Stepchange

Debtfree30s

thank you

Do you wait for everyone to default then go onto a DMP?

I reckon Tesco would default fairly quickly as I’m already on a lower payment plan with them for previous arrears due to a tax malfunction

Grumpelstiltskin

OK You have to realize that you will need a compete different mindset. You need to realize you are in charge not your creditors, forget ' they might not think this is enough'. They accept what you can afford to give them.

The big mistake you can make is to start your DMP too soon, you do need to stop paying and use as much money as you can afford to build up an emergency fund. What happens if the cooker breaks and the car fails it's MOT in the same week and you have no access to credit to pay for them? Also you need to save for expenses that only come up once a year.

Debt collection moves slowly and you will have time to get a savings account or cash ISA set up and get some money saved. The problem with Stepchange is they want you to start your DP too quickly, not a good idea if you have no savings to fall back on.

Sunbakedscobble

I have just completed a DMP with payplan for 34k. I overestimated some of my payments on purpose to ensure a budget I was comfy with and could live my life with. They ask for bank statements and things and mine all got approved. You can have a review whenever you like to change your payments.