advice please

cho8925873

I have just spoke to payplan about my very extensive debts and they have told me what i will be paying a month on a dmp i am fine with that what i would like to know is they have told me it will take 12 years to repay does this get continuously get reassessed or is the dmp amount technically like a loan figure that will stay the same until it is paid off i never new i shoulld have made token payments on accounts and have done what all advise tells you not to and buried my head in the sand what an idiot i ve been because i now have defaults on some accounts i didn t understand it all

climbingoutoftheabyss

Each year you will review your account with Payplan and complete a new statement of affairs, if there are any increases in incomings you will agree to pay more, if your cost of living increases it will go down. This will affect the length of time you will repay.

It will also depend on whether your creditors freeze interest payments, it is by no means certain that they will, and this can of course affect the term of the repayment.

Because of the plan, some of your creditors will default your account anyway, so that fact you've already got some defaults is irrelevant.

Don't be hard on yourself, you're not stupid, we've all been there and made mistakes - but the fact that you've got a dmp with Payplan and that you're on here trying to sort out your life is a huge plus in your favour.

Stay positive, pay Payplan as quickly as you can and learn from your mistakes - we'll all come out of our errors stronger and better people!

cho8925873

thanks for your reply do companies normally freeze interest if they dont its going to take even longer did think about remorgage but payplan said no as it would take 20 years to repay and cost me about the same monthly repayment i will be paying with them just hate being inthis mess stress is unbelievable looks like i will never be able to take my kids on holiday there 9 and 10 now and have never been always say maybe next year if we can afford it what a joke i feel so guilty