Cold Feet with DMP

Mercyknight_2

I was due to set up my DMP for this month however I'm now only going to set it up next month as I can afford this month normally.

I am however getting cold feet, I have just found out that my wife is pregnant and as of January we'll take a drop in salary and then 9 months of maternity pay and my wife will not be going back to work.

I have read that a DMP is not a wise idea if our salary is going to drop in the first 12 months. Is this correct? And if so why?

Also I'm highly worried that my banks are going to refuse my DMP, I suppose that's another issue entirely though...

gonzo127

well although it is not ideal to be starting a DMP knowing your income will drop within the next 12 months you have to think that a DMP is designed to be variable, and can be adjusted if your circumstances change, which in real life makes it an ideal solution in your situation.

in all honesty what are your other options if you do not start you DMP? this will have been suggested to you by the debt charities because it is the best option for you.

and most banks will accept the DMP, some companies will play hard ball, however most of them know you cant get blood out of a stone and if you are with a debt charity they know you will be paying everything you can afford to them.

honestly stick with it which ever debt charity you have gone with will have lots of experience with these things and if you are unsure phone them and ask