A Debt Consolidation Plan (DCP), like its name suggests, allows you to combine all your multiple outstanding unsecured debts into one singular repayment plan. It is usually the option to consider if you have a poor credit score and are unlikely to be able to get any loans from any bank.Through a DCP, your preferred bank will pay off all outstanding debts with other banks and consolidate them into one single loan for you. You’ll be charged a lower interest rate than the typical interest rates of a personal loan. The DCP has to be repaid in fixed monthly instalments over a period of up to 10 years. The minimum amount that can be consolidated under the DCP is 12 times your monthly salary.