Whats the longest anyone been on a DMP?

jockinleeds

Hi,

My wife and I have been on a DMP now since 2005. All gone quite well, I do drag my heels at review time but apart from that we get the odd letter and not many phone calls. Every review we always manage to increase our surplus - usually wage rises etc.
I do sleep at night...:j
Its been great to chip away at our debt and have some stress relief.
My situation will likely start to cause be employment issues quite soon..
Anyway, I reckon at current payment value its gonna be another 7yrs or so at this rate to get it all paid off.
Just thinking -
Whats everyone elses plans - long term?
How long have you been on the plan?
How long to go?
Is it worth going down the IVA route? (Would definately cause me job issues!)
Just wondering...

I look fwd to any replies.:beer:
PS - Many thanks to those in CCCS. A light at the end of someones debt ridden tunnel. I don't know why they get occasional abuse and mis-interpretation for the FREE service they provide. And I know that they are not there to purely deal with my creditors.

scouselad1974

Hi

Currently mine is due to last another 14 years, but in 7 months time I will be able to increase my deposit meaning that my term will reduce to 11 years. Hopefully I will manage to increase my deposit on a yearly basis shortening the length.

I also plan on doing a few full and finals with smaller balances in the near future which should knock a few months off the plan to.

My current goal is to get my debt to under 15k, then should things go totally wrong for me, I have the added option of a DRO.

I did consider an IVA but I wasn't suitable.

At the end of the day the end is a long way off but If I was continuing down the minimum repayments route then there would be no end in site and this way I hopefully get to pay back what I have spent.

I agree that CCCS are great at what they do.

dancingfairy

have you thought about making offers for full and final settlements? have you got any money set aside you can use? for example if you set the food budget at 400 and one month it came in at 380 you would have 20 for your final settlement account.
There's loads of advice on different threads on how to go about it - you mainly need to make sure that they will mark your credit file as satisfied and that they nor anyone else can chase you for any remainder - you need that in writing before making the payments
df

jockinleeds

@ ScouseLad.

..So its not just me then. F&F is the way I'd like to go too at some point with smaller ones. Challenge is though - how to make F&F if there is no 'chunk'?

Although I suppose that is what dancingfairy is mentioning?

My 'dream' position at the moment is actually to get voluntary redundancy and hopefully ride in to a new job soon. I could wipe out our debt on F&Fs and have wee bit left over. It could go the opposite way though - such a gamble

Please continue...

Who holds the record for the longest running/to run DMP?
I'm not alone..:)

Tuscan

also been on a DMP with CCCS since 04, been good mostly apart from one creditor (natwest) who were pigs from day one even after many years of loyalty from me in the past. they refused to stop interest and even though they were getting the lions share of my dmp payment they took me to court and tried for a charging order, i stuck up for myself and fought my own corner and won, but still go a CCJ out of it..

have increased my payment year on year and have around doubled it now but still got about 6yrs left and natwest continue to charge interest at a rate that they will never get paid off as give then £250+ and they hit me with £200 interest etc every month:mad:


The future, well next year we are selling up and moving to rural Suffolk from Essex, we will be clearing all debts and hope to have around 50k equity left to put in the bank and sit on until we can buy again, we plan to rent for around 3yrs so all defaults and the ccj will then have dropped off my credit file and we can get a mortgage again. By selling up and paying off debts we will be around £1200 a month better off and living in a far nicer area..

fingers crossed it all works out:j

Marisco

I did a DMP for oh's debts his ex wife clocked up, in 1995:eek: All but 2 have gone, left on one (approx) is £1500, and the other is £1000. We pay £42pm. We just leave them chunter along, as our financial situation got better, I'd rather save and have some sort of life, after years of scratching around! We get reviews from time to time, but I just say our situation hasn't changed;) Neither of us want a cc and we save and pay cash for everything, my credit rating is OK anyway if we did have to have some:)

bomechina

I've just started my DMP and at the moment its going to take me 13 years

However, I have a tiny light at the end of my very long tunnel.

InDeepDebt

CCCS told us that they wouldn't take us on as ours was going to take over 20 years (33 years).

Jim

goingforward_3

Mine is about to start and providing interest is frozen it should take 7 yrs to clear.. my aim though is to reduce this down to 5 yrs if possible which it should be with wage rises etc.

Long term plan after the DMP has finished and the kids left school is selling up and moving somewhere hot.

lozzam

Mine started with CCCS in 05. By next month the total owing will drop below 50% of my annual salary :eek: Another 6 years to go.

FF would be great - I did try earlier this year but the needed more than I had. Will keep trying as and when I can.

Pott5y

I am with Payplan and have been for 6 years. Started off with quite high payments (8 year to Debt Free) but then circumstances changed, payments dropped and now my Debt free date is 2024. But I have just had 2 full and finals and I will keep working on the other 5 creditors... so who knows