What happens at the end of a Debt Management Plan?

You’ll be free of the debts in your Debt Management Plan

Finishing your Debt Management Plan (DMP) is a huge achievement and shows real grit. It means you’ve managed to keep on top of your DMP payments until you’ve paid off the debts included in your Plan – so it could mark the start of a new debt free financial life.


You don’t need to worry about keeping track of exactly when your DMP will end, we will contact you around six weeks before your plan ends to let you know when your last payment is due. When your last payment is made – you’ll be debt free (at least of the debts included in your Plan)!

You’ll immediately feel like you’ve got more money in your pocket after your DMP ends, as the money you were putting towards your debts will now be yours to spend as you wish. A great tip is to start saving that money for whatever you like, or simply put it away for a rainy day. To find out more about how it feels to finish your DMP, have a look at Emma’s story – one of our customers who recently completed her DMP.

You can start rebuilding your credit file

Once your DMP is over, you can start rebuilding your credit history. Have a look at our previous article for tips on how to improve your credit history.

Is it possible to finish your DMP early?

It’s sometimes possible to finish your DMP early. For example, if your circumstances change for the better you might find you have enough money to go back to your contractual payments. You’ll then be free of the debts included in your plan sooner than you thought.

When you’re on a Debt Management Plan, we work with you to work out how much money you need each month so you can afford all the essential things in life. But you might find that you don’t need all the money allocated for this and that you could actually be putting more towards your debts. If you decide you want to pay more each month, just give our PFM team a call on 0161 393 7157 and they can arrange this for you.

It’s always possible that you could find yourself with a lump sum of money through winnings, inheritance, redundancy or a PPI reclaim. If this is the case, you can try to clear your debts once and for all with a lump sum payment. You may not have to pay the whole amount you owe – your lenders might be willing to accept a lower amount, if it clears the debts once and for all. How much they’re willing to accept will depend on the particular lenders you’re dealing with. They may also look at factors like how much you’re struggling to afford your normal repayments and how long it will take you to clear your debts on the DMP.

If you find yourself with a lump sum of money, just get in touch with one of our Personal Finance Managers and they can talk you through your options.

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