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.
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.
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