Financial stress occurs when an individual experiences anxiety or other negative emotions as a result of their financial situation. This can be caused by a variety of factors, including high levels of debt, insufficient income, unexpected expenses, and poor financial planning.
What is a Debt Management Plan?
A Debt Management Plan (DMP) is an informal arrangement between you and your creditors which allows you to repay your debts, normally in full, at a rate that you can afford without relying on further borrowing. If during your DMP you are able to offer creditors a lump sum to settle your debts, it is possible to agree discounted settlements.