DMP

[ben102]

Hi,

After a lot of struggling, going from being a day away to declaring bankruptcy back to an IVA back to bankruptcy,
back to filling all my papers for an IVA I have now decided to do an DMP.
The only reason for that being that I am looking for a job in the financial district and I feel an IVA would limit my opportunities.
Can anyone share any information about a DMP? Am i likely to have the same budget as in an IVA?
Do I need to go through an IP for DMP?

Thanks,

[MelanieGiles]

With a DMP, you certainly have more flexibility with regard to the offer - as you basically dictate the terms (unless you use one of the credtor funded organisations), however the downside is perhaps a much longer repayment period.

You do not need an IP to assist you with a DMP as this is still an unregulated procedure.

[ben102]

Thanks Melanie,

With my IVA I currently have £310 going towards my creditors.
Can I expect the same with an DMP?
Is a DMP something you can assist in as well?

Regards,

[Soulgrowth]

But I would say that it is always good to have someone you knows what they are doing. I believe that Andrew Graveson who posts on the Forum as an expert can help with setting up a DMP.

Good luck

Debbie

[MelanieGiles]

Are you already in an IVA Ben? I would second the recommendation to use Andrew Graveson of Brightoak if you want to discuss a DMP.

[ben102]

No I am not in an IVA yet, I have been through the process and I am at the point of signing the forms. I want to give the DMP a go first as it would impact me less in the long run and with future employment.
Thanks for the heads up. Can anyone email me a direct number or can i just go thought the normal line?

Thanks,

[size5]

As any debt solution should be based upon affordability, there is no reason why a DMP payment should be any different from an IVA payment.

However, as has been intimated, a DMP may be more flexible for you and you do have more control. Whilst you do not need an IP for a DMP, there are plenty of IVA providers who will look at a DMP for you without referring you to a 3rd party. The advantage of that is that if an IVA becomes an option later on then you will not need to switch providers, and potentially incur more costs, again.

Regards.

[Viki.W]

www.brightoak.co.uk Good luck Ben. X

[MelanieGiles]

You can get through to Andrew on the number on the website.

[ben102]

Thanks for all the advice. I have Andrews number from his profile.

[loubylou10]

Hi, I am currently in an DMP with Andrew and the team at Brightoak and it has been a very simple thing to set up. My only concern eith this is that it is not legally binding and unlike an IVA they my not stop interest etc.... I will keep you posted on my progress, at the mo Andrew has sent all my creditors (5 in total £30,000 debt) and we are waiting for the responces, but the calls are coming in thick and fast but you can just give them Brightoaks number to discuss the payment. I believe Andrew is on hols at the moment but Simon will help. They are great and Andrew expalined all and we keep in contact via email. Good luck and keep us posted.