Thanks to those who participated in our 'Ask An Expert: Scams' event. Scam expert MSE Katie's video answers are available to watch on the board now.

14 year DMP

I have been in a DMP with Payplan since 2006, although I have added several debts to the DMP since. The DMP is currently for approximately £50,000 at £61 per month. Most of the creditors no longer appear on my credit file including 2 CCJ’s which have legal charges on my property for approximately £11,000. Obviously my credit rating is poor but I am looking to move to a new property and get a joint mortgage with my o/h.  My credit file currently shows a debt with Oakbrook Finance which is showing as 6+ monthly missed payments. There are also 2 Capital One accounts for approximately £3000 total and an overdraft with Halifax for just over £3000.  I have requested CCA’s from all of my creditors, but would I be better dealing with the creditors on my credit file before any others and if so would full and final settlements be acceptable?

Thank you in advance


  • sourcratessourcrates Forumite
    26.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Anything you see fit is acceptable.
    The CCJ debts may not take an offer, but you can but try.
    Ex MSE Board Guide.

    More than a third of IVA`s fail....fact.
    Could A Debt Relief Order help you ?
    Never pay a fee for a Debt Management Plan.
    For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
  • John_John_ Forumite
    925 Posts
    500 Posts Name Dropper
    If you have continued to add debt king after you got into trouble, and are still not in a position to repay what you owe, are you sure that it’s sensible to be taking out a mortgage, especially with someone else who stands to lose a lot of money if you take on additional debt again?

    Please think very carefully if this is the right thing for both of you.
  • Forgot to add in my original post that I have approx £60000 - £70000 equity in my current property, after the 2 charging orders have been settled, but prefer to use as much of that as possible as deposit for new property.
  • GalloglassGalloglass Forumite
    1.2K Posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    What APR and LTV rates are you being quoted given your poor credit? Seems that you are willing to pay a high cost (14 years on a DMP!) for money as long as it is in small amounts.

    Have you worked out what interest and charges have cost you over that period of time? 
    The one great principle of the English law is to make business for itself. There is no other principle distinctly, certainly, and consistently maintained through all its narrow turnings. Viewed by this light it becomes a coherent scheme and not the monstrous maze the laity are apt to think it. Let them but once clearly perceive that its grand principle is to make business for itself at their expense, and surely they will cease to grumble.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    First Post
    5.1% on 75% LTV

    Interest and charges frozen since DMP started.
Sign In or Register to comment.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 this Saturday

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals