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DMP - do they work?

bananah
bananah Posts: 77 Forumite
in Debt-free wannabe
Hi,
We have been given a DMP by the CCCS, which on the surface looks great, and will help us to pay off our huge debts in a much shorter time.

I just want to be sure we're doing the best thing - are there any repercussions? Are there any negatives from this? It seems like a huge thing to do, especially with the bank accounts - but the fact that we could clear our debts in less than three years seems amazing.

I just wanted to hear from anyone who's been there!

Thanks

Comments

  • Gemmzie
    Gemmzie Posts: 14,876 Forumite
    If you get defaults, which often happens, then they stay on your credit record for six years so getting credit can be difficult. But then that's a good thing for lots of DMPers!

    It's very do-able if your budget is solid, especially since yours is fairly short
    No longer using this account for new posts from 2013
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