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When you set up a debt management plan, or DMP, you’ll have the choice to either do it yourself or by using the services of a specialised DMP provider.
If you choose the latter, then there are certain rules laid out by the Financial Conduct Authority (FCA) that the DMP provider must follow when setting up your plan. A key part of these rules is to do with transparency and the information that you have to be provided with while the DMP is arranged.
Before you sign on the dotted line and agree to the plan as arranged by the DMP provider, all of the relevant terms and conditions must be made absolutely clear so that you know exactly what you are signing up to.
As well as this general requirement, FCA regulations state that you must be informed of the following (formally and in writing):