DIPFS Unit 3 topics 1-7

What does DMP stand for

• Debt Management Program

• Debt Relief Program

• Debt Management Plan

• Debt Mandatory Plan

Below what threshold should a CCJ be in total?

• £2,000

• £5,000

• £8,000

• £10,000

An IVA should be agreed by creditors that are owed what % of the debt?

• 40%

• 50%

• 60%

• 75%

An IVA needs to be arranged by a qualified person

• True

• False

The qualified person arranging an IVA is a

• Financial representative

• Financial Advisor

• Insolvency Professional

• Insolvency Practitioner

Establishing an IVA will incur a charge to set up that is added on to the debt

• True

• False

A debt relief orders take longer to pay off than bankruptcy or IVAs

• True

• False

When a debt relief order is in place, debts continue to accrue interest

• True

• False

When entering into bankruptcy a person is required to sell their assets including their car and jewelry

• True

• False

The maximum debt total of a debt relief order is

• £20,000

• £30,000

• £40,000

• £50,000