A debt management plan (DMP) is an informal arrangement where you make one affordable monthly payment, usually shared among your non-priority creditors by a provider. Creditors may agree to reduce or freeze interest and charges, but they do not have to, and they can still take action if payments are missed. A DMP can affect your credit record and may take longer to clear your debts, so compare free help from organisations such as StepChange or Citizens Advice before paying a fee. If using a commercial provider, check that it is FCA-authorised and understand all charges and terms.