dmp

hollyjohnson

Morning All,

Just wanted some advice, I spoke to cccs last night regarding a dmp, really dont want to go down the iva route after reading about it. They have said it will take 11 years 11 months to clear the debt but can I get this down quicker than this as it really seems like a long time! there is £37000 owed on debts etc which obvisouly need paying off, but I feel that this is a really long time.

I spoke with the other half last night about it and his concern was that we wont be able to get any credit in the mean time (he was faced with a £8 grand tax bill last year) and worried if we ever face something like this again what would we do. I dont want credit and explained this to him, but I do see his point as well.

How long would this stay on our credit rating for after? 11 years seems like a really long time! any advice would be great. ta

Ellieseleven

Hi Holly, I'm just setting up my DMP with CCCS and have slightly less debt than you so mine works out at 10years 11months but from what I have read so far as time goes by you may be able to up your payments which does make a difference to the timescale.

I was scared to ditch the credit cards as well to start with but that's what has got us into the mess we are in, so you have to ask yourself do you really want debt?

My OH also has his own business so tax bills are a worry but we put money away as much as we can separately to cover this (although its not as high as your OH's)

You've just got to take this a step at a time doing the best for yourself now and who knows what the future might hold (you might win the lottery LOL)

Take care
Ellie xx

podperson

Hi holly,
It does seem a long time now but hopefully your circumstances will improve in the future and you can afford to pay off quicker. Could also look at trying to make additional savings or make extra money and this can either go on overpaying the debts or could put into a savings account and consider doing full and finals in the future.

hollyjohnson

i think we can get it down quicker from the looks of it, we have a loan with a family memeber and that will be paid of in 2 1/2 years so after that we can put another £150 towards dmp every month, so should be about 8 years, maybe less if we can get it down more, just need to stay positive