Up to 600,000 people who are struggling with their debts are being missed off official insolvency figures.

R3, which represents insolvency professionals, says around 600,000 people have taken out debt management plans because their debts had become unmanageable.

A debt management plan (DMP) is a non-legally binding agreement between a borrower and their creditors, under which the borrower agrees to repay an affordable amount each month.

Unlike bankruptcy and individual voluntary arrangements (IVAs), these debt management plans are not included in the Insolvency Service's official statistics.


See Original Article

Call now for help with corporate debts.

Call us on: 0800 071 1616

Email us on: info@debtsgone.co.uk

Website: www.debtsgone.co.uk