DMP example? (-£15,000 debt) - How much to pay every month ?

Galeeno

seanavfc92 wrote: »

Like I say, as long as you can afford the £5 per creditor and keep the term under 20 years, you'll be able to go on a DMP. !

Is that a general rule, with DMP generally?

What if one of your debts was £32,000, ?
would they consider accepting accept £5 a month for 20 years,? or that creditor would say no ? , and the DMP would no be agreed?

seanavfc92

Galeeno wrote: »

Is that a general rule, with DMP generally?

What if one of your debts was £32,000, ?
would they consider accepting accept £5 a month for 20 years,? or that creditor would say no ? , and the DMP would no be agreed?

£5 a month would be £60 a year or £1200 over 20 years. With a debt like £32000, I can only imagine they would want a fair amount more than £5 a month.

Whether they accept or not, SC would still make payments to them.

Puzzcat

Confused, why asking about 32k debt if yours is 15k?

seanavfc92

Puzzcat wrote: »

Confused, why asking about 32k debt if yours is 15k?

I can only assume it was an example to compare against his debt size?

Galeeno

Puzzcat wrote: »

Confused, why asking about 32k debt if yours is 15k?

Hiya, yes it is an example, to see would they consider £5 a month if the debt is £32k aswell,

ie is £5 a base number, as a minimum they consider?

antonic

I started paying £236 per month towards my debts of £24k when I started my DMP.

By the end I was paying £280 per month.

Took me 90 months to clear my debts.

yamsteroo

It's different for everyone.


It depends on your essential outgoings against your wages ... what's left over is in theory, how much you can throw at your debts.


The only way to know for sure is to go through the figures with your chosen debt management charity and they'll soon be able to tell you if a DMP is viable or not. The DMP charities don't charge for their services so you've nothing to lose by contacting them and you certainly won't be signed up to anything just for asking.