A Debt Management Program (DMP) is a voluntary no-or-low-interest plan negotiated by a credit counselling agency to help you repay your debts.

 

In brief, each one of your creditors will agree to reduce interest (most often to 0%) but will require repayment in full within 5 years or less. DMPs offer a good alternative to consumer proposal or personal bankruptcy, help limit the damage done to your credit score, and generally have fewer rules and restrictions.