Iva or dmp

jackol

hi all Iam considering entering into either a iva or dmp, however I am not sure which. I recently spoke to a company called payplan who went through all my circs, then offered me an either or situation with an iva or dmp, they would not advise me which one would be best, however I did get the impression they were trying to steer me toward an iva, as they kept on saying how creditors could still ask for there monies back under a dmp! any advice on this would be greatful
regards
DM

Foxy-Stoat_3

No one could answer that without knowing more information, level of debt, current salary, living arrangements, expenses, possible future life changes, renting or mortgage etc etc

Only know about IVA's, after 5 years you will have no debt and would of learned a good lesson.

Best you read up on each one and make an informed choice, as it will be a long road which ever way you go, although both ways will effect your ability to have credit in the future.

milliemonster

I guess it depends on how long you would expect to be in a DMP for? 7+ years reliant on creditors continuing to freeze interest and charges is a looooooooong time to stay on an informal plan and you'd be better formalising a debt solution to protect yourself and get out of debt sooner, but an IVA depends on many factors, some of which foxy nods to above