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  • FIRST POST
    • rpkv1305
    • By rpkv1305 6th Dec 17, 9:38 PM
    • 2Posts
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    rpkv1305
    What to do next???
    • #1
    • 6th Dec 17, 9:38 PM
    What to do next??? 6th Dec 17 at 9:38 PM
    Good evening, In January 2016 I started a DMP with Stepchange lasting for 4 years and 1 month.

    Although I am proud of clearing nearly half the debt I would like to clear it quicker and as I am now approaching half way through my debt repayment and was wondering the following.

    1) do I continue with Stepchange or do I speak to my creditors myself (what are the advantages)

    2) I will soon be getting around 20% of my total debt from a relative, do I use this to pay off 1 or 2 of my smaller debts?

    Any advice would be appreciated.
Page 1
    • Arleen
    • By Arleen 6th Dec 17, 9:39 PM
    • 1,038 Posts
    • 768 Thanks
    Arleen
    • #2
    • 6th Dec 17, 9:39 PM
    • #2
    • 6th Dec 17, 9:39 PM
    Best to speak with stepchange as they already know all the details of your case and can advice best!
    • fatbelly
    • By fatbelly 7th Dec 17, 7:52 AM
    • 11,647 Posts
    • 8,780 Thanks
    fatbelly
    • #3
    • 7th Dec 17, 7:52 AM
    • #3
    • 7th Dec 17, 7:52 AM
    There is no problem in going self-managed if you want to do that. Plenty of help on here including this thread.

    http://forums.moneysavingexpert.com/showthread.php?t=5623951

    It's unlikely that 20% will settle all your debts. But that, combined with s77-79 consumer credit act requests (referred to as cca requests) could have a massive impact and there is a more specialised thread here

    http://forums.moneysavingexpert.com/showthread.php?t=115430
    • enthusiasticsaver
    • By enthusiasticsaver 7th Dec 17, 11:12 AM
    • 4,852 Posts
    • 9,174 Thanks
    enthusiasticsaver
    • #4
    • 7th Dec 17, 11:12 AM
    • #4
    • 7th Dec 17, 11:12 AM
    You could go self managed and try offering full and final settlements on a few of the debts. As you have only been on the DMP for a year though and your creditors would be repaid in full if you carry on for a further 3 years this may not be successful. Fat bellys advice is good.
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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