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saving up to buy a car but need to set up DMP soon
samperry209
Posts: 121 Forumite
Hey everyone.
Quick question basically stepchange are helping me at present and I'm going to set up a DMP soon. But at the moment I'm making the most of being able to put aside some money each month so I can get my first car but I'm worried as soon as I buy it it will get taken away from me.. If I set up a dmp and they see I have an asset as a car will that get taken from me... I'm working hard to try and get a car so I can set my own business up!
Quick question basically stepchange are helping me at present and I'm going to set up a DMP soon. But at the moment I'm making the most of being able to put aside some money each month so I can get my first car but I'm worried as soon as I buy it it will get taken away from me.. If I set up a dmp and they see I have an asset as a car will that get taken from me... I'm working hard to try and get a car so I can set my own business up!
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Comments
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Whose going to take it away from you ????
Assets are only taken away from you in Bankrupcy, you are a long way from that !!!!!
A DMP. Is an informal agreement, between you and your creditors, it's not a regulated agreement, you are free to leave it whenever you want, no one has the power to take your car from you.
I suggest you do a little more research on this, Google is your friend here.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Yeah I suffer with anxiety and tend to worry a lot, thanks for the reassurance!:money:0
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