Debt management

Bedhead_Girl

Hi can anyone help me please.

Im currently in a DMP and have been in for the last 2 years but they didnt tell me just how badly it would affect my credit rating. I live in a rented house so dont own my home.

Is there any chance I would get a loan to get me out of the DMP

(this is my first time on here so sorry if itd in the wrong place)

Thanks

immoral_angeluk

How long do you have left to run on the DMP? As your credit rating will be trashed the only loan you'll get will be a higher APR one from a sub prime lender.

Bedhead_Girl

Hi I have about 2 years.

fermi

Bedhead_Girl wrote: »

Hi I have about 2 years.

Best to just finish the DMP then perhaps.

I understand your concern, but the damage is already done.

The defaulted accounts will stay on your Credit Reference Files for 6 years from the "default date" whatever you now do.

10past6

Hi

Who is your DMP with, and how much debt do you have?

immoral_angeluk

Just want to 2nd what fermi says. You'll pay off your DMP quicker than getting a loan as you'll probably have the interest frozen so your money will actually be paying off your debt. By getting a loan you're just moving your debt from interest free to high interest.

Bedhead_Girl

Thanks - I thought as much.

Heres to a win on Saturday night!!

x

Bedhead_Girl

Its with Churchwood - they do charge a % - i have looked into changinmg with but I have been told that because eggs my debts are under £8k then i cant.

I ahve about £5k left.

RAS

At least ring up CCCS and Payplan and ask them Do not ask, cannot do anything about it.

Donedoingdebt

Bedhead_Girl wrote: »

Its with Churchwood - they do charge a % - i have looked into changinmg with but I have been told that because eggs my debts are under £8k then i cant.

I ahve about £5k left.

There's nothing to stop you doing a self administered DMP.
As long as you've been with Churchwood for the contracted minimum period, you can give them a month's notice & leave.
You can then save the charge that Churchwood impose & distribute that, alongside your regular monthly payment, via standing order to your creditors & therefore, pay off your debt earlier.

poppyg_2

I agree with donedoingdebt give Churchwood notice and write to creditors yourself or try contacting CCCS, they have a debt remedy thing you can fill in online, you could always see if that suggests a DMP. I think attempting to get a loan would be a bad idea, though i understand the temptations

Maybe you could post up a statement of affairs so that people can advise on any savings you could make from your outgoings to try and get the debt paid off quicker?

Oh and welcome by the way!!!!