DMP Mutual Support Thread - Part 7

scouselad1974

Hi

I think mine is due to run for around 15 years, but with payment increases and hopefully a few full and finals along the way that length can be reduced.

Just think of how long it would take to pay back your creditors if they didn't agree to reduce or freeze interest and you continued to make the minimum repayments :D

Plus depending on your total balance owed you could always consider a DRO when you have less than 15k owing, only if your circumstances allow of course.

Hopelessly_Hopeful

Welcome on board Sarah, it's tough but the relief and support is immense.

What's a DRO Scouse?

HH x

hitabrickwall_2

Hi

I am a newbie here and have today spoken to CCCS about starting a DMP which will take 6 years. Tonight I am going to tell my husband which will be the hardest part.

scouselad1974

Hopelessly_Hopeful wrote: »

Welcome on board Sarah, it's tough but the relief and support is immense.

What's a DRO Scouse?

HH x

Hi

Sorry it's A Debt Relief order, similar to bankruptcy but a lot less expensive. Your debts do need to be under 15k though and you are only allowed a certain amount to live on each month.

Twit_Head

hitabrickwall wrote: »

Hi

I am a newbie here and have today spoken to CCCS about starting a DMP which will take 6 years. Tonight I am going to tell my husband which will be the hardest part.

Welcome!
It could be finding the courage to tell t'other half might be the most difficult of all but it's got to be done. You need to be in this together. I am sure you'll both work towards clearing your debts - a glorious day that seems far into the future at the moment (but it will come!)
We are all in the same boat and trying to help each other so come back anytime for help and advice from these lovely people (or just to sound off if you feel the need!)
Good Luck.

'Twitty'

SarahNeedle1872

scouselad1974 wrote: »

Hi

I think mine is due to run for around 15 years, but with payment increases and hopefully a few full and finals along the way that length can be reduced.

Just think of how long it would take to pay back your creditors if they didn't agree to reduce or freeze interest and you continued to make the minimum repayments :D

Plus depending on your total balance owed you could always consider a DRO when you have less than 15k owing, only if your circumstances allow of course.

Thanks Scouse, I didn't realise you could do F&Fs on a DMP... obviously I'm a little way off that yet Just looking forward atm to being able to get letters sent out etc and being able to answer the phone without getting loads of grief! I did see a bit about DROs when I was considering BR, so will look into that a bit further down the line too

Now where do I get me a number!?!

Sx

Twit_Head

scouselad1974 wrote: »

Hi

Sorry it's A Debt Relief order, similar to bankruptcy but a lot less expensive. Your debts do need to be under 15k though and you are only allowed a certain amount to live on each month.

You got my little heart a' ticking wildly there for a moment Scouse! Debt relief orders had slipped off my horizon so just re-checked.
Conditions to qualify are very strict. Disposable income has to be a teeny amount and no assets over £300 so I would presume that rules out those of us with a mortgage and equity in property.
Back to the long term DMP then, but thanks for the useful info - it's going to be right for some.

'Twitty'

Twit_Head

SarahNeedle1872 wrote: »

Now where do I get me a number!?!

Sx

Ian (who attemps to keep us all in order:D) will allocate you a number.
It's all a huge learning curve. Maybe there should be a GSCE in DMP?
Welcome.

'Twitty'

the_tooth_fairy

Twit_Head wrote: »

Ian (who attemps to keep us all in order:D) will allocate you a number.
It's all a huge learning curve. Maybe there should be a GSCE in DMP?
Welcome.

'Twitty'

So true, Twitty. I didn't know anything about DMPs when I joined this forum, Still, you live and learn and this is one steep curve!!
I would never go back to the dark days again, now I realise THAT was the stressful part and getting going with Payplan was the best thing we've ever done. You can't put a price on seeing an end to it all, even if it's a long way away!!!
Best wishes to our Newbies.:T

ttfx

scouselad1974

Twit_Head wrote: »

You got my little heart a' ticking wildly there for a moment Scouse! Debt relief orders had slipped off my horizon so just re-checked.
Conditions to qualify are very strict. Disposable income has to be a teeny amount and no assets over £300 so I would presume that rules out those of us with a mortgage and equity in property.
Back to the long term DMP then, but thanks for the useful info - it's going to be right for some.

'Twitty'

Sorry for getting your hopes up Twitty

I intend on seeing my DMP through to the end, but you just never know what is around the corner and it is nice to know that should the !!!! hit the fan at some point, a DRO could be an option that is worst case scenario though and a long way off