DMP or not?

KT2802

Hi all,

I recently spoke to SC about a DMP. At the moment I am just about meeting the minimum payments on all of my debts but am then using both credit cards to live off towards the end of the month, so the balance on those is not reducing at all. I have 2 loans which finish the end of the next year.

I am a bit unsure what to do really. I could carry on like I am until the loans are payed off and then use that extra cash to pay off the credit cards but this would obviously cost me a lot more in interest. My other option is the DMP - SC worked out that if I did this I would clear all of my debt within 2 and a half years.

My credit rating is currently average - I have never missed any payments on anything although I have recently gone on an AP as the bank recalled my overdraft with 3 weeks notice.

I would really appreciate any advice. The main thing putting me off DMP at the moment is having all those defaults on my file and concerns around being able to rent another property due to that.

moohound

How long will it take to clear your debts if you carry on as you are?

KT2802

Hmm good question. Bit tricky to work out but I would guess at about 3 half - 4 years.