I am currently sturggling to pay my IVA and want to consider all my option in the case of failure. I have been in it for 3 years and have had a variation already. If I enter a dmp would I have to pay my entire debt to the creditors?
If you have had a variation and are still struggling with your payments you may need to seriously consider bankruptcy. If you entered a DMP it would almost certainly take longer than the two years left on your IVA as you would have to pay the debts in full. It is possible to do a second variation and given that you have made three year's payments creditors may support this. Speak to your IP because it is not worth failing your IVA for a DMP.
