A debt management plan (DMP) is an informal arrangement where you make one affordable monthly payment to a provider, which shares it between your creditors. The payment is based on your income and essential spending, but creditors do not have to accept the plan, and any interest or charges are not guaranteed to stop. DMPs usually cover unsecured debts such as credit cards and loans, but not mortgages, rent, council tax or secured borrowing. They can affect your credit record and may take several years, so compare fees and get free guidance from organisations such as StepChange or Citizens Advice before deciding.