DMP - How big was yours?

charhen19

I took on a 30k DMP in Sept 2010 - looking at a DFD date of 2022 but hoping to pay a some dribs and drabs off sooner with bonuses etc.

allotmentcate

Mine was £78k in 2001 and still paying the damn thing off .....trying now to ask for full and final settlements from the last 3 remaining - you'd think they'd want rid of me by now...but no they're still not wanting to reach a settlement!

Newchapter

Hi TimtheBear
How did you actually manage to pay so much off it so quickly? did you do any F&F?
I feel like I am plodding away getting nowhere fast. sometimes I think that's ok, it will be finished when I've paid off my mortgage. Other times, I worry that my life/finances will never be my own!
Any advice?

Ellieseleven

45k plus at start of DMP in July 2010 - over half way now with DFD currently at March 2017

TimTheBear

Newchapter wrote: »

Hi TimtheBear
How did you actually manage to pay so much off it so quickly? did you do any F&F?
I feel like I am plodding away getting nowhere fast. sometimes I think that's ok, it will be finished when I've paid off my mortgage. Other times, I worry that my life/finances will never be my own!
Any advice?

It was a 'joint' DMP with the wife, fortunately we're on an ok salary and after doing the SOA, Stepchange calculated monthly payments to our creditors to be £2400. which is most of our salary. So at the moment we're living on barebones but I think its worth it imo.

Swami_Trinel

Mine was about £34k when I started it in 2008 (much of which was credit card interest and charges). I became debt free in May 2013 which felt like quite an achievement. I then made several claims for PPI thanks to the advice and templates on this site and got over £5k back... which was nice. I didn't trust the companies to fairly assess my claims whilst I still owed them money and the lump sum was very handy.
I hit some pretty low points during the five years, but it was worth it to be debt free. Now I'm just starting to look at finally start meaningful saving towards a house deposit and pension 16 years late, but better late than never.

TimTheBear

Just checked today and its down to 26k we a rough debt free date of mid Feb.. its starting to look like a normal average debt lol.

Hang in there DMP'ers

melysion

Just under £20K and apparently will take 4 years and 5 months to pay.

spot3

£6800, Stepchange take my last payment any day now. It's not a huge amount by most people's standards but it was a £100 Payday loan that I really couldn't afford to pay back that did for me as I reborrowed every month until it ended up too much to manage.

sourcrates

spot3 wrote: »

£6800, Stepchange take my last payment any day now. It's not a huge amount by most people's standards but it was a £100 Payday loan that I really couldn't afford to pay back that did for me as I reborrowed every month until it ended up too much to manage.

Hopefully with the new rules relating to pay day loan lending, your scenario will not be repeated again !!!