A debt management plan (DMP) is an informal arrangement to repay non-priority debts, such as credit cards and personal loans, through one affordable monthly payment. A debt advice provider works out what you can afford and distributes payments to creditors, who may agree to reduce or freeze interest, although they do not have to. A DMP is not legally binding, so creditors can still take enforcement action, and missed payments may affect your credit file. Get free, personalised guidance from a reputable debt charity before choosing a DMP, and compare it with other options on GOV.UK.