Stay in Debt or Use a DMP, whats right for me?

Grumpelstiltskin

General opinions might not work, just because they are general doesn't mean they apply to everyone.

We can give you the advice that is best in your situation when we have seen your SOA.

EssexHebridean

AgentBigBoss said:

Im also curious in general opinions on different possible scenarios. Lets say if someone miss few months payments waiting for deafult, like not paying anything to get it defaulted quicker, with few loans and credit cards such person would receive hundreds of phone calls etc from creditors trying to chase debt. So I’m just thinking cuz I read here some comments thats better to deafult debt first and then deal with dmp etc?

If a DMP is the right solution, then yes, defaulting before starting the plan is usually the best way of managing things. 

Phone calls can be dealt with by informing creditors you are not willing to deal with anything over the phone, only in writing. 

LoulaBelle

Hello there, just reading the thread, so in 2022 when you originally posted it was £22k of debt and now its £32k - no judgement but in 3 years its gone up by 10k.  I think you need to do a proper Statement of Affairs as all the experts on here have asked for.  Your window of buying your house has gone down from 8 years to 5 years - I don't want to sound like a doom monger but if you want help, let the experts help you.  I'm on your side, we've all been in dire straits.

enthusiasticsaver

Just to be clear this is a  zombie thread so it is best for new posters to start their own thread rather than reviving an old one.  There are two separate posters on here. 

enthusiasticsaver

LoulaBelle said:

Hello there, just reading the thread, so in 2022 when you originally posted it was £22k of debt and now its £32k - no judgement but in 3 years its gone up by 10k.  I think you need to do a proper Statement of Affairs as all the experts on here have asked for.  Your window of buying your house has gone down from 8 years to 5 years - I don't want to sound like a doom monger but if you want help, let the experts help you.  I'm on your side, we've all been in dire straits.

There are two separate posters on here so not the same person as the OP. 

enthusiasticsaver

AgentBigBoss said:

Hello. I saw someone’ s comment about waiting for debts to default before setting up any DMP etc. But while I would wait, creditors will put huge amount of interest and fees on credit cards for example tho. As without any agreement interest and fees would be not frozen, right?

It is probably best to start your own thread on the forum rather than reviving an old one. 

sourcrates

As the OP has not been active since 2022, I`m closing this thread, anyone with more questions please start your own new thread, thanks.