Scared to enter DMP!

rcpbiggles

Hello

Like many, it seems, my husband and I are at a monthly point of using our income to cover our debts then needing to use the CC to buy food etc.
Having been on the CCCS website it seems a DMP would be a good thing to do..... so why am I so scared?

Logic tells me we NEED to do it but for some reason entering into it seems such a big step.

Please, can anyone reassure me? What happens if my creditors don't stop interest -I'll be there forever won't I?

Having no emergency back up scares me too. Am I being irrational? Please help - pros and cons!

Ames

I'm not in a DMP, but from reading on here most people find it the best thing they ever did, they find it a relief to finally be doing something about their debts, and it helps that CCCS or payplan handle the paperwork.

There'll always be someone here to help and advise too.

I know it's a hard step, when I fist stopped paying and defaulted it was scary knowing that there was no credit to fall back on, but there are options if an emergency crops up - you could make reduced DMP payments, or something like that if you're in dire need. And you'll be allowed an amount to save up for 'small' emergencies.

Good luck!

andreweduk

I've recently entered a DMP (November) and the feeling of control you have, knowing that the money in your account is yours to spend, that it's not going to be eaten up by bank charges is so good!

I can't wait for pay rise, to be able to pay more back

lxpeanut

It is scary to begin with. You will get a big sense of relefe when you first start which is amazing. Then there will probably a few months where there are teething problems but eventualy everything will settle down and things start going smoothly. A lot depends on your creditors and how cooperative they are. But having the back up of CCCS is great and they will help with any probelms.

Miss_Piggy_2

Yes, its a HUGE step and it will make a massive difference to how you live.

Ok, pro's and cons. Cons first:

Con's
* You will default on payments
* Your credit record will be affected for many years to come
* You will NOT be able to have credit of any sort whilst on DMP
* You will be living on a controlled budget

And now for the pro's (my favourite bit!!)

Pro's
* When your DMP payment has gone out on the 1st...everything else there is yours!
* YOU have control over what you spend
* No more credit!!! Got to be a good thing!
* DMP payments are flexible so if you have a large bill come in they will help
* CCCS or Payplan can pressure creditors to halt interest and charges
* You can see your debt total going down!
* You can stop being afraid of the post or phone calls!


Actually I could go on and on about the pro's of going into a DMP. It was the best thing I ever did, and although I'll be paying it off for a good few years to come, I can sleep easy at night instead of worrying constantly about money!

Good luck with the decision

Miss P
xx

rcpbiggles

Thank you! Need to sit down with my husband and have a chat but basically we just need to bite the bullet and get on with it!

Thanks again for your support