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Glossary and terms about credit cardsHome » Credit Card Glossary
Debt Management Plan (DMP)
A Debt Management Plan (DMP) is a method used in various countries for paying personal unsecured debts. Typically, such debts are out of control -- even minimal payments are late and take too large a portion of income, or even exceed it. A DMP usually involves a third party organization that aggregates all or some of the debts, assessing income and budget, and re-negotiating interest rates and payments with the lenders. The negotiated rates and payment plan is based upon the probability of a higher likelihood of collection by the lenders in light of the debtor's more realistic monthly repayment.