Help for a novice please - DMP/General Debt

FoggyBrain_2

You are on, Standingtall :-)

milliemonster

Agree with Foggy, also to suggest to continue on a DMP with that level of debt which would take 9-15 years to pay off is just ludicrous.

Being in an IVA does NOT preclude you from taking certain jobs, it is not the same as Bankruptcy in that respect.

Yes equity will have a bearing on things but this can be dealt with in an IVA without losing your home. It is also worth bearing in mind that even when a DMP is completed, it will still remain on your credit file for a further 6 years from the end of it, so in Liam's case you could be talking 20 years before he would realistically be able to get mainstream credit again.

DMP's are a great solution to give some breathing space while either your financial situation improves or you come to a more permanent formal solution to deal with your debts, they shouldn't be used as a long term method of dealing with debt as there are far too many uncertainties and I for one would not want to live the next 10-20 years worrying about that