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Debt

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I have a debt management plan but its not going down so fast how doing get out of this the best way thanks

How do I get out of a debt management plan thanks 1 vote

Credit card
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Loan
100% 1 vote

Comments

  • None of the above.
    Is this a wind up?
  • Complete the DMP - then you will be 'out of a debt management plan'.

    Assuming this is not a wind up - the only advice you will get from this forum is do not borrow you way out of a DMP - even if you could (because if you are in a DMP you credit file will be well and truly trashed),
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • - Earn more and/or save harder.

    - Spend less.
  • fatbelly
    fatbelly Posts: 23,005 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Save a lump sum. Do full & finals
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    If interest is being frozen in the DMP and is there is no fee there is no point in converting the debt to a loan or credit card charging interest. If you are paying a fee change to a Stepchange DMP.

    James
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • Yes, there are good reasons to get out of a fee paying DMP, but you don't have to immediately pay off your debts - you can just move to a free DMP with a charity like Stepchange. If you're already in a free DMP, suck it up and stick it out.
    Mortgage
    June 2016: £93,295
    September 2021: £66,490
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