The UK Debt Management Office (DMO), was established on 1 April 1998. The DMO is responsible for carrying out the Government's debt management policy of minimising financing costs over the long term, taking account of risk, and managing the aggregate cash needs of the Exchequer in the most cost-effective way, in both cases consistently with the objectives of monetary and any wider policy considerations. 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...
In institutional terms, the DMO is legally and constitutionally part of HM Treasury, but as an executive agency, it operates at arm's length from Ministers. The Chancellor of the Exchequer determines the policy and financial framework within which the DMO operates, but delegates to the Chief Executive operational decisions on debt and cash management, and day-to-day management of the office.
On 6 May 1997, the Chancellor of the Exchequer announced the Government's intention to transfer responsibility for sterling debt and cash management from the Bank of England to Her Majesty's Treasury (HMT).
On 1 April 1998, responsibility for debtmanagement was transferred to the UKDebtManagementOffice (DMO), an executive agency of HMT.
The DMO's key debtmanagement objective is to minimise over the long term the cost of meeting the Government's financing needs, taking into account risk, whilst ensuring that debtmanagement policy is consistent with the objectives of monetary policy.
Debtmanagement is an informal process of negotiating with your creditors for the freezing or reduction of interest, extension of repayment terms or the writing off of part of your debt.
Informal debtmanagement is very similar to an IVA except that an IVA is a formal process offering protection from creditors and guaranteeing acceptance as long as 75% or more in value of your creditors agree.
Yourclear can assist with debtmanagement ‘self help’, or can provide debtmanagement services and deal directly with your creditors on your behalf, if informal debtmanagement is the best way forward for you.
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