DMP - what to put for outstanding loan amount?

BatGirlPants

On the online debt remedy - when you put in a loan debt what do you put? The original amount minus what has been paid? What about interest? I have no way of knowing exactly was is 'outstanding' (unless I contact them which I am hesitant to do right now, the info isn't available online). I think a DMP is the result whatever i put on the debt remedy on step change. The loan is about 7 months old and was 15k with 20% ish interest over 5 years (£381 a month). Any ideas? Thanks

~Beanie~

Do you have the loan agreement which should show you the total amount payable? I would use that figure minus the 7 payments you have already made.

HappyMJ

xSuziex wrote: »

On the online debt remedy - when you put in a loan debt what do you put? The original amount minus what has been paid? What about interest? I have no way of knowing exactly was is 'outstanding' (unless I contact them which I am hesitant to do right now, the info isn't available online). I think a DMP is the result whatever i put on the debt remedy on step change. The loan is about 7 months old and was 15k with 20% ish interest over 5 years (£381 a month). Any ideas? Thanks

It should appear on your credit report. I'd put that figure. It'll be a month behind but it's close enough.

One of my personal loans includes pre-loaded interest and one does not. Either figure is fine.

BatGirlPants

Thanks! I have the agreement in an email - I'll have a look at that. It is in my husband's name so would have to set up a credit report account for him to see it (will let him do that).

HappyMJ

xSuziex wrote: »

Thanks! I have the agreement in an email - I'll have a look at that. It is in my husband's name so would have to set up a credit report account for him to see it (will let him do that).

Is this debt a joint debt or just your husbands debt. Are you both entering into a DMP? One partner can have a DMP whilst the other partner carries on paying the payments in full on the joint debts and their own debts and keeps a good credit rating. Sometimes that could be suggested as one partner with good credit can be good for getting tenancies, loans, credit cards and mortgages in the future.

BatGirlPants

Thanks, it's just in his name. That's a good point though - my credit rating is bad but getting better - due to be fine in about 2 years so worth doing it in his name I guess! I have a credit card in my name but I think we can possibly clear most of it

HappyMJ

xSuziex wrote: »

Thanks, it's just in his name. That's a good point though - my credit rating is bad but getting better - due to be fine in about 2 years so worth doing it in his name I guess! I have a credit card in my name but I think we can possibly clear most of it

I'd keep your credit rating good then and just have your husband do the DMP. You'll have to pay the joint debts though.