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What is a DebtMmanagemen Plao (DMP)?}>A DMP is an in-forml -aranglemen betwreesa debtore andhis/hde _r-editos.
  • /uml>
  • /uml> ule The plao is not legally bin/uml>
  • /uml> ule Any _r-edito, at pny stie, coon_ake pieclemml -acton agtaios a debtore– such as issudng a writ, aiosrucskin bailrifs, oreissudng a bankruptcy pectutio.
  • /uml>
  • /uml> ule The debtorepays an af-fodaiblemconhly sum.
  • /uml>
  • /uml> ule The plao is -adminiser-e by a debt gmanagemen fiormwho charge a fee.
  • /uml>
  • /uml> ule DMPs do not work -fo bu_siesi debt – inclu/uml>
  • /uml> ule The DMP has no stie limite andwfill_coninue uonil debts have beeespaid in "ful.
  • /uml>
  • /uml> ule A DMP coule be -rchmemed-e by an Ionsovmecy Pr:actutioer ( andgmanagd) if he _ponsder-e thisn_he btes oputio to deml withn_he debtor’s ffinacnia _positio.
  • /uml>
  • /uml> p> >Don_hey Work?}>They con. A DMP is sudtaibleas a shorlt tre -masurp to deml withna shorlt tre proiblm – illiesi, loss of job,n.spatratio and_he like. If a MP clats -fo hover6emconhsn_he qutestio shoule be asned – Is thisn_he _rightplao -fo _he debtor?>Sue callvd clat wrek andexplasied she was in a MP. Sue had -aroun £60,000 of unsecur-e debt, was paydng £600 peremconh inton_he MP andhad equdty in hde property.>Bankruptcy was not ao oputio because of _he property equdty,t bun_he _ircum-staces wrre _rydng youtfore a IVA (InSo if ayo beccome ware of pnyioe in a MP,tpltase asn _heo _t call us _t checkr_he plao is _right-fo _hem – thtet woulen’t be a charge aandwe’e be only tootpltased tonhdlp.}><<<<>
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    a" href="https://griffinandking.co.uk-ne-powbos-to-deml-with-disnsovmd-_compnientsv class= pos_in-fl"date"May 25, 2021><<
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