21 Year DMP is this possible?

Webbigail

Hi,

We are in discussions with CCCS and have an IVA appointment today (telephone) We have approx £260 per month to pay creditors. CCCS have advised a IVA as it would take 21 years on a DMP to pay off.

Just wondering if anyone on here as signed up to a DMP for such a long term and if it may still be an option for us? Once my daughter goes to school in 4 years I will have an extra £500 a month to put towards it?

Many thanks

fermi

Have a look at the:

The long haul supporters thread...

From the first page of that, someone was initially looking at a debt free date of 2034......

panicsetin

I am just starting a DMP with CCCS and the length of my DMP is around 24 years :eek:. Obviously I am hoping that at some stage I will be able to increase my payments and/or negotiate F&F's ....

Webbigail

panicsetin wrote: »

I am just starting a DMP with CCCS and the length of my DMP is around 24 years :eek:. Obviously I am hoping that at some stage I will be able to increase my payments and/or negotiate F&F's ....

This is what I am thinking. Once our baby goes to school things will change. Can I ask what you are currently paying on your DMP? Is £270 a month enough?

Broken_hearted

DMPs often start off with a huge amount of time estimated before they are paid off. More often than not people pay them off much earlier than expected. Ours was huge in the end with F&F and other things it took just over 3 years.

panicsetin

Webbigail wrote: »

This is what I am thinking. Once our baby goes to school things will change. Can I ask what you are currently paying on your DMP? Is £270 a month enough?

Currently paying around £400 per month (huge debt ). CCCS have started me off on what they term a low start DMP.... with the aim being for me to increase my payments over time.

Webbigail

I wonder why they have only suggested an IVA then? Perhaps its because we only have £270 to pay a month?

Spoke with the IVA peeps today they think it is possible so now I guess its decision time.

scared...

churchrat

hi

do you have assets to protect?? a house with equity in the selling price??


we started on a dmp 7yrs ago and it was supposed to run for about 15yrs, but we have nearly finished now. as a lot of the people on here say, lots of things can change.

once you are on an iva it is a legal, formal binding agreement. if you fail the consequences can be harsh. dmps can be more flexible, but each have thier own pitfalls.

goodluck with it all.