Length Of Time On Dmp

skibadee

My DMP, which I've just had to reduce the payments on is now going to take me 23 yrs to pay back!!!
Anyone else in that kind of position?

10past6

skibadee wrote: »

My DMP, which I've just had to reduce the payments on is now going to take me 23 yrs to pay back!!!
Anyone else in that kind of position?

Yes, mine is 15 years, I'll be retired by then :eek:

welshpaula

my B/F is about to start one with CCCS his will probably be between your 2 !!!

Deep_In_Debt

Mine is 9 years to complete. No way!! I'm due to pay my mortgage off in 5 years so intend to be debt free by then.

CCCS estimated 9 years on the info I gave them in February but I get salary reviews and bonuses which weren't taken into account at the time so I guess 9 years was just a guesstimate based on my current repayments.

scooterwife

yes! started at 24 years but things have improved a bit and I think it's only 12 years now:rotfl:

peteuk

It seems like a long time, but I have taken the time to work mine out.

I should be debt free by Sep 12, but that doesnt take into account my latest annual review. So I am hopeing to shave a few months off that.

Im not sure how the CCCS work out the payment end date, but im sure I dont need to tell you as you pay one debt off that money then goes to pay the rest. However its the smaller debts and smaller payments that end first.

Scottishmummy

We had to reduce our payments last year which makes ours now 35years :eek: however the mortgage will be paid off in 15 so that will be an extra £360 that can be thrown to the debt then which should take it back down to about 20 years - still :eek: .

Edit - make that an extra £450 that can be thrown at it as we'll no longer be paying the life insurance or our endowment. We don't need the endowment but it will knock 6 years off the mortgage. CCCS wanted us to stop paying the endowment but it is worth so much more in 9 years time than what we can get now for it and I would rather knock 15 years off the debt later than only a couple now.

rubydoiwannabee

Mine is about to start and because at the moment we can only pay £105 pm to 26K total debt, we will be 20+ years. I am trying to look at it this way, if we do nothing we won't be paying anything off, if we do DMP we will have less not more debt this time next month, year, etc.

You are not alone.
x

kel123_2

Mine was 22 years and with some adding interest and late penalties was increasing. So I had to do some thing, read my thread 'claiming back and CCA diary' to see how i've managed to bring it down.