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Alex.pr
Starting Member
1 Posts |
 Posted - 17 March 2011 : 19:13:56
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| what is a DMP |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 17 March 2011 : 19:50:38
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Hi Alex,
A DMP is a debt management plan which is an informal arrangement you can make to repay your creditors.
If you want to post some more details, perhaps we can help
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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debtinfo
forum expert
2826 Posts |
Posted - 17 March 2011 : 20:51:58
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In my opnion (and only my opinion) DMP's are really only a short term stop gap measure, Ie if for instance you are unemployed and looking for a new job or just need to some time to really think about how you are going to deal with your debts permenantly.
Not many people actually clear all their debts with a DMP |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 17 March 2011 : 20:59:07
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agree with debt info
on its own it is not really that great, you have extended your debts for 15 - 20 years (depends on amount offered and accepted). it is not legally binding
it is a temporary stop gap and should form part of a plan to clear the whole debt. I was on a DMP for about 2 yrs, i feel it was the right thing for me, it was never going to be the solution for my debts but i needed time.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 17 March 2011 : 23:28:21
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If a DMP can clear your debts within a few years then it is a good way to pay back your creditors in full.
I did one for 18 months, all interest and charges were stopped from day one and the only reason I stopped it was because it would have taken 20 years to pay off.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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glafy
forum expert
436 Posts |
Posted - 18 March 2011 : 09:08:48
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I had a DMP for 3 years which would have taken 23 yrs to pay off. Had to fight with some companies to get interest suspended & was plagued with phone calls too. A massive change in circumstances meant I could no longer afford it.
Can't believe how I managed to pay back the amount I did for those 3 years.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 March 2011 : 16:45:55
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My IVA payments are less than those I paid across to the DMP - can never understand why!
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Topic |
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what is a DMP ?
