dmp. early days but feeling positive.

jonesy1973

Hi all. was hoping to seek some reasurance off people. Been on a dmp with cccs since march and things have gone great. paid off £1000 so far. my concern is, i start a new job next week and in light of this i contacted the cccs as i was concerned due to the lower basic wage i will be on until i start earning commision. Basicaly the cccs recommended i reduce my 199 a month payment to 64 a month. My question is, does anyone have any experience of this and is there any risk of ever getting a knock on the door from a debt collector. couldnt care a less about my credit rating just wondering what the worst case scenario could be in reducing my payment for a while until i start making commision. many thanks guys, appologies for any poor grammer or spelling. im tired. zzzzzzzzzzzzzzz

CurlyTop

Hi Jonesy1973

Well done on what you've achieved thus far. When I started on my dmp (which seems like light years away now I paid £400 and then due to my husband losing his business had to reduce my payments down to £245 - these increased when things improved). I took the advice of CCCS and went with the flow. Surprisingly I have never had a debt collector knock on the door. From September this year, I'll be 13 months away from being dmp free.

I think the main thing is not to miss a payment if you can. At least you can demonstrate that you are paying back the money you owe, albeit at a slower reduced rate. Keep up the good work. You'll get there.

jonesy1973

hi all. just thought i would add a little update in reference to my recent review with the cccs (moneyaware).
Keeping things simple i simply need to say that the stepchange money aware charity is fantastic. I have been on my dmp for a year now and in that time i have had to reduce my payment due to changes in circumstances. Things could not have gone smoother in the past year and i can honestly see light at the end of the tunnel. I phoned moneyaware recently and went through my review and the advisor i dealt with was Very understanding and easy to talk to.
Anyone reading this who is considering a dmp needs to speak to these guys as they have realy helped me and my family. On doing my recent review i have been able to increase my payment to an ammount i know i can afford.
Hope everyone is well. Im off now as my 3 year old is wrecking the house.

piggypot12

jonesy1973 wrote: »

hi all. just thought i would add a little update in reference to my recent review with the cccs (moneyaware).
Keeping things simple i simply need to say that the stepchange money aware charity is fantastic. I have been on my dmp for a year now and in that time i have had to reduce my payment due to changes in circumstances. Things could not have gone smoother in the past year and i can honestly see light at the end of the tunnel. I phoned moneyaware recently and went through my review and the advisor i dealt with was Very understanding and easy to talk to.
Anyone reading this who is considering a dmp needs to speak to these guys as they have realy helped me and my family. On doing my recent review i have been able to increase my payment to an ammount i know i can afford.
Hope everyone is well. Im off now as my 3 year old is wrecking the house.

Hi I have just found your thread and we are just starting out on our DMP (send the letters off to the creditors and docs to stepchange today) We feel really relieved that we're tackling this now and looking at our budget for next month it makes a change to pay everything we need to pay comfortably now we have an affordable debt repayment. We are lucky to have a fair bit of disposable income so should be debt free in 1 yr 5 months (hopefully sooner if we knuckle down and work overtime etc) but we're worried about the impact of this on our credit file, defaults etc as we would love to buy a house in the next few years but understand we might be sacrificing that now. How has your credit file been affected if you don't mind me asking, have any of your creditors given you any defaults?

jonesy1973

Hi Piggypot. sorry for the delay in replying. To be totaly honest with you your credit will take a thumping. 2 of my creditors have issued a default but the other 4 havnt as yet. A default will drop off your credit file after 5 years i belive, so you may struggle buying a house until then. I wouldnt worry about it though. I have a mortgage and its not all its cracked up to be. Theres a lot to be said for renting. Good luck with everything.... Embrace the Chaos

tulip28

Hi!

I have been in my DMP for over a year now and I had a couple of phonecalls from creditors regarding late payments but once I told them the situation and gave them my reference details and who was looking after my case they didnt call me anymore and now I just get three monthly statements and regular update letters.

Can now save to pay lump sums off. Nice to have some breathing space and good nights sleep isnt it!