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Original poster

Positive experiences of debt management plans after debt became unmanageable

10 replies

ThatNattyPlayer · 16/05/2026 19:32

can anyone share positive stories of debt management plans they have took out
just entered into one due to debt that’s spiralled out of control and I’m really anxious about it already

OP posts:
PurpleLovecats · 16/05/2026 23:41

We went with StepChange a few years ago. It was brilliant. We paid off 23k of debt.
Now our credit ratings have risen again and we were able to take out a car on financelast year.

Thistooshallpsss · 16/05/2026 23:44

Crucially only go with a free debt organisation that will support you.

Toetouchingtitties · 16/05/2026 23:46

Well done for seeking help.

Payplan are very good and very much focus on your mental health - so if you're struggling, be sure to let your DMP company know. The DMP companies are there to help you - so utilise their resources.

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Debt
Mydoghealsmyheart · 15/06/2026 13:26

PurpleLovecats · 16/05/2026 23:41

We went with StepChange a few years ago. It was brilliant. We paid off 23k of debt.
Now our credit ratings have risen again and we were able to take out a car on financelast year.

Well done to you, what a relief it must have been. What do Step Change do? I’m in the middle of completing the DM form on their website but just wondered about the process.

PattyBladelll · 15/06/2026 14:25

I did a DMP with StepChange and it was so worth it, I wish I'd done it sooner. I took it out about 5 years ago, and after paying everything off I was able to take out a mortgage earlier this year so it didn't affect my credit rating for as long as I'd expected

Mydoghealsmyheart · 15/06/2026 23:22

PattyBladelll · 15/06/2026 14:25

I did a DMP with StepChange and it was so worth it, I wish I'd done it sooner. I took it out about 5 years ago, and after paying everything off I was able to take out a mortgage earlier this year so it didn't affect my credit rating for as long as I'd expected

What an inspiring message, thank you. It truly gives me hope when I feel largely lost.

Original poster
ThatNattyPlayer · 16/06/2026 17:17

PattyBladelll · 15/06/2026 14:25

I did a DMP with StepChange and it was so worth it, I wish I'd done it sooner. I took it out about 5 years ago, and after paying everything off I was able to take out a mortgage earlier this year so it didn't affect my credit rating for as long as I'd expected

That’s great, I’m glad it worked out for you

OP posts:
Mydoghealsmyheart · 17/06/2026 11:55

We contacted StepChange and they suggested either “Later life lending” which is basically equity release or a debt management plan. I prefer the DMP option whereas my DH would rather do equity release. I can’t contact StepChange as the lines are busy all the time so I’m just wondering if anyone has thoughts on which option is best.

Thistooshallpsss · 17/06/2026 13:02

Mmm that sounds like turning unsecured debt into debt effectively secured on your house which is generally not recommended. Depends a bit on all the numbers equity, debt size, income., age , future prospects. I would carefully read as my as you can on the various charity websites national debt line is a good one.

Original poster
ThatNattyPlayer · 17/06/2026 16:45

I would definitely avoid the equity release option, they asked me about this and it was a firm no.

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