt solutions we do offer, fill in the form and one of our advisors will get in touch. All advice is free and confidential. You are under no obligations by speaking with us.

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How long does a Debt Management Plan last?

A Debt Management Plan lasts as long as you need it to. You can pay the reduced payment until your finances improve or you can keep paying into it until all of your debts are paid in full. You will receive an exact date of completion (if you remain in the plan until the debts are fully repaid). The length of time and completion date depends on how much debt you have and how much you can afford to pay each month towards them.

How is my payment worked out?

Your payment is calculated by analysing your monthly income and expenditure and seeing what you have left over each month. The amount left over is the amount you can afford to pay towards your debts.

Pros of Debt management

An informal and flexible plan designed to suit your circumstances.

You can opt out of a debt management plan at any time (but you will still be responsible for any debts owing).

One affordable payment each month towards your debts.

Widely acknowledged by creditors.

If a company is handling your plan, they will deal with everything; from assessing your situation, to setting up your case to dealing with your creditors.

Interest and Charges could be frozen (but is not guaranteed).

You will have a set completion date for your plan (if remaining in it long term).

cons of Debt Management

A debt management company may charge a fee for their service. Shop around for the right debt management company.

You remain liable for all of your debts until they are repaid in full.

Because it is an informal agreement your creditors do not have to accept it or agree to the terms.

How can I apply for a debt management plan?

The best thing to do is speak to a debt advisor to find out if a Debt Management Plan is your best option to dealing with your debt. You can speak to us about your debts. We will be happy to help. All of our advice is free and confidential. We do not offer Debt Management but if it is the best option for you, then we can point you in the direction of an approved provider.

McCambridge Duffy are one of the leading debt advice specialists in Ireland. We primarily offer free debt advice and insolvency solutions for addressing your secured and unsecured debts. To find out if McCambridge Duffy can help you regain control over your finances, or to find out more about the debt solutions we offer, simply get in touch. Fill in the form on this page or call us on 01 539 57 90.

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My experience with McCambridge Duffy has been nothing short of excellent. My previous experience with another company was disappointing and stressful. I would highly recommend McCambridge duffy to anyone who requires speedy and satisfactory results.
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Excellent service from day 1

I was at my wits end, not sleeping, worried all the time, depressed. I was then referred to McCambridge Duffy and they exceeded any expectations. Friendly, supportive and non judgmental... I can honestly say that life is looking up at long last. There is light at the end of the tunnel. I cant thank them enough. I have a life again, thank you.
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Fantastic

I have had the most straight forward and quick service, it has been completely unbelievable. I would recommend to anyone if they needed help. Cannot fault the service I have received. All the staff are very understanding of your circumstances and give you reassurance and advice as required.
Sophie from TrustPilot

Excellent service and very helpful

My experience with McCambridge Duffy was excellent. Not knowing what to expect when I applied for an IVA, I was surprised how easy they made it for me, always keeping in contact with me and someone was always there when I had questions. 10/10! A very helpful and friendly service.
Gary from TrustPilot

Best decision ever to choose McCambridge Duffy

The only regret I have is that I didn't do this sooner. I am so glad I chose them to help me get my life back. I never once felt like anyone was judging me and everyone put me completely at ease. I would recommend them to anyone who is worried about their debt. I can now sleep at night and my stress levels have gone right down.
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Excellent Company!

A fast friendly and very efficient company. Do not delay if you are struggling as this company will deliver an excellent service without judgement or prejudice. Always on hand if you have a query and very good at communicating every step you have to take.
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