About to start on a DMP by SC

DisneyFreak

I just about to sign the papers for my DMP but I'm so worried and would like some advice on the matter.
According to StepChange they estimated that it would take approx 10 years to be debt free. Any advice from those who are already doing a DMP?
Thanks!

dobbollah

ive been on a dmp for a few years now, it was nice originally as they handled everything and took the stress out of the situation, my DMP was with payplan but who its with i guess doesn't matter as long as your not paying them.

its enabled me to sort things out...and with thanks to to tonne of overtime and now the wifes finished her degree and is earning, we are able to sort things out alot sooner than planned........(originally we were going to be on the DMP until 2024) and now I hope to clear things by this year (all bar one account which has been suspended for 4 months due to a CCA request)

speaking of which if you haven't I would highly recommend doing the CCA request.

The DMP was a godsend in hindsight...we were in way over ourheads and the 'lightbulb moment' felt embarrassing at the time that we could be so foolish as to land ourselves in that situation in the first place.

This place has since made me realise that
a: your not alone, loads of us have been, or are in your boat.
b: there is a wealth of info here to help you along the way........

TimeToDoIt

A ten year DMP isn't unheard of unfortunately, but if that's what it takes.

Did you discuss an IVA with stepchange as an alternative?

sourcrates

DisneyFreak wrote: »

I just about to sign the papers for my DMP but I'm so worried and would like some advice on the matter.
According to StepChange they estimated that it would take approx 10 years to be debt free. Any advice from those who are already doing a DMP?
Thanks!

10 years is a long time, there are other solutions that would be a lot quicker, did they discuss other options with you ?


Of course it all depends on your individual circumstances, maybe if you could give us some more detail about your debts, income, expenditure etc.
Its called a "statement of affairs" the link to it is here :


http://www.stoozing.com/calculator/soa.php


you should be able to get more specific advice with this information.

DisneyFreak

Thanks guys. They did discuss bankruptcy with me which I really didn't think was suitable. I have nearly £15k debt and after my living expenses can only afford to pay off approx £125 a month. The thing that puts me off having a DRO or Bankruptcy is that I would lose my car which my grandad bought me. Totally not happening as it was a gift.
The thing that worries me most as a DMP though is that at some point in the next 4 years me and my partner would like a child which would extend my payment plans to 39 years or something crazy!

sourcrates

DisneyFreak wrote: »

Thanks guys. They did discuss bankruptcy with me which I really didn't think was suitable. I have nearly £15k debt and after my living expenses can only afford to pay off approx £125 a month. The thing that puts me off having a DRO or Bankruptcy is that I would lose my car which my grandad bought me. Totally not happening as it was a gift.
The thing that worries me most as a DMP though is that at some point in the next 4 years me and my partner would like a child which would extend my payment plans to 39 years or something crazy!

You could, put the car into your partners name, go on the DMP for a year, then look at doing a DRO.
That should be sufficient timescale to comply with DRO rules on selling assets.
I know a lot of people on here have extremely long DMP`s, 10 years or more, but I don't think those timescales are realistic, if there was another option, I would take it.

Sazzie23

I agree with sourcrates - move the car to someone else's name for a while until you start whatever plan you do, the rules for DRO ae changing next month, I can' recall what the new rules say, but it'd be worth checking out if that helps you.

If you decide to go to a DMP, it's a long slog, and make sure the payments are reasonably sustainable, it's one thing buying nothing for 6 months me it's another doing it for 8-10 years.

My current DFD on DMP is 2030 as I had to reduce payments due to a life crisis, but my mortgage is paid in 2018 so I will be able to up the payments massively by then even if I haven't had some wages increase before that.

The good thing about going to a DMP with a very long dfd is that creditors will more likely cut interest early on and default you early on too meaning the defaults drop off sooner rather than later.

You can start a DMP and still change your life, new job, career, baby etc. the creditors just have to put up with it.

Good luck, and if you have questions re a DMP the DMP mutual support, thread is a non judgemental and friendly thread for any questions you might have.