set up business first then dmp or other way round?

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anne.c

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Post by anne.c » Thu Jul 17, 2008 8:34 pm
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I am think about a dmp - but in the next 3 months hope to set up a buisness - to make money to pay off the whole debt 40k.
Which is the best way to do this - set up business first then dmp or other way round???
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Cybus

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Post by Cybus » Thu Jul 17, 2008 8:40 pm
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Hello Anne
I would ask, how you intend to fund the business?
To set up a business will cost you more money will it not? So are you not going to find your self in more debt and therefore with a longer debt management program?
What are you currently doing?
Why do you particularly wish to opt for debt management? Have you sought professional advice - not from an intermediary, but from an Insolvency Practitioner with regards to your current circumstances?
Last edited by Cybus on Thu Jul 17, 2008 8:43 pm, edited 1 time in total.
Tell it like it is.
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MelanieGiles

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Post by MelanieGiles » Thu Jul 17, 2008 8:43 pm
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There are many issues to consider here - funding is one, managing creditor expectations is another. What sort of business are you planning on establishing, and what start up costs do you feel you will incur?
Regards, Melanie Giles, Insolvency Practitioner
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