For those considering a debt management plan, one major consideration should be the long term sustainability of the plan and whether you could stop it or change it in the event that your circumstances demanded it.
Can I Stop My Debt Management Plan?
The short and simple answer is yes. Debt management plans are informal agreements (unlike IVAs). They are arrangements between you and your creditors that are designed to ensure you are paying a reasonable amount based on what you owe and your income. So if something changes in your personal circumstances, rather than simply stopping the plan, we would recommend getting in touch with us to find out whether or not we can renegotiate the terms of your debt management plan.
If you do want to stop the plan though, you can. However, you must be aware that by doing so, your creditors might begin charging non-payment fees and interest on your debts again.
If you do intend to stop a debt management plan, you should give us as much notice as possible in order that we can contact the relevant creditors.