Questions for those who have finished DMPs

ArtyJ931

I'm at the beginning of the journey and still weighing up options. I wonder if people who have been through this before would mind answering some questions as I don't know anybody in real life who has been through this.

How long did your DMP take beginning to end roughly?

Did you put in affordability complaints and if so what was the outcome?

Did you settle your debts at a lower value and if so how much lower?

Is there anything you wish you had known/ done at the beginning?

Do you have any regrets about going this route?

Thank you :)

Rob5342

I'm coming towards the end of a dmp.

I made a number of affordability complaints, most were rejected after escalating to the FOS but I had some good wins, one resulted in an interest refund of £16,000. It all depends on individual circumstances so it's best just to give it a go and see what comes out of it.

The only regret I have is following Stepchanges advice and starting the DMP straight away instead of stopping paying and waiting for defaults. I have one debt that won't drop off my credit report for three years but if I'd defaulted first I could have had a clean credit record next year.

ManyWays

https://forums.moneysavingexpert.com/discussion/comment/82140535#Comment_82140535

it can take a while for things to default outside a DMP. Especially for an overdraft.

But you can make a complaint to the original lender who didn't default you and ask them to add a backdated deafult

Sunbakedscobble

Hello

I completed paying back 34k via DMP in August. Started the DMP in October 2021.

I did it all through payplan and just did whatever they told me, so perhaps I could have saved some money by doing some affordability complaints etc. However I would not change how I did it at all. Payplan were amazing from start to finish. It was just so nice to know I was being looked after, and once it was all set up other than my annual review or when I got letters to say interest was starting again, I didn't have to think or worry about it ever again. I just launched into it. Best thing I ever did.

It was so satisfying seeing the debt come down, and my credit score improving. I needed a new car with 3 months left to go and was approved for a 0% finance loan no problems at all.

Rob5342

@Sunbakedscobble You might still be able to make affordability complaints. If you had any new loans or credit limit increasees less than 6 years ago then you certainly can, if it has been longer then you might be able to argue that you have only recently become aware that your can.

Sunbakedscobble

https://forums.moneysavingexpert.com/discussion/comment/82148349#Comment_82148349

I will go through my records and check, but I suspect my increases probably stopped around that time, as I floundered for a year or so before getting my DMP. Thanks for heads up.

to be honest, I am just glad it's all over and very proud I got myself out the place I was in.