Longterm DMP advice and support needed

So I've recently had my lightbulb moment and have done the work to go through step changes process to get help and after everything the recommended solution is a DMP. My only hesitation is that it will be for 13 years 7 months. Obviously I know it'll be worth it in the long term and that's such a long time that I could come upon lump sums along the way that I could use to pay off large amounts. I just wondered if anyone on here has been through a long term DMP or is currently on one and would be able to share their experiences.

Comments

  • sourcrates
    sourcrates Posts: 28,831 Ambassador
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    What are your circumstances, homeowner/non homeowner?

    How much debt do you have?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • What are your circumstances, homeowner/non homeowner?

    How much debt do you have?
    I'm a homeowner with a mortgage. I've got 24.5k in debt.
  • sourcrates
    sourcrates Posts: 28,831 Ambassador
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    edited 21 October 2022 at 3:08PM
    What are your circumstances, homeowner/non homeowner?

    How much debt do you have?
    I'm a homeowner with a mortgage. I've got 24.5k in debt.
    Well, a DMP is your only real choice then, 13 years is a long time, but in reality, it may not last that long, because normally after a few months of debt management, most creditors will sell your accounts on to debt purchasing companies such as PRA Group/Lowell/Cabot etc etc.

    They buy accounts in bulk, and for a fraction of their face value, so after a while of paying them, the discount offers should start arriving, not all of them offer big discounts, but most do as they like to clear their decks every now and then, given time and a fair wind, you may be able to settle some or all accounts for a substantial discount, which in turn can knock years off your DMP.

    So, don`t be downhearted at this juncture, the first hurdle is to get them all to stop interest, and to save a good emergency fund, this is usually done by non-payment for a few months, this encourages defaults, and fills the emergency pot coffers somewhat.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • I am on a SMP that takes me to 2031. I can see how that long a period can seem daunting. Thing was I never thought I would ever pay off my debts before the DMP. Things may change in your life though in that period. We have decided that in the next 3 years we will sell up in the south and move north. We will be mortgage and debt free then and hopefully have a better quality of life, just waiting for 55 to come along!
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