DMP And Guidance

danuk

I'm seriously thinking of starting a DMP with CCCS. I have gone though the initial step 1 with them but have some questions that some of your more experienced people could help with.

1) I have 6 creditors 5 credit cards and 1 overdraft with around £23k of debt that i have listed on the DMP however i have a loan that has 2 years left that i feel i can keep paying and want to know if i can continue without including all debts in the DMP? For instance i could keep my overdraft and loan going and just pay creditcards via DMP as thats the big debt issue and bulk of money i can't afford

2) How does being in a DMP impact on remortgage time and renewing fix rates?

3) The DMP is for myself and its all listed in my name so presumably my wife whilst married to me is ok because the cards and current account are in my name?


Any help or pointers gratefully received.

saltnvinegar

Hi DanUK

1) I'm not sure if the CCCS would be happy for you to do this, you would have to speak with them and ask.

You always have the option of course of managing the DMP yourself and have this control. Be aware though that your creditors are under no obligation to accept a DMP so it is all about goodwill.

On this basis alone personally I would be honest and include all your creditors.

2) Its not going to make your credit score very healthy! Your creditors will likely default you which will remain on your credit file for 6 years which could make remortgage difficult.

3) Yes as long as you are not financially linked in any way.

SnV

davidjwest

A DMP will severely dent your credit record - I was told a pack of lies by DFH (Debt Free Helpline) when I took a DMP with them so I learned the hard way.

Personally I'd try setting up a DMP myself if I had a second chance - just write to your creditors telling them your situation, with a Statement of Affairs and offering to pay x amount and asking them to freeze interest and see what they say. Nothing to lose and this way your credit rating isn't so badly affected as you wont necessarily miss any payments.