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Token payments or stop payments completely??
After reading advice here, I have stopped all direct debits to my creditors, to allow my debts to default, before entering a dmp.
Should I stop paying completely, or make token payments?
Thank you
Comments
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Stop paying completely. Token payments do not help you get defaults.
My Debt free diary
https://forums.moneysavingexpert.com/discussion/6492297/10-000-steps-1-step-at-a-time1 -
I agree with 13th. Stop completely and set aside any spare cash to build your emergency fund.
You'll get the usual round of correspondence from the creditors which may seem increasingly scary but they should default you in a few months. Stay strong.
Just out of interest are you sure a DMP is the best solution for you? DebtCamel sets out the options quite nicely.
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