Anybody on here

thewad

Been on a DMP for any length of time.
Thinking of going down this route myself and just wondered how others find it.
I have approx £80,000 worth of debt and am looking to pay it off over the next 8 years if I decide to go this way and if they accept it.
Business is slowly starting to wake up at last.

John

Miss_Poohs

Hi John - worth a try I suppose.

Althought I was under the impression that a DMP was a short term solution in a debt situation, but anything is worth a try.

I'm guessing your payments will be pretty hefty.

The worst thing they can say is no I suppose.

Deep_In_Debt

I've been on a dmp with CCCS for the last 18 months and have managed to reduce my debt from 27k to approx 19k in this time. I'm paying over £500 pm and my debts are coming down quite nicely that I'm now due to be debt free in under 5 years.

A dmp is not necessarily a short term solution; I was originally told it would take my 9 years to clear my debts which is probably why many people opt for an IVA as it generally lasts a shorter time than a dmp. With a dmp, the creditors will get all their money back rather than a %age via an IVA, it will just take longer to pay it back and creditors are not legally obliged to freeze interest whilst on a dmp.

thewad

yes, I can afford to pay about £700pm but will probably be able to pay a lump sum as well at the end of every year when I know exactly how much I've earned.
Think they'll go with that.

John

Nick700

I agree - I think they will probably be glad they are receiving £700 a month between them. Only word of warning is to ask for regular statements from your DMP provider, so you can monitor whether interest/charges are being frozen and whether your debt is reducing.

Nick

thewad

Cheers for that Nick will do.
Although I thought the cc company still sent you statements.

John