confused!

woodybuzz

We are thinking off starting a DMP - we are 60k in debt, but could probably stump up about £1500 a month to a DMP (give or take a £100). This will be a struggle, but if all interest is frozen, in theory we could be debt free in 3 and a half years (all going well).

However, various threads on this forum either seem to have a fairly hassle free DMP or horrendous ones with ccjs, bailiffs etc.

My question is is there a common denominator in this - is it down to how much is paid off per month against the size of your debt or is it pot luck with your creditors and how they feel on the day?

Using MBNA as an example, some have no problems with them and some have awful problems with them.

Any ideas?

Deep_In_Debt

Hi Welcome

I'm on a DMP with CCCS. MBNA have been angels with me and they are my biggest creditors.

It really depends on the creditors - some are known for hassle. Halifax and Barclaycard have been by far the worst for me and my smallest creditors, refusing to accept my DMP but they've not taken me to court yet - just lots of hassle. It's really difficult to say how they will react. A lot of it depends on if they know you have a property with equity for example and it's worth chasing through the courts.

If you do go for a DMP only use one of the non-fee charging companies, such as CCCS, Payplan or CAB.

Good luck.

lunar

how much are your minimum payments on the debts? why dont you post a statement of affairs and you will get advice on your individual situation.