Debt Management Plans

dawn1star

If there's anybody out there thinking of taking up a DMP then my advice would be DO IT!! And now!!

I got into debt (£27,000 worth) which included two loans and three credit cards. Sleepless nights, threatening calls, letters you name it, I got it, then I was advised to contact a debt management company. Somebody recommended Payplan and I have to say it was the best thing I ever did and wish I'd done it sooner. The calls and letters stopped as Payplan dealt with all my creditors for me - it was brilliant. I am estimated to complete my DMP this year (when it will be all depends on the creditors waiving interest costs and charges) but at least I know my tunnel has got a blinking great light at the end of it and I will be £700 a month better off.

Just wanted to let people know that there is a light at the end of the tunnel - it's just taking that first step, but once you've done it there's no going back.

As for me, no loans or cards ever again. If I want something I'll save for it.

antk4

Thanks dawn1star. me and my oh are about to start a dmp. It's good to hear from someone who has had a positive experience. Hope things work out well for us too.

Squirrel29

I'm starting too. I already feel huge relief.

Deep_In_Debt

I've been on mine for 3 years now, and nearly there with clearing my debts now. Yippee! Best thing I ever did too, just wish I'd done it sooner.

Pink-Angel

dawn1star wrote: »

If there's anybody out there thinking of taking up a DMP then my advice would be DO IT!! And now!!

I got into debt (£27,000 worth) which included two loans and three credit cards. Sleepless nights, threatening calls, letters you name it, I got it, then I was advised to contact a debt management company. Somebody recommended Payplan and I have to say it was the best thing I ever did and wish I'd done it sooner. The calls and letters stopped as Payplan dealt with all my creditors for me - it was brilliant. I am estimated to complete my DMP this year (when it will be all depends on the creditors waiving interest costs and charges) but at least I know my tunnel has got a blinking great light at the end of it and I will be £700 a month better off.

Just wanted to let people know that there is a light at the end of the tunnel - it's just taking that first step, but once you've done it there's no going back.

As for me, no loans or cards ever again. If I want something I'll save for it.

Thanks so much for your post and for sharing your experience. I've just started a DMP and already feel it's going to make a big difference. I only wish I had done it sooner!

yamsteroo

I agree with everything Dawn1star has said - once you face up to it and start doing something about it, that's half the battle. The relief of finally having a bit of control instead of spiraling is indescribable!

I too started off with £27k of unsecured loans and CC's and since last May, with the help of CCCS in my case, its down to £22k and falling. I love seeing my monthly statement arriving from CCCS as although its still a huge amount of money, for the first time in 10yrs the total debt is reducing instead of increasing!

I've just under 3yrs to go and I'm planning to keep putting the £600 a month I currently pay to my plan into a savings account so I never get tempted to apply for a credit card or loan ever again.

SHELLSHOCK

Thank you for this thread! I am about to start on a dmp and was starting to feel bogged down by it all so its really good to know that there is light at the end of ithe tunnel!

Nik

redsquarelady

Hi
I started a dmp with payplan nearly 5 years ago (28k of debt) and like op said life is made so much easier. The only gripe i have is that according to justabank i only owed just over £2k. I thought as i was coming near the end of my dmp i would check with my creditors that the amount owing was the same.... One debt was £900 different in my favour, but 2 others where £1200 out in their favour. That was for loans which didn't have any extra interest applied. 2 of my credit cards never had the interest stoped just lowered, so i was not shocked when those figures where underestimated. So now i have decided to finish the dmp off on my own as i feel more in control.
I would highly reccomend payplan to any body, just keep an eye on balances cause i was gutted to realise my debt free moment is going to be 3 months later than i realised.

Winnie_in_Pooh

Thanks so much for sharing dawn1star! OH and I have just arrived at lightbulb moment take 2 and I think a DMP is going to be the right way for us too. Just trying to work out the difference between Paypal and CCCS but I don't imagine there is much of one!

Best wishes on your journey