Debt Management Plan (DMP)
An informal repayment arrangement under which a person makes affordable payments towards unsecured debts, usually through a debt management provider or adviser.
Also known as: DMP
Related terms
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Informal repayment arrangement
A repayment agreement made directly with a creditor outside a formal insolvency procedure.
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Informal debt solution
A non-statutory way of dealing with debt, such as direct negotiation, a repayment arrangement or a negotiated settlement.
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Non-formal debt solution
Another term for an informal debt solution, meaning an arrangement reached outside a statutory insolvency process.
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