want to review whether DMP is the right option

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yvette.g

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Post by yvette.g » Thu May 08, 2008 9:46 pm
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I have begun a debt management plan (DMP) but might want to review whether this is the right option for me in say 6 months. Is it possible to switch from a DMP to an IVA later down the road?
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MelanieGiles

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Post by MelanieGiles » Thu May 08, 2008 9:47 pm
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Hi yvette and welcome to the forum

It is entirely possible to revert from a DMP to an IVA, but can I ask why you feel a DMP is a better option? Also can you confirm how much you are paying into the DMP and how much you owe in total to your creditors please.
Regards, Melanie Giles, Insolvency Practitioner
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Andrew Graveson

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Post by Andrew Graveson » Thu May 08, 2008 10:07 pm
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Hello Yvette,

One the advantages of a DMP is the flexibility that it offers.

Many people use DMP's on a temporary basis in the expectation that other debt solutions (such as IVA's or remortgaging) will become viable in the future.

The answers to the questions that Melanie has asked will be really useful in assessing whether you would be better served by an IVA.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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