Hello everyone

Could someone please let me know when a debt management plan is more appropriate than an IVA.

I've been to see an insolvency practitioner today about an IVA but as their car park was full of Range Rovers and other "high end" cars I'm loathed to line their pockets.

A debt management plan has also been thrown into the hat which I'm trying to find some more info on.

Thanks folks.

There are some greedy companies out there who will take your money without really explaining the options, advantages and disadvantages and making sure you are happy with what you are entering in to, you will find if you go on DM most of these companies won't contact your creditors for three months so your situation will get worse very quickly and the dm company will also try to sell you PPI cover along with anything else they can sell you- they are just after your money.

I have come across one company that have very reasonable fees and will contact your creditors on day one and will take their time to make sure you are happy with everything, they are called Debt Free Advisor 0161 972 0053 Save Money and Reduce Your Outgoings | Free Debt Advice | Debt Free Advisor UK if you phone them they don't try to force you in to anything or put you on a dialler where you get millons of calls in the future.

Hey Izzy Skint

An IVA is a formal arrangement where as the DMP is an informal one and the Key difference is the fact that after 5 years the remainder of the balance is usually written
off with the IVA.

My sister was in the a similar situation and she went down the debt management route. Maybe she was lucky as she didn't have any bad experiences using this method (nothing like the experience of Tom Jones. If you would like the details of who she used I'd be happy to pass them on so you could get some more info.

I think debt management plan is better than IVA. Because debt management plan provide you independency to live. Many people are using debt consolidation loans, you should try this.

Its really explaining the options, advantages and disadvantages and making sure you are happy with what you are entering in to, you will find if you go on then its good to do it.

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When I was under debt and searching for solution then my friend told me to take debt consolidation advice that is nowadays quite popular. According to me debt management plan is better than an IVA.