end of DMP

erin2426

I AM INTO MY SECOND YEAR OF A 5 YEAR DMP.I CANT REMEMBER WHATI WAS TOLD WILL HAPPEN AT THE END OF THE 5 YEARS.WILL MY DEBT BE WIPED AFTER 5 YEARS OR DO I AHVE OT MAKE AN OFFER TO PAY OFF WHATS OUTSTANDING? THANKS FOR ANY HELP

amani_2

hi erin2426

Are you on a DMP or IVA????

I am on a DMP for 7yrs as far as I understand if you are on a DMP then you will have paid all your debts when the DMP has finished. If you are on a IVA Im sorry but dont have any experience of them. Someone will be able to you on here though.



AMANI XXX

Scottishmummy

Are you sure it is a dmp you are on. DMP's continue for as long as you still have debt. In my case almost 20 years:eek: If you have been told it will come to an end after 5 years you are more likely to be on an IVA which I have no experience of but believe if you own your own house and have equity they will expect you to release some of that equity to pay them a lump sum. Whole reason we didn't go down that route as with the amount coming in to our house now we wouldn't be able to get a mortgage at all never mind increase one to pay out equity.

If it is definately a dmp you are on then I take it you are with a fee charging company who have told you they will take on your case for 5 years. Try speaking with CCCS or Payplan who do not charge a fee so all your money goes to your creditors.