Advantages
- Payments are based on what you can afford, not how much you owe
- A DMP can be a short-term arrangement, or longer term, to suit your particular circumstances
- We use our experience and relationships with creditors to deal with them effectively on your behalf
- Your assets are usually protected
- Set up can be quicker than an IVA
- Not a legally binding arrangement
Disadvantages
- A DMP arrangement is not a formal agreement meaning there is no guarantee of freezing interest and charges
- Initial debt advice is free but fees are payable if a debt solution is agreed
- As you only repay what you can afford each month, it will take longer to repay your debts
- A DMP arrangement may still appear on your credit record and affect your ability to get further credit
Conclusion
If you want to find out anything further about this topic then please feel free to call me on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email me vee@navigatebr.com.
This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.
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