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Time limits on DMP's?
Comments
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Thank you David, I guess that allows for all possibilities0
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meredith132 wrote: »Just wondering if there is a benchmark figure in years in which DMP's are expected to be paid up by.
20 years is the limit to which a Debt Management Plan can be offered. You can be offered a Low Start Debt Management Plan if, for example, you are paying £400 to council tax, rent and water arears per month and only £5 to each creditor on your non-priority debt list. The LSDMP can be offered because once your arrears have been cleared, that money can go towards paying off the unsecured debts.
HTH"No sacrifice, no victory"
- Transformers (2007)0 -
Ok thanks , that's more generous than I was expecting. I think depending on my circumstances 5 years could be realistic, 7 would be maximum time I would want this hanging over me, but its all about the other factors in your life too.0
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