DMP advice

Mikej92

Hi guys, wondering if i can get some advice before I bite the bullet.

I’m currently paying off debts, but struggling to keep up with what’s coming into my account and going (in terms of debt payments), I’ve been contacted by a company named stepchange saying they can help
with this issue.

my query is, if I go into a DMP, is it going to kill my chances of getting a mortgage in the next 5 years? I’m hoping to achieve that goal of said mortgage in the next 5-8 years, but curious as to whether this will completely kill any chance of me getting one, I’m pushing 30, so don’t want to be going into a mortgage at the age of 40 if I can help it lol, want to be sooner rather than later.

thanks In advance for any advice.

I’ll probably be looking at around 1 year to 18 months in this plan.

sourcrates

Nothing will kill your chances of a mortgage in the future, not even bankruptcy.

If debt management is likely to last 2 years, any negative information pertaining to that is likely to show for 6 years max.

A good broker can usually get you what you want.

Mikej92

sourcrates said:

Nothing will kill your chances of a mortgage in the future, not even bankruptcy.

If debt management is likely to last 2 years, any negative information pertaining to that is likely to show for 6 years max.

A good broker can usually get you what you want.

Thankyou! So is a DMP, not such a bad idea after all?

flipflopflo

Have you checked out the credentials of the company that contacted you? IE: is it the real StepChange or a lookee likee? Have you contacted them yourself? There is a blue clickable link in Sourcrates signature to take you through to them. 

We can’t really say whether a DMP is suitable for you or not as we haven’t seen a SOA. If you would like to put one on the board then the folks can give you more tailored advice. 

flipflopflo

https://www.stoozing.com/soa.php

Format for MSE at the end and c and p on your thread. 

sourcrates

Mikej92 said:

I’ve been contacted by a company named stepchange saying they can help
with this issue.

Stepchange don`t normally go towting for business, you normally go to them.

There are a myriad of private debt management companies out there with very similar sounding names to Stepchange, be very careful who you are talking too.

Stepchange.org is a debt charity, (see link in my signature) anything else that purports to use this name is an imposter, and should be avoided, as they will want to be charging you hefty fee`s for "administering" your DMP.

All Stepchange DMP`s are free to the end user.

Jude57

I worked for StepChange Debt Charity for almost a decade and am still in contact with many former colleagues. I can assure you, @Mikej92 that they will never contact you out of the blue. They don't, and have never to my knowledge, cold called potential clients. They have, and have always had, more than enough 'business' without, as @sourcrates says, touting for clients. Whoever has contacted you, I can guarantee it's not the charity they are pretending to be. To satisfy yourself, you could call StepChange on 0800 138 1111. I'm certain they will confirm that it wasn't them.

Good luck with your debt journey but please don't be panicked into taking 'advice' from fee charging DMP companies. There's never any need to pay for debt advice nor, if a DMP is right for you, do you need to pay fees for it to be administered.

P.S. I realise anyone can claim anything online, which is why I recommend seeking confirmation from StepChange via their main switchboard number, which can easily be confirmed as correct by a web search.

fatbelly

Mikej92 said:

Hi guys, wondering if i can get some advice before I bite the bullet.

I’m currently paying off debts, but struggling to keep up with what’s coming into my account and going (in terms of debt payments), I’ve been contacted by a company named stepchange saying they can help
with this issue.

my query is, if I go into a DMP, is it going to kill my chances of getting a mortgage in the next 5 years? I’m hoping to achieve that goal of said mortgage in the next 5-8 years, but curious as to whether this will completely kill any chance of me getting one, I’m pushing 30, so don’t want to be going into a mortgage at the age of 40 if I can help it lol, want to be sooner rather than later.

thanks In advance for any advice.

I’ll probably be looking at around 1 year to 18 months in this plan.

I have two red lights flashing after reading this post.

(1) is as others have said - this does not sound like https://www.stepchange.org/

If you google stepchange the first thing that comes up says StepChange - Free Government Debt Help

This is NOT stepchange

(2) is that 12-18 months is a very short time for a DMP and if you do have that much surplus income you should be able to meet your contractual minimum payments, overpaying by snowballing and avoid defaults.

If you post a statement of affairs (link is to a calculator) we can advise you