Anyone wish they hadn't gone on a DMP?

MissOptimistic

Hi everyone,
A DMP is just one thing that I may have to consider soon, but I really can't decide whether to struggle on or to give in to it - I have read on many threads that people have said it is the best thing they have done, but I wondered if there was anyone who wished they hadn't entered into one.
Please everyone - my OH and I are really worried about the prospect of a DMP so please tell us your experiences good or bad so that we can make an informed decision
Thank you

Kudox

Hi, Interesting question.
For me it's the best decision I've made in ages, can honestly say that I've not noticed any posts where people wished they had'nt done one.
It's given me some much needed peace of mind and some sleep at night:j
Good luck with your decision.

hypno06

I have been in the situation where I have seriously considered a DMP a couple of times in the last 2 or 3 years. I have spoken to both Payplan and CCCS about things - so I really was thinking seriously about it.

However, I am so so so glad that I struggled on. Yes, it has been hard, and Yes, it is a struggle, but I took my credit rating today and got a perfect score of 999 - a long way ahead of the 613 it was in March last year......

So for me, I have absolutely no regrets about the way I have done it. Of course, everyone has to make up their own mind, but "struggling on" was right for me.

If either me or OH were to find ourselves jobless or long term ill or anything like that, I would still consider a DMP, but while I am able to manage without one, I will do so.

mbaz

Hiya

Never. best decision I ever made!

Gemmzie

I think it all depends on your SOA and how much of your debt you can afford to pay.

If you can cut back loads for two years (for example) and meet the minimums then you might have a chance to struggle on and do some 0% or low interest LOB transfers to help you get ahead.

For us we had £250 available to cover minimum payments of nearly £2k a month so the DMP was a no brainer.

piglet39

Gemmzie wrote: »

I think it all depends on your SOA and how much of your debt you can afford to pay.

If you can cut back loads for two years (for example) and meet the minimums then you might have a chance to struggle on and do some 0% or low interest LOB transfers to help you get ahead.

For us we had £250 available to cover minimum payments of nearly £2k a month so the DMP was a no brainer.

Hiya

I have to agree wth both gemmzi and hypno (confusingly!)

Hypno's right because if you (and oh?) can 'struggle on' and you are not worried about illness and job prospects are reasonably secure then you will get through it.

I, like gemmzie am on a dmp (a diy one though - not through an organisation like payplan etc) and for us it was the best decision we made. My oh has been made redundant 3 times in the last three years and I wasn't able to work through ill health so it was the best option. Hypno mentioned credit score and that is an important point if you may want to re-mortgage/take advantage of 0% deals on CC's. A DMP will have a huge impact on your credit rating.

Thankyou for asking the question, it certainly is interesting but there are no real answers because everyone's circs are different.

Have you contacted Payplan/CCCS/National Debtline for advice?

Piglet

piglet39

Sorry Gemmzie - meant the poster above you - apologies and hope I didn't offend.

Piglet

Gemmzie

Can't see where you would have offended me :rotfl: So you're forgiven

We're on a DIY DMP too