DMP - How long does it take?

spinoza

Hello, hope somebody can help/offer advice on this...

Have got approx £22,000 worth of unsecured debt and am looking at a DMP as I am sinking under meeting the payments

Does anybody know from present/past experience how long it would take to get free of it?

it is split four ways - 10,000 between bank/loan provider and 10,000 between 2 cc companies.

Any advice, anecdotes etc greatly appreciated!

Thanks very much

Find_The_Real

Hello Spinoza

How long a DMP takes to pay off depends on a number of things, of how much excess income you can put towards it, whether or not the interest gets frozen, which sometimes varies and whether your circumstances change whilst doing a DMP leading to either an increase or reduction of payments.

The best thing to do would take a look at one of the free charities such as StepChange, PayPlan or National Debt Line as on their websites it explains the options to take and I know StepChange and National Debt line have online forms you can fill in that can advise you of the best way of dealing with your debts.

The payments are generally split on the basis of each outstanding balance but again it is explained on the websites.

Then if you feel confident about the info given it is probably an idea to ring them so you can have a chat over all the options. Make sure you go with one of the free DMP people mentioned.

Good luck with it all.