DMP help please

sourcrates

I agree with fatbelly (again), slow down here, nothing happens quickly in debt collection, you are making this harder on yourself by putting self erected barriers in your way, in the form of your parents, and not telling them about your debt.

This may not be easy for you, but sitting down over a cuppa, and saying Mum, Dad, I`ve been daft, I`ve got into debt, I can`t now afford the repayments, but the good news is, I have taken positive steps to remedy this, I`ve spoken to a debt charity, and taken advice, my new arrangement starts next month, there may be some letter`s etc which are a statutory requirement, but the good news is I have a plan to tackle this, so don`t worry.

A simple few lines and you take away your biggest hurdle, once all has settled down debt management runs like clockwork in the vast majority of cases, but the biggest mistake you can make is rushing in to something in a panic, and not telling your folks about your debt problems.

ManyWays

I will add that an IVA is almost always an appalling option for someone living at home, with no equity to protect. If you ever want to move out, you would probably be unable to rent privately unless you had a guarantor.

An IVA will not stop your creditors sending default notices either, or notifications of selling debts to debt collectors. These are not demands for payment and creditors are legally obliged to send default notices by letter. 

It is very unlikely that anyone will turn up at your house if you start a DMP with Payplan. It is more likely (but still not that common) if you go the default first and then make offers to creditors route. 

We can probably say more if you complete a Statement of Affairs https://www.stoozing.com/soa.php, including the lenders names. At the moment we don't even know if a DMP is necessary.