CABmoney Free Debt Management Plan (DMP)
If you haven't already had previous advice, it is highly recommended that you answer all of the questions on our Debt Options page which will help you decide which option to follow. You should carefully consider all options before deciding to continue further.
If you have any doubts, you should get full, independent, professional advice.
How to Start Your DMP
Sign up now to keep track of your online DMP.
If you would rather not log in, there are also a DMP available (as part of a guide) in PDF format.
If you have already signed up
To access the CABmoney Debt Management Plan, you will need to log in. If you have signed up before, log in at the top-left of the screen.
If a Debt Management Plan (DMP) is a suitable option our online system has been designed to allow and assist you to deal with your debts yourself.
With this system you can either:
- start your own Self Administered Debt Management Plan (see example)
- or transfer over from a Debt Management Plan provider or other self help method (see example)
Administering your own Debt Management Plan (DMP)
There are a number of reasons why you may wish to consider administering your own Debt Management Plan:
- You want to be in control of your debts/finances and feel confident enough to manage your own DMP
- You don't meet the entry criteria as set down by certain DMP providers
- Your debts would be cleared quicker due to not having to pay Debt Management Company charges and fees
- You have a change in circumstances resulting in a Debt Management Agency or Company no longer being able to administer your plan
- Your Debt Management Plan may be a temporary arrangement and you do not want to involve a Debt Management Agency or Company
- You may only be able to afford nominal token payments and cannot find a suitable Debt Management Agency or Company to administer this level of payment for you
- You may have problems/issues with your current DMP provider (including access, affordability, contact, dispute and flexibility)
If you self-administer your own Debt Management Plan, your creditors should treat you the same as if you were using an agency or DMP provider in comparison to using an agency or company to do this for you.
There are a number of advantages and disadvantages of administering your own Debt Management Plan.
Advantages
- All the money you pay goes towards reducing your debts
- You are in control rather than a Debt Management Plan provider
- More flexibility (including unexpected events & emergencies)
- You can access your information and records at home (internet & paper)
- Support worker / agency can access DMP with your permission
- Can help you understand debt and financial advice better
Disadvantages
- You have to correspond with, deal with and negotiate with your creditors yourself rather than someone doing this for you
- You may find the process time consuming
- You will have to arrange and make your own creditor payment distributions
- You may have potential continuity of payment issues when transferring from a DMP provider
- You may have potential issues surrounding existing frozen interest and charges when transferring from a DMP provider
For a number of reasons, administering your own Debt Management Plan may not be a suitable method of dealing with your debts and there are Debt Management Providers that will administer and handle these for you (this may depend on circumstances & entry criteria).
If you have any doubts on how to self manage your debts and the potential implications of transferring over to administering your own debt management plan you should seek full independent impartial professional advice before making any decisions.
Your Personal Details
The CABmoney Online DMP saves all of your details apart from your name and address (your name & address are stored temporarily in "cookies". This means they are stored locally on the computer you are currently using but not sent to us. If you log out of the site then the cookie is cleared. This is recommended if you are on a shared computer). This means that you can return to your Debt Management Plan to record and update your details by logging on again (you will need to put in your name and address again if / when you need to send further correspondence).
Genuinely Free
The CABmoney Debt Management Plan is free to use with any payments you make going to your creditors in full. There are no start-up costs or fees to pay and we do not receive any funding, commission or donations from creditors out of your payments.
What does this mean?