We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What is the best option? DPP or recovery?
veggielove
Posts: 50 Forumite
Hello
We have 5 creditors. 2 are under control, but the bank loans , 2 of them and credit card are higher payments than we would like for our 1 small income.
After lots of calls to tsb one of the advisors eventually said they can pass our 2 loans accounts from collections to recovery (could take a couple months) which will stop interest and charges.
We called stepchange who said we can go for a dpp (Scotland) we were on a dmp for a couple months but it set us back as we are in default and couldn't just jump back to contractual payments like we thought we could. Any advice is appreciated please
We have 5 creditors. 2 are under control, but the bank loans , 2 of them and credit card are higher payments than we would like for our 1 small income.
After lots of calls to tsb one of the advisors eventually said they can pass our 2 loans accounts from collections to recovery (could take a couple months) which will stop interest and charges.
We called stepchange who said we can go for a dpp (Scotland) we were on a dmp for a couple months but it set us back as we are in default and couldn't just jump back to contractual payments like we thought we could. Any advice is appreciated please
0
Comments
-
I'd go for the dpp. At least you will be in control of your debts rather than your debts being in control of you.
As your financial situation improves, you can up your payments.Never Knowingly Understood.
Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)
3-6 month EF £0/£3600 (that's 0 days worth)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards