Our current DMP for joint debt with my husband of around 28K based on our current budget paying out £100 a month will take us near on 30 years to pay off. We took out the DMP last year and intended to up it with our budget review this year, however cost of living crisis and our mortgage almost doubling that isn’t possible. It means our DMP will span over 30 years if we keep it at that amount going forward.
My question is would it be terrible hypothetically to just see it as part of our mortgage for the next 30 years and accept that we will just pay small amounts for the forseabale? Is anyone else’s DMP here that length? i also am set to get a good inheritance from my parents (hopefully not anytime soon, but in the future) so one day I will be able to pay off in full. Not sure if better to slave away paying maximum amounts when we could do it the long way? i know it means the debt will be sat there, but that might give us a better chance with savings for emergencies seeing as our credit is shot?
Any stories or advice would be appreciated.
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