DMP payments

[Martha07]

On debts of approx £34000 roughly how much would i be expected to pay into a dmp?
I can afford roughly £280 month. Is this a reasonable offer.
I only ask in case my IVA is rejected.

[MelanieGiles]

Your payments into a DMP will be dicated by the amount of disposable income rather than the amount that you owe. On those figures it will take you at least 10 years to repay your creditors and in reality probably a lot longer.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Andrew Graveson]

Hi Martha,

As Melanie says your monthly contribution in a DMP would be assessed in a similar way to that for an IVA.

I hope your IVA is accepted; while a DMP would enable you to manage your finances and look after your needs it would be a long-term arrangement.

[carlmcmullen]

As Melanie says a DMP is based on disposable income rather than the amount you owe.

If you have a Disposable income of £280 and debts of £34k then i would expect a dividend of 30 - 35p in the £ after costs and this would make a good proposal and is likely to be accepted.

Good luck and let us know how you get on