Failing an IVA - DMP instead?

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david.p

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Post by david.p » Thu Jul 24, 2008 7:32 pm
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Hi Its Dave here, can i just ask what DMP is and what it involves

cheers
Dave
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kallis3

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Post by kallis3 » Thu Jul 24, 2008 10:34 pm
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Hi Dave,

A DMP is a Debt Management programme where you negotiate with your creditors to pay off your debts at a manageable rate. You will pay all of the money back but over a much longer period of time. They don't always freeze interest and charges either when you do that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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Andrew Graveson

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Post by Andrew Graveson » Thu Jul 24, 2008 11:31 pm
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Under a debt management plan you would be expected to repay the full debt at an affordable rate.

The time it takes to repay the debt depends entirely on how much you owe and how much you can repay each month.

The vast majority of creditors are prepared to accept and support DMP proposals where the proposer is repaying the debt as best as they reasonably can.

Sometimes this will take longer than an IVA. Typically this longer period is accompanied by much greater flexibility and fewer restrictions.

Different solutions will suit different people so a range of advice from reputable advice providers will equip you to make the best decision for you.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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