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appreciate the kind word and advice! Hope you are doing well
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Definitely wait for things to default before starting the DMP. Some will take longer than others. You might consider starting to pay the ones that default more quickly but stick to the pro rata amount. Don't let SC talk to you into starting pay anyone before you know that debt has defaulted. They do have some form for this I'm told.
So lets say they all default after 4 months. During that time you'll be putting your £1k a month into your emergency fund which will end up being £4k. Creditors don't look at your bank accounts so won't be looking for excess cash. And they acknowledge that an emergency fund is a good thing. What they do want is a steady flow of ££ to them as that will stop them worrying about or harassing you. You can continue to put money into your emergency fund each month when you start the DMP but you might decide to pay that to the creditors to get rid of the debts sooner rather than later.
Don't be surprised if creditors want confirmation every 6 months or annually that your situation hasn't improved significantly.
Good to hear you've tamed your gambling demon. Keep up the good work!!
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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It really is!
DFW info LBM: March 26
Total 03/26 69,481
"You put one foot in front of the other and one day you look back and see that you have climbed a mountain".💪
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Amazing, thank you so much for your help. One last thing, if I arrange a suitable payment to my creditors is there a chance they won’t default? Or am I just living in cloud cuckoo land, once DMP payments start they will eventually default anyway?
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You shouldn't make any payments until the debt has defaulted.
If you go down to the woods today you better not go alone.1 -
What @Grumpelstiltskin said. Stop paying. Wait for the defaults. Then start the DMP.
I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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Are you in the type of employment (now or future) where debt could curtail employment eg bankruptcy. Just need to consider that. Sure others can give more detailed info on that score. I know in some sectors you have to declare debt, gambling habits.
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No my employment wouldn’t be affected to be fair.
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