Dmp

HaydenB

I posted the other week about my situation. Been with my partner for 19 or so months and (having got engaged) are now looking at moving in together. I was seeking advice about trying to sort an early and full settlement on my debts for less than what is owed.

What I didnt explain was that my partner has three children. She works and lives quite comfortably with the financial support she receives from the State. Obviously once I move in this will change things considerably and naturally I will have some responsibility for financially supporting my partner and her children.

This will obviously drastically change my personal budget.

Can I use this to try and gain a settlement with my creditors or will they view it as irresponsible from my point of view i.e. taking on a partner and her children when I owe them money.

sourcrates

Hi,
Your goal is to make the creditor think that the deal you are offering represents the best value (for them) in terms of return, that they are likely to get from you.
What methods you use to achieve this, are entirely up to you.

dancingfairy

A dmp is an informal agreement. There is no formal requirement on either party. They have no control over where you live. If you want to move in with your partner then fine. Just tell them your situation has changed, you now live at x address, your new budget is y and you can afford z per month.
I have to say a dmp isn't really a negotiation process. You pay what you can afford and ask them to freeze interest and charges. Clearly it's in your insterests to maintain a balance between not having a buffer/any money at all and being at risk of defualting on the whole plan and trying to get rid of the debt and the debt collectors and rebuild your life as quickly as possible.
I really wouldn't be negotiating with your creditors (unless you are doing full and final settlements). I'd say this is what I can afford and that's it.
df