Advice needed please

Hi Everyone,

I've been talking to payplan regarding my debts that total 38k over 8 creditors, I've done the budget with them and theve come back to me with 2 options

1. DMP of £290 for 11 years or
2. IVA of £290 and a remorgage but I only own 20% of my house with my wife owning 80% due to her putting all the disposit down (we brought the house years ago and never changed it)

My debts are

Bank 24k inc loan and CC
CC2 3.3k
CC3 1.9k
CC4 1k
CC5 1.5k
Loan 6k
Store card £700

The question is which way do I go?


  • forgot to mention I have been ok'd for a 30k re mortgage but didnt think that was a option repaying £206 extra a month
  • ineedineed Forumite
    4.4K Posts
    Ninth Anniversary Combo Breaker
    Well I don't know an awful lot about DMP's or IVA's but if it were me I’d go with the DMP. I'm sure someone more knowledgeable will be along soon to give you more detailed advice.
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    One can pay back the loan of gold, but one dies forever in debt to those who are kind. ~Malayan Proverb
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