Debt Management Plan - Good Idea?

savvy14

Hi fellow MSE's,

I wonder if anyone can give their views on whether or not me and OH should start a DMP? We have a huge volume of debt but can currently afford all our minimum payments. The only problem is that as that's all we can afford we will always be in this mess! Credit cards are the main issue as we can't reduce them more than a few pounds each month after interest. It will take us 70 odd years to clear them.

Went to the CAB this morning - complete waste of time! The lady couldn't advise on debt ad the man who could would ony see us in a months time. She in the meantime said the best thing to do was to not pay any creditors for a month and get into arrears so that we could do an IVA. From reading Martin's articles that didn't sound like good advice.

I have just received the recommendation of a DMP from the CCCS after going through the financials or their website. I had a few questions so I gave them a call. I still have a couple of queries:

- We rent now - would this affect us getting a mortgage in the future?
- OH hasn't yet started paying back Student Loan, will it still be included?
- Can anyone confirm if we have extra income one month is it OUR choice to pay it into the DMP or are we obliged to pay it to CCCS? (e.g. worried if we need new tyres or something unexpectd comes up that we haven't got a pot for)
- At my work they do a credit check if you get promoted etc - would a DMP affect my credit check? Would work find out that I was on a DMP?
- On a DMP do the CCCS manage all the creditors or will I need to write to them etc?

I am getting quite confused!! I would really appreciate anyones help/advice!!

Thanks so much.

CCCS_Matthew

Hi Savvy,

If you've got to the end of Debt Remedy, you should get an advice booklet on screen which should answer a few of the questions you have there.

I'm a little concerned with the advice given to you by the person at the CAB, I'm glad you've looked at other options to deal with your situation!

You will probably be best to give us another call on the number you have to go through the rest of the questions as it's very hard for me to elaborate in a lot of detail via this forum (and I'll probably be here all day).

Don't worry about calling again, it's natural to have a lot of queries when your reviewing your options, and your certainly not obliged to go through with it if you choose not to.

CCCS

savvy14

Hi Matthew,

Thanks for your reply - I called them again and cleared everything up. I feel confident that I am doing the right thing going ahead with it.

Savvy

CCCS_Matthew

Super,

I'm glad to hear you got things cleared up. Hope everything goes ok for you, I'm sure you feel a bit better you've got something in place.

CCCS