Hi. a lot will depend upon your level of debt. If you are confident that your payments under a DMP will pay off the loansd within 6 - 7 years and that the creditors WILL stop charging interest for the whole period, then a DMP might be an option.
However, a DMP isn't binding and creditors can back out and demand payment, add charges and interest at any time. They will still default your credit file and those defaults will remain there for 6 years after you have paid off the debt.
An IVA is legally binding on both sides, the creditors cannot back out and cannot add interest or pursue you in any way. Whatever you haven't paid back at the end will be written off. And, no, they should not visit and sieze goods
I would suggest you have a word with a few companies, those purporting to be free (regarded widely as charities) will more than likely prefer the DMP initially as that is really their bag and what they are very good at. Have a look at
www.iva.com and speak to a couple of firms there. It's free and without obligation.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
