DMP Mutual Support Thread - Part 12

DJB343 · 12 December 2017 at 11:16AM

Great question Alana! I'm in a similar situation as you, paying £442 to SC for the past 5 months and should be debt free by Feb 2024.

Never really looked at it from the angle that you're suggesting, but thinking it could be the route for me as I should cut my debt time by at least 2/3 years.

Will keep an eye on this, would be interested to see how to go about it and if there are any drawbacks by doing going down this route.

alana171 · 12 December 2017 at 11:25AM

In my brain I think to myself “if I could pay everyone else £1-5 for a year, I could pay off all the smaller ones (approx 4) in that time” the I could up the £1-5 token payments to say £10 and carry on the snowball with the larger ones (which at £300odd a month plus any extra would be around 12-24 months each)
I’m just concerned people are going to say no to the smaller payments for a much longer period of time. One currently gets £109 from SC, are they really going to agree to £5??

DJB343 · 12 December 2017 at 11:44AM

I think as sourcrates has said, they certainly won't refuse any kind of payment.

If they were ever to try and take legal action that would probably take quite a while to put in place - and by that time you'd of started paying off that particular debt.

Although admittedly I'm in your shoes, so any more information on this would be more than welcome. The idea of getting rid of 1 debt at a time looks very tempting

alana171 · 12 December 2017 at 11:55AM

Yes it’s looking very tempting. It would probably take Just as long as plodding along with SC although I would be actually clearing and closing smaller cards down, and obviously any spare money could be put towards it, whereas with SC it’s the amount and that’s that.
I think I’ve made my mind up!

DJB343 · 12 December 2017 at 12:04PM

I think psychologically it's a massive plus, like you I've got 2 accounts that I could clear with in a few months.

That's great, if you could keep us updated on here that would be helpful as I think I will probably follow suit. SC has been great, and has given me another life line when I really didn't think there was a way out - but now thinking I can do this on my own and on terms that would ideally suit me - i.e paying any spare money towards one of my debts and as sourscates said, negotiate a settlement figure

alana171 · 12 December 2017 at 5:49PM

Sorry, my last question......to be clear, if i write and explain i am going self managed and offer token payments of £5 (even though some are getting £90 at present) then save what I would have paid Step Change to do full and final would this work?
Obviously Ill be able to pay them off faster as I can add in bonus payments form work etc,paying off the smallest to largest debts., but only paying them off once I have the full amounts saved, whilst continuing with the small token payments.
Are they likely to say no or come knocking at my door?

sourcrates · 13 December 2017 at 12:35AM

alana171 wrote: »

Sorry, my last question......to be clear, if i write and explain i am going self managed and offer token payments of £5 (even though some are getting £90 at present) then save what I would have paid Step Change to do full and final would this work?
Obviously Ill be able to pay them off faster as I can add in bonus payments form work etc,paying off the smallest to largest debts., but only paying them off once I have the full amounts saved, whilst continuing with the small token payments.
Are they likely to say no or come knocking at my door?

You don’t ask, you tell.

It’s your DMP and that sounds like a plan.

No one will be knocking on your door.....

alana171 · 13 December 2017 at 9:58AM

Thank you!

maxdickinson2003 · 13 December 2017 at 9:17PM

Just wanted to share my good news I paid my last payment on my DMP 2 weeks ago and I am now officially debt free! It feels so good. Hang on in there everyone there is light at the end of the tunnel

Max_and_sasha · 13 December 2017 at 11:38PM

Well done max , it must be a huge weight lifted of your shoulders, enjoy being debt free . As you say the rest of us just need to keep going until our debt free day arrives

Well done again

Max

DMP Mutual Support Thread - Part 12

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