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If you are struggling with your DMP get advice and help here
By H0rl1icks
#284
We are already on a DMP. One of our creditors has taken us to court even though we are on a DMP. Can we change this to an IVA?
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By liz
#292
Hello Horlicks

If your creditors are not accepting your DMP and are taking court action against you, it is clearly not working. An IVA is probably a very good option for you and I would suggest that you seek the advice of a licensed insolvency practitioner, who, once they have a full understanding of your situation will be able to advise you on IVAs and any other options which may be available to you. I would strongly advise you to do this as soon as practicably possible, especially if you own your home.
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By Steve Jackson
#298
Hi Horlicks and welcome to the forum.

Unfortunately, one of the down sides of Debt Management plans is that your creditors are not legally bound to agree them (although most creditors usually do if your offer of repayment is reasonable). As such, any one of your creditors could decide to take court action against you normally in the form of applying for a County Court Judgement.

If you are currently in a DMP, you can break this agreement at any time. If your debt is greater than £18000 and you can afford at least £250-£300 per month an IVA might be a good solution for you. If your debts or disposable income are less, then perhaps you should consider bankruptcy