What are DMP fees paying for?
The fees you pay a fee-charging DMP provider cover the costs of:
- Setting up your plan
- Dealing with your monthly payments
- Providing you with statements
- Reviewing your plan
A non-profit DMP provider does all of these things for free.
The fees charged by for-profit DMP providers vary. They are typically around 17% of your monthly payment.
Before you start a DMP with a company that charges you, make sure you:
- Find out what you are paying for
- Work out how much of your monthly payment will go towards your debts