Debt Management Plan Dmp

Debt Management Plan or IVA?

I have debts of £30k which under a DMP will take 9 years to clear so will be on my credit rating for at least 15 years. Should I apply for an IVA instead? This is on your record for 6 years from its beginning and lasts 5 years. Seems much better – Why wouldn’t I choose this option?

Good info from ‘smallmid’, but before you start this process check whether you can write off any of this debt. If you have credit card or personal loan debt taken out before 1 April 2007 it may be legally unenforceable. Get help from this website.