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DMP or IVA?

Bobby81
Bobby81 Posts: 62 Forumite
in Debt-free wannabe
Can anyone explain the difference and also the advantages and disadvantages??? Which would you recommend if any???

Comments

  • james32_uk
    james32_uk Posts: 1,223 Forumite
    A DMP is a volentary agreement between you and your creditors than can be broken by any side at anytime without consequence. Therefore they are much less structured. An IVA is a legally binding contract where you must keep un the payment schedule or you will be made bankrupt. See my post here for how my IVA went.

    http://forums.moneysavingexpert.com/showthread.html?t=237135
    Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
    Debt free 21st Oct 2011.

    All thanks to :money:
  • james32_uk
    james32_uk Posts: 1,223 Forumite
    Oh, to find out what is best in your situation contact either CCCS or Payplan. Both will give you decent independent advice and give you your best options.
    Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
    Debt free 21st Oct 2011.

    All thanks to :money:
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