DMP

Beck50

Hi, previously I've messaged about not starting my DMP, and people messaged back and told me to hang fire until I receive default letters, well because on breathing space all I've received is letters acknowledging the breathing space but when this finishes at the end of October and I still haven't received any default letters will I be expected to have sorted my DMP out or still leave until they start chasing and hopefully send me defaults, there are bigger things in life to worry about like loosing my brother in law to cancer 2 weeks ago, so will stand my ground if they hassel me, but just want things sorted so I can move on with my life.

kimwp

I think it's a bit of a waiting game unfortunately.

sourcrates

There are a few reasons why it`s best to get defaulted before starting debt management, but it`s not compulsory.

The main reason being all interest and charges cease to be applied, then there is the clear 6-year window till your credit file recovers, you really don`t want arrangement to pay markers, it also gives you time to save an emergency fund for life`s little unexpected moments.

however, if none of these bothers you, you can start as soon as you like, creditors will stop adding interest if you pester them for long enough, but it would be wise to save that emergency fund up if you can.

Rob5342

I wish I'd left my accounts to default when I started my DMP as 15 months in I've still got two accounts that haven't defaulted (despite not paying one of them for four months becuase I found it's unenforceable)

natlie

Hi 

All of my accounts were defaulted within a year maybe 18 months of me starting my DMP without a waiting period. in that time I had paid around £10k off my debt and another £4.5k was cleared by the creditor. I suppose its up to you what you want, to pay off the debts quickly or to lengthen the amount of time your credit score is affected? 

Nat