- What is the difference between a debt management plan and an IVA?
A Debt Management Plan (DMP) is an informal arrangement between an individual and their creditors. Debt management plans are not binding agreements between debtors and creditors and involve full repayment of any outstanding debt over an extended period of time. In a debt management plan an indiv ...
- What is a debt management plan?
A Debt Management Plan (DMP) is an informal non-binding repayment plan often put together by a third-party between the consumer and creditor. Under a debt management plan the creditor may freeze or reduce interest or make some adjustment to the size of the monthly payment. The Myvesta debt manag ...
- Who really pays for the ‘free’ debt management plans offered by creditor funded debt management companies that I hear about?
A few organisations in the UK have adopted variations of the American model for credit counseling where the creditors pay the credit counseling group a percentage of the money the credit counseling company collects from consumers for creditors. In America these activities are now under sever ...
- Why does Myvesta opt for a fixed fee debt management plan rather than ask for creditor funding?
Unlike creditor funded organisations Myvesta does not accept any funding from creditors to manage our DMP programme. It is our opinion that accepting creditor funding to manage consumers debts in a debt management plan is problematic and causes substantial conflicts of interest. Organisat ...
- Is it easy to enrol in the Myvesta Debt Management Programme?
Yes, we make it easy for you to enrol following the receipt of your detailed application. Used in some situations a debt management plan can be an excellent tool to use to break free from problem debt. For more information on the Myvesta debt management plan and its legal protection service o ...
Myvesta Programme Questions
