Dro / iva / dmp

oneway81

I have been trying to sort out my debts over the past few weeks but not really come very far, i spoke to a company called 'Gregory Pennington' who wanted me to set up a DMP which they would manage obviouly taking a fee, i also spoke to Churchwood who wanted £300 up front to process an IVA, ive now also read about DRo's and very confussed as to which would be the best way forward.
I am not keen on paying a fee to set something up before i even know its suitable. I have been trying to research online but i can't rally see much difference between an IVA and DRO ?

Any help would be great

Thanks

FoggyBrain_2

Hi. Pop over to https://www.iva.com and speak to a couple of the firms there. The advice is free and without obligation. All companies will charge fees, even the "charitable firms", one way or the other, but you are right to avoid those who want money upfront.

As I said, speak to more than one firm, to gauge the advice you are being given and to see who you feel the most comfortable with. After the first call you will have a better idea as to what questions you want to ask the second one!

Each company should discuss all options.

Best of luck.

Penelope_Penguin

oneway81 wrote: »

i can't rally see much difference between an IVA and DRO ?

There are lots of differences How much do you owe - more than £15k and no DRO.

Do you have assets, a car? Do you own a house? If so, how much are these worth?

How much money do you have available each month after paying essential expenses, not including payments to creditors?