A debt management plan (DMP) has very few limitations, apart from being realistic from both sides. Yoy can get a sirm such as Stepchange or Payplan to administer one for you, or even do it yourself.
Unlike an IVA, DRO or Bankruptcy, it is very informal and either side can drop out at any time.
Everyone's circumstances differ and your debt of say £2000 and my debt of say £40000 may be suitable for a DMP ... you need to gain some independent advice on your circumstances to ensure the most appropriate debt solution is identified for you.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Wed Aug 21, 2019 7:11 amMoses007 wrote:
Yes, I'm taking the suggestions from the Debt Management Companies. but for how many years we can keep this DMP program to clear the debts?
As I mentioned before, there is no defined term for a DMP -- it is a rather informal arrangement and creditors can allow it to go on for decades, or decide to revert to normal repayment after 6 months.
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