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DMP in retirement

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Hi all , new on the forum , i would like to ask if anybody knows of any significant changes to DMP payments /arrangements post retirement. My DMP at current payment levels will go into my retirement and clearly my ability to pay in retirement will be considerably reduced , i am paying as much as possible to avoid this but at the moment it is on the cards. Is it simply a matter of rebudgeting based on pension income ,which i am assuming is the case. When i retire it would be possible to polish off the DMP with a 25% withdrawal from my pension but in order to try to stay financially stable in retirement i was hoping not to take a pension lump sum in order to maintain as high an income as possible to steer clear of any future problems I have heard the term "full and final offer" and if this is what i think it is would this be something i could try when i reach retirement in order to hold on to as much pension for the future as possible ?

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you need to adjust your payments, you would negotiate that with your creditors.

    You can try for a settlement at any time.
  • Jackal57
    Jackal57 Posts: 10 Forumite
    Third Anniversary First Post
    Apologies everyone i just realised i have put this in the wrong thread , hopefully will still attract some replies , must take more care in future
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    edited 17 April 2020 at 2:47PM
    Hi Jackal57,

    What type of debt accounts do you have (eg loan, credit card, store card, overdraft etc)?  Depending on the type of accounts, and the age of the accounts, then you might want to submit a CCA request for the applicable accounts.  With older accounts it is possible that the creditor does not have compliant paperwork, which means the account becomes unenforceable.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • sourcrates
    sourcrates Posts: 31,516 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 17 April 2020 at 4:02PM
    Hi,
    First off, i hope your DMP is with one of the free debt charities, and you are not paying a debt mangement company for the privilage of operating one.

    Secondly, with older acounts especially, CCA is the way to go, lack of compliant paperwork means you can just walk away, or possibly settle for a lot less than you would normally do.

    Thirdly, taking debt into retirement is not something i would want to do, it depends on your circumstances, but other options do exist to rid yourself of debt, depending on weather you are a homeowner or a renter.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Jackal57
    Jackal57 Posts: 10 Forumite
    Third Anniversary First Post
    Hi,
    First off, i hope your DMP is with one of the free debt charities, and you are not paying a debt mangement company for the privilage of operating one.

    Secondly, with older acounts especially, CCA is the way to go, lack of compliant paperwork means you can just walk away, or possibly settle for a lot less than you would normally do.

    Thirdly, taking debt into retirement is not something i would want to do, it depends on your circumstances, but other options do exist to rid yourself of debt, depending on weather you are a homeowner or a renter.
    First of all thanks for your reply , my DMP is administered by Step Change, the debts are a mixed bag made up of  a small overdraft, and unsecured lending but the majority is credit cards . The reason i am keen to resolve as much as possibe is that unfortunately i will also be taking a mortgage into retirement also plus to add to the already existing stresses approx. 2 years ago i was diagnosed with Parkinsons disease which is reasonably well controlled at the moment were it to get so bad that i could no longer work the waters would become somewhat more murky than they already are . May i ask what in laymans terms is a CCA.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Jackal57 said:
    May i ask what in laymans terms is a CCA.
    Good question.  I should have provided the info earlier.  Sorry about that :)
    The article linked below explains everything:

    Debts – why, how & when to ask for the CCA agreement

    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Jackal57
    Jackal57 Posts: 10 Forumite
    Third Anniversary First Post
    As you will see i am the original poster and i very quickly realised i had posted in the wrong forum for my content. People very kindly replied and i have used the information provided but doing so has provoked more questions that the resident experts on here may be able to advise on . My question now is , do i bat on where i am and ask away and wait for relevant replies or copy and paste relevant content and create a new thread in a more suitable forum area , thanks .
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ask the Board Guide to move your post to the required sub-forum.
    No free lunch, and no free laptop ;)
  • sourcrates
    sourcrates Posts: 31,516 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    It really wants to be in Debt Free Wannabe, so i will move it there for you now.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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