DMP in retirement

Jackal57

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 ?

[Deleted User]

If you need to adjust your payments, you would negotiate that with your creditors.

You can try for a settlement at any time.

Jackal57

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

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.

sourcrates

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.

Jackal57

sourcrates said:

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

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

Jackal57

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

Ask the Board Guide to move your post to the required sub-forum.

sourcrates

It really wants to be in Debt Free Wannabe, so i will move it there for you now.