please help - dmp/iva query

SILLY_SARAH

Hi all,

Need some help please.

I have a heap of unsecured debt but have been keeping up with the monthly payments on the loans and credit cards (resulting in an even bigger overdraft!).

I can't cope anymore so through CCCS have decided on a DMP, paying £450pm - paperwork returned to them so should start Sep/Oct. Their recommended option was either an IVA or DMP.

However, I am now concerned that the DMP is not such a good idea as I will be repaying the debts for 10 yrs + (& I guess this is with frozen interest).

So my questions:

Is 10 years too long for a DMP?
Can I go for an IVA at a later stage?

Opinions please...

Thanks

S

Charco_2

Yes you can go into a DMP and then later decide that it's not for you and go for an IVA.

The DMP may be of use to you to give you some breathing space from your creditors until you decide what you really really want to do but i always feel that a DMP is not a long term solution to debt... DMPs statistically last about 18months before either you or your creditors get bored! (Gets the monkey off your back for now though)

Interest may not be frozen either, this is at the discretion of your creditors!

Nargleblast

Sarah - you will also find help on the Debt free Wannabee board and the Old style moneysaving board, as well as on here. Have a flit round the site and see.