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DMP Options

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  • #16
    Re: DMP Options

    Originally posted by batchy_21 View Post
    Just out of interest if i defaulted on the debt and didnt pay anything i know they would pass it to a DCA and defaults on my credit file. Would i be liable then for a CCJ and have to attend court etc not sure on the norm for this. Or is it better to default and then offer a reduced monthly payment until its cleared !!?? thanks
    If you go on a DMP you WILL get defaulted eventually and this will reflect on your credit file (eventually).

    What some creditors will do is they won't default you until you are 6 FULL months in arrears. So, for example, you only pay 50% of the contractual payment then it could take 12 months before they default you.

    I know because I've been there - a DMP can be a slow painful death which doesn't do much to extradite you from debt unless its sensible. If you read around the forum enough you will see there are also plenty of people who Stepchange didn't get interest frozen (and didn't tell them), only to 'finish' the DMP and find they are in as much debt as they were to start with!

    Being on a DMP doesn't mean a creditor won't go for a CCJ either.

    What position would you be in 12-18 months time to make offers to creditors?
    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    The consumer is that sleeping giant.!!


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    • #17
      Re: DMP Options

      Originally posted by Riz View Post
      Not ALL. Only enough creditors so that the debt owed to them is 75% or more of your total. If approved, the ones that didn't agree would have to lump it.
      Yes your quite right, I should have quantified that statement!!

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      • #18
        Re: DMP Options

        Having wasted 7 years on a DMP with Payplan I can honestly advise anyone not to bother.
        After 7 years debt reduced from 26k to 12k!!
        What a joke.
        With an IVA I would have paid 10k and now been debt free.
        Do the sums!!

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        • #19
          Re: DMP Options

          Umm its starting to look like i would waste my time with a DMP. In 12-18 months i would either be in the same position as interest wold have started on my overdraft and credit card. Im not expecting any lump sums or a lottery win !!

          My pay will increase by £900 a year in november and thats it. I have an appointment with my works Occupational Health department who can advise on debt matters i have heard of someone getting a loan from my employer interest free to clear debts apparantly ! although i wont hold my breath !! as its probably a load of rubbish.
          thanks for al your advice any advice regarding the position of my divorce settlement and the ex credit rating if i IVA would be helpful
          Thanks

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