Persistent debts built up, 0% periods ending on cards mean its unaffordable - DMP

ArtyJ931

Thank you all. This has been an incredibly useful thread in terms of understanding the process fully. I am at the very beginning of understanding this. Can I ask - are affordability claims best done after default and when you are in your DMP?

ManyWays

I think the consensus here is that they can be done at any point, before, in the middle or later. But the longer you leave it, the harder it may be to produce bank statements as evidence, especially going back more than 6 years.

SPM87

I would find out how the default lands. I have had loans where there was tons of interest on the loan and its all been wiped out simply from defaulting. It has saved us 20k easily

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81794046#Comment_81794046

Did you write to let creditors know that you were stopping payments or anything initially or just stop them and wait for default notices? Thanks :)

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/81923263#Comment_81923263

There is no point in that whatsoever, you want defaults, any contact with your lenders about stopping payments would likley see them offer you payment arrangements, which would drastically slow down what you are trying to obtain.

Remember, your current lenders most likely won`t be the same ones you set up debt management with, as the debts will normally be sold on by that point, they are not your friends, this is purely business, you must follow the plan to get what you want, and that means going radio silent until you get a default notice issued under sec 87(1) cca, and you are certain that default has been registered on your credit file, then and only then are you free to talk turkey.

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81923663#Comment_81923663

Great thank you