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Hi Guys,


I have been on a debt management plan for 1 year with payplan, in the review it was suggested that i might like to hear about an iva as if approved for one it would speed up the time of becoming debt free from 12 to 5 years. After reading around here i realise that they may make money out of getting me on a iva so it might not be in my interests.

As it stands i have no assets other than a car, should i carry on with the DMP?

I did CCA all of my creditors around a year ago but didnt follow up once i got on to the DMP. I think 3 of the 6 debts have been sold on. Is it correct that if one creditor accepts a pro rata F & F they all have to because their may be an option down the line for a small lump sump, but it would be around 30-35% of the 28.5K debt. Bit of a ramble I know but if anyone has any advice it would be greatly appreciated.



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Hi Walter.


Payplan are one of the good guys, although they are a commerical firm they do provide free services to the public such as DMPs. For sure IVA's DO make them money (all IVA's do! for all firms) but they can be a cheaper, faster way of getting out of debt. They are not for everyone though as the implications are a little bit more severe (e.g. your name would appear within the insolvency database and you would need to check that your employment and tenancy will not be affected). Also, if there are no assets it's likely to be cheaper & faster simply to petition to make yourself bankrupt if you wish to go down the insolvency route.


an offer of F&F settlment is likely to be seriously considered if your CCA request brings up any issues with your debts, it's worth looking into!


Hope this all makes sense!


best wishes,



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