Applying for a guarantor loan whilst on a Dmp

pacmanrulez

The title says it all really but to give more details here goes ....

I have been on my DMP for about a year or so now and it's being paid off nicely, I might at this point add the fact that I work in retail.

I was thinking of getting a guarantor loan and paying it off with the bulk of my pay from the Christmas period.

Mainly I want to know if I am even allowed to get a guarantor loan whilst being on a DMP.

marcarm

Words fail me.....................

Money_maker

Your DMP has taught you nothing?

chesky

Who would be mad enough to act as guarantor this time ...... Surely not your mother again.

pacmanrulez

I guess I was wrong to think I could post something here and get an answer to a question as oppose to people asking me if I've learnt anything, please can someone just be nice and answer my question. You know not of my circumstances or how much is left on my DMP or how much a guarantor loan I am thinking so please don't judge and just help me with my enquiry.

Upsidedown_Bear

You should not be taking out more credit - of any sort - while on a DMP.

pacmanrulez

Upsidedown_Bear wrote: »

You should not be taking out more credit - of any sort - while on a DMP.

Legally can I ? Yes or no ?

I'm not asking for practical advice I'm asking for legal advice. Thank you.

mum2one

it could break your dmp by taking further credit, is there a reason u need the money suddendly?

pacmanrulez

mum2one wrote: »

it could break your dmp by taking further credit, is there a reason u need the money suddendly?

Thank you so much, you see that sort of information is what I was after, thank you. I will contact my debt management company and be honest and open with them and see what they say, I certainly wouldn't want to 'break' my DMP.

mum2one

I'm in a dmp ( 3 yrs in), and during this time I have about 4 months of breaks, - all agreed with),I had to change the car, yes I would have liked a newer one, but I held back 2 mths payments to go towards it as well as emergency fund

2 seperate breaks due to unexpected expenses

Ok its not an ideal arrangement, but if your open and honest with the dmp company they can contact the creditors and let there know there has been an emergency,

(just checking your are with a free dmp company) xx

Upsidedown_Bear

pacmanrulez wrote: »

Legally can I ? Yes or no ?

I'm not asking for practical advice I'm asking for legal advice. Thank you.

mum2one wrote: »

it could break your dmp by taking further credit, is there a reason u need the money suddendly?

As mum2one says you would be breaking the terms of your DMP by taking out further credit.
Do talk to your DMP provider - they will be able to help.

And again as mum2one says - you are using a free DMP provider?

The Debt Free wannabe board is very helpful if you need any further help/advice/info:
http://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=76