[carol667]

My debt is around 20k and consists of credit cards and loans. Should I try a DMP self managed or with payplan?
I had an iva completed in 2011
Am so sad with myself for getting in debt again and would prefer not to do iva again.Not sure what to do.

[Foggy]

It really depends upon your circumstances and how many creditors you have. If just one or two, self managed might work, if they agree. Otherwise Payplan is a good option as they do the leg work and do not charge fees for DMP's. Due to their connections with lenders they are more likely to get interest frozen too. But ... it will be a long haul -- nearly 17 years at £100 per month, assuming they all stay the course and freeze all interest. They can change their minds at any time, or sell on the debt to a collection agency who might not want a DMP.

I take it a DRO is out --- due to assets or disposable income over £50.

[Lisa Thomas]

A DMP is not legally binding, interest is not always frozen and you will have to pay the debt back in full. The costs will be lower.

How quickly can you pay the £20k back and what assets do you have at risk?

Compare that with a Debt Relief Order, Bankruptcy and IVA. Payments will be between 3 -6 years depending on your circumstances.