DMP Mutual Support Thread (Part Three)

yellowmonkey

Ray Should be spending Florida money on debt but we all need a break and my debt is getting paid so dont feel bad :rolleyes:

Amy Glad to hear your good news. Hope that is a load of your minds. Good luck

ym

rayday2

Definately your DMP is stable go for it, we have a lot of work needed doing on the house that should go into paying our debts off but we kinda need the bricks to keep standing. It will be paid eventually and we don't get any more credit so overall the situation is improving.

compulsivespender79

Hi AmyV,

Just wanted to say I'm pleased you got things sorted. I was reading your posts, but really couldn't contribute anything useful, so I kept my nose out! It definitely feels like it's you agiainst the world sometimes doesn't it?

Now it's time for some shameless advertising! I've started a new thread called "The Spendaholics Anonymous Thread";

http://forums.moneysavingexpert.com/showthread.html?t=751363

This is for all of us who despite everything, are still really rubbish with money! Read the thread and you'll see what I mean!

CSx

tara66_2

Hi all,

Thanks for the warm welcome when I joined the other day, sorry I haven't been back sooner but been busy gathering all my inf for my CCCS appointment today. It went well and I feel really positive about sorting this out.

The lady I spoke to was very supportive but said that based upon our current inf it would take us 12 years on a joint DMP and they usually like to have it cleared in 10 years. She agreed a temporary one for 6 months anyway, so that was a relief. Has anybody else come across this 10 year 'limit'.

She also suggested that as I am the only one earning my DH should consider going bankrupt and I do a DMP on my own. If anybody has any thoughts on this I would welcome them, it doesn't feel right to me but I did say I would think about all her advice before deciding. DH will leave decision up to me.

Thanks for being here
Tara

rayday2

If you don't feel happy about the thought of bankrupcy and are willing to commit yourself to paying the debts off via a DMP then that is what you should do. It will impact your credit history a lot less than bankrupcy but obviously bankrupcy you don't pay so much off.

If you want more specific advice there is a bankrupcy board on the main Debt Free Wannabe page near the top and they would be able to help you more.

As for the plan going over 10 years, who knows what the next 10 years will hold for any of us. Also you could at some point decide to take over the plan yourself so the ten year thing will not be an issue.

You only have to do what makes you feel comfortable.

tara66_2

Thanks Rayday,

As you say you never know what may happen in the future and I am seeing the 12 years as a starting point anyway and would hope to reduce that over time. Forgot about self management option further down line.

DH and I are very happy together (when not worrying about debt) but I don't want either of us to be any the worse off than the other because of the debt, so don't think it fair for one of us to be bankrupt. Also we spent it so want to pay it off.

It really helps to get another viewpoint as am a bit all over place at mo so thanks again

rayday2

I think what you said sums it up nicely - in it together!

Gemmzie

Ten years would be nice, ours is looking at 13 from the start

tara66_2

Thanks for telling me that Gemmzie, I wasn't bein nosey but ours is 12 years so when 10 years max was mentioned I wondered if we were unusual.
Tara

Janey51

Our DMP was 61 yrs at the start but is down to about 12-13.
As we have our review with CCCS next month, I have been desperately looking at our budget to see if I can pay anymore.
Then I think that we are paying back the debts interest free at the moment so any savings we can scrape together should go into a savings account and get some interest.
Then I start to worry that some of the creditors will start re-applying interest and we will end up paying more!

As you can see, I worry a lot