DMP or IVA?

Get expert opinion. This is the place for new questions to be posted.
3 posts Page 1 of 1

ian439

User avatar
Posts: 1
Joined: Mon Jan 21, 2019 7:32 am

Post by ian439 » Mon Jan 21, 2019 7:32 am
Should I take a debt management plan or an IVA?

Foggy

User avatar
Forum Expert
Posts: 28964
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Mon Jan 21, 2019 7:53 am
It is impossible to say without looking at your full circumstances -- a chat with a few providers will give you a better idea. A lot depends on the amount you owe and the amount you can afford to pay. In an IVA you are time limited, interest is frozen and anything unpaid at the end is written off -- they typically last 5 or 6 years. In a DMP you might still pay interest and you pay until the debt is settled in full --- which can take a lot longer than 6 years.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Lisa Thomas

User avatar
Industry Expert
Posts: 7397
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Mon Jan 21, 2019 10:11 am
It really depends on your circumstances. We need much more information to advise.

My short videos here explain the differences between the procedures:

options:

https://youtu.be/TgalT1vhn6M

DMP:

https://youtu.be/8mZ17eJeFlQ

IVA:

https://youtu.be/zrQruCDiw5w
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
3 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”