Do Debt Management Plans Really Work?

[@MoneyNerd]

If you need legal advice about your debt, here's the link to the trial for the online solicitor: justanswer.9pctbx.net/c/2873512/1147978/9320?sharedid=youtube-debt

[@Barbarapape]

I have been on a DMP for a number of years due to only making low payments, now i am in a better position to make much higher payments my plan with complete in 4 years, i just hope i can keep up the payments until then. Every year in my financial review they try to persuade me to go for an IVA, and i always say no way. When a DMP is completed that is it, the only issue is that your credit rating will stay low for 6 years. IVA's can continue after the due date if you own a property, so my advice is avoid them.

[@pnklady3788]

Thank you for this, I have just found your channel and it is super helpful and it has made me feel super relieved!!! Thank you!!

[@CarsfanAZ]

Currently, we are working with banks to receive same benefits (lower interest rate) and clients can work directly with the lender. In return, avoid DMP monthly fees/setup fee and creditors paying 4-7% of monthly payment to non-profit agencies. An average DMP can cost a client 4-7k in hidden fees and our goal is to provide such savings to actual clients and remove the middle person (CCCS agencies)!

[@ferenctoth9237]

We need more people like you

[@MoneyNerd]

Thank you for the support. That's super motivating :)

[@djc5897]

Ive been enrolled in one since 2018 im forecasted to have it paid off by the end of this year technically 1 yea earlier then what my 5 year plan entailed. I make one giant payment every year interest free. It doesnt stay on your credit report as long as say a bankruptcy or a consumer proposal so its a win win situation in my mind

[@MoneyNerd]

nice one! Good luck with it all

[@gulammahmood3465]

You are top man my friend u explain it real nice clearly

[@zallam]

Does it affect your creed it rating brcude I work in financial services don’t wsnt itv to affect my job prospects

[@MakeMyStock]

Does DMPaffects new job application or new visa application or visa extension?

[@ferenctoth9237]

As it looks if I go through DMP will take me over 10 years to clear my debts.. thinking just to go through IVA . Any advice ?

[@MoneyNerd]

It's hard to say without knowing your circumstances. An IVA is a form of insolvency and tends to be more serious than a DMP. The National Debt Line website has some great fact sheets on each solution.

[@faisalkayaanmeekah]

Hi thanks for the info really helped me think it could be an option instead of an Iva. I’m in 35k debt with around 12 creditors and hoping I can get into a dmp on around £150 pm plus bulk payments of £1-2k p.a do you think it’s possible or iva is the only option? Thanks again

[@MoneyNerd]

Hi Faisal, I'm not legally allowed to give individual advice, but a debt charity like StepChange would do a great job at assessing yoru situation and letting you know your options. Good luck with it all!

[@vloggbysaif]

I.V.A Would Be Good Option For you Because Majority Portion Of Your Debts Will Be Write Off And Intrest Will Be frozen Down And in The Minimum Payment Of £ 150 You Can Cover It

[@edsullivan5836]

I went on a debt management plan nearly three years ago age my debts are no longer with my original creditors. I was told to default on these in order to get going with the process. This was nearly three years ago as I mentioned. Because I'm repaying this already, is there a way that it can become statute barred, if not, do I have any other options? Thanks.

[@gavinellis7943]

Did you even listen to what he said