DMP mutual support thread part 13 !!

sourcrates

No, everything disappears on the 6th anniversary of the date of default and nothing can bring it back.

agi_daydreamer

Hello everyone, can I join the thread, please?

I am having DMP with step change, they've been so helpful and honestly saved my !!!!!!.

Due to me being on maternity leave before, and now paying huge nursery fees without any help (I study midwifery and placements are not classed as work to get free hours from government) I am not able to pay more than 39 quid. At the moment my pay off date is estimated probably on the day I die, but once we're more stable financially, we will be paying off more.

Can I ask you a question, even though my pay off date goes waaaaay into the future, default disappears after 6 years anyway?

sourcrates

@agi_daydreamer

See my post above, as it answers your question.

Some DMP`s can last a while, but over time, debts get older, are sold on, settlement offers can be made, so that time frame can be much reduced, but its important to try and save an emergency/settlement fund, for those unexpected bills, and for settling debts later on.

agi_daydreamer

Thank you. Once I qualify we want to pay it off sooner anyway, I am not planning to stick to paying small amounts all the time, but it's good to know default is going to be in my account for 6 years from date it happened.

tksnota

I had several credit cards that defaulted and a few CCJs. I had 1 CC that I’m still paying off the minimum payment but the interest was very high and it might be better to use the interest to other important things like groceries, utilities, etc.

I have a few questions 

1. What’s the best advice to do with this single credit card? I’m keeping it because I assume my credit score might go up after the defaults and CCJs dropped from my file after 6years

2. Will I be able to get a CC after the defaults and CCJs dropped from my file after 6years?

Thanks…tksnota…

NewcastlePaul

Just popping by to remind people that there is hope, and light at the end of the tunnel.

31/12/04 - £128k debt
01/10/16 - Debt free.

CCCS (Stepchange) changed my life. I don't have any debt. No longer gamble and no longer have the stress and nightmares.

Just under 12 years of paying what I could and offering PPI payouts as F&F settlements.

Christmas 2004 was one of the worst of my life and remember thinking there was no hope
When you're at the bottom, the oh way is up.

If you are reading this and haven't took the step yet, then seek help, because it's there. My one regret is that I didn't do it earlier.

Ktaylor86

Hi All,  

I’m coming up to 2 years of my DMP with Stepchange around Feb/March 2025. 

Currently owe circa £29,700 
monthly repayment £341 

All interest is frozen still, and almost all defaulted, annoying 2 were more recently defaulted so a longer period of time before it drops off! 

I have a car finance loan separate from the DMP which will be paid off in August 2026. It’s £190 a month. 

My mortgage is currently just under £700 a month on a 2.29% interest rate, my 5 year fix ends March 2026. So I am anticipating this going up. 

I wanted to ask a few questions / discuss my next steps - from people who get a DMP please. 

My plan is to try and pay off my car loan earlier by overpaying it from January, which I think I can do by about £100 a month. 

As soon as that’s paid off I can add the £190 to my DMP repayments and pay that off quicker. 

But ideally repaying my car before the mortgage goes up to gives myself a buffer. I am assuming it will go up as the interest is likely higher still in 2026. 

Does this seem like a good plan? 

Mortgage is currently with NatWest and I’m hoping they will let me transfer product to a new fix at the end of the current one without it being an issue or then doing a credit check 🤞 
Does anyone have experience of this? 

Many thanks 

sky1802

hi everyone, 

looking at entering a dmp with payplan. backstory is i have £30k debt on mostly credit cards, 15 of them. i couldn’t meet the monthly minimums due to me losing my job in june. i have a job now and can afford to throw £1k per month towards debt. with all the missed payments, some are now requiring a minimum of £400+. somehow no accounts have defaulted yet. 

with no defaults, is a dmp still right for me? 

they’ve given me a timeline of it taking 2.5 years to become debt free which i’m okay with, but if it’s not the best option i’m willing to take a different route. 

(background info if relevant: age 23, not looking to make any big purchases in the next 6 years, i have no assets. just typical early twenties still living at home in london. would ideally not want to close all cards - like my amex which gives travel benefits)

the-mrs

Hey everyone, just wanted to give some of those who are only just beginning their journey a little bit of hope that things do come good in the end and there is a light at the end of the tunnel. (even if it is more like a tealight in the beginning.)

I am 2 payments away from debt free. I started my DMP with Stepchange back in 2018 and I thought I would never get to this point. Make the call, take control. Future you will be so proud.

sourcrates

sky1802 said:

hi everyone, 

looking at entering a dmp with payplan. backstory is i have £30k debt on mostly credit cards, 15 of them. i couldn’t meet the monthly minimums due to me losing my job in june. i have a job now and can afford to throw £1k per month towards debt. with all the missed payments, some are now requiring a minimum of £400+. somehow no accounts have defaulted yet. 

with no defaults, is a dmp still right for me? 

they’ve given me a timeline of it taking 2.5 years to become debt free which i’m okay with, but if it’s not the best option i’m willing to take a different route. 

(background info if relevant: age 23, not looking to make any big purchases in the next 6 years, i have no assets. just typical early twenties still living at home in london. would ideally not want to close all cards - like my amex which gives travel benefits)

Hi,
You are best posting in the general DFW forum, as this thread doesn't get that much attention.