IVA or DMP on Maternity

starrynight28

Good afternoon,

I need some advice. I have debts totalling £8800 and currently on maternity leave so cannot afford to pay more than £50pm on my current DMP. 

I spoke with Payplan to update on my current situation and they were advising either an IVA or Bankruptcy. 

Prior to being on maternity leave, I was paying £541pm on the DMP. I live with my partner in a private rental, I just want to be debt free as quickly as possible and do not want to affect us renting or my work.

What is my best option here?

Thank you to anyone reading and any advice is appreciated.

Many thanks

fatbelly

starrynight28 said:

Good afternoon,

I need some advice. I have debts totalling £8800 and currently on maternity leave so cannot afford to pay more than £50pm on my current DMP. 

I spoke with Payplan to update on my current situation and they were advising either an IVA or Bankruptcy. 

Prior to being on maternity leave, I was paying £541pm on the DMP. I live with my partner in a private rental, I just want to be debt free as quickly as possible and do not want to affect us renting or my work.

What is my best option here?

Thank you to anyone reading and any advice is appreciated.

Many thanks

Are they mad? Those are the two least likely options.

If you are happy to go insolvent then a DRO is the best way to go. Maybe check if you qualify

https://www.gov.uk/guidance/how-to-get-a-debt-relief-order-dro


If you don't want a fresh mark on your file, then just go to token offers for a bit

sourcrates

Some of the recent advice from these so called "debt advice" charities has been questionable to say the least.

Debts of 8k are nothing in the world of debt, so don`t panic.

All you need to do is either make token payments as advised above, or if you qualify for a DRO, great, otherwise write and tell your creditors that due to maternity leave, you cannot currently afford to pay anything towards your debts, and you will re-assess the situation in 6 months time.

They will be more than happy with that.