DMP

[Redblack2023]

Hello,
I’ve been on a DMP for around 7 months. I have only just recently added my overdraft into this so owe around 7,000.

I just wondered others experiences of this as can sometimes feel will it ever change or can I do anything else. I am paying as much as I can and should be debt free after 6 years.

I can’t help but worry that at some point they will take further action or won’t let me carry on paying the amounts I am. Just wondered if anyone else had any advice or how to manage the worry around this and if it will ever get better,

Thanks

Hello,

As someone who is four years down the line with this, can I just say well done. It's a huge step to take, and I promise you've made a great choice.

The first few months are hard as all the bits slot into place, you still get bits of communication here and there but it will soon settle.

I'm two thirds of my way through now and I only have one creditor left that I'm paying - ten others have been paid off. It feels amazing watching the amount drop, and the stress it removes is unimaginable.

Thanks for this, it’s reassuring.

I am worried at the moment as a few of the ones I am paying through the DMP have been sold to other agencies recently and I’m concerned they make take further action have you had similar experience of this?

thank you

Now that you’re on a DMP no further action should be taken by anyone. The people you owe money to can and will sell the debts on but they’ll just get the same amount and a copy of your budget from the DMP. It gets easier as time goes on. Your credit score may have tanked if any ccjs were filed so this can take some time to recover but other than that just keep paying and get it cleared off.

Thanks I haven’t had and ccjs as started the DMP when I was struggling to make payments. Are these less likley to happen once the debt management plan has been set up for a few months?
Thanks

Unfortunately you can still have a ccj against you if you’re in a DMP. The creditor will write to you if they plan to do this though so if you get a letter about it then get in touch with the DMP straight away and they will help advise you what to do.

Thanks i am not sure if i am overthinking the situation as am paying what I can but at the same time feel like I am in constant worry about what else may happen or will further actions be taken

Try not to worry. You’re doing the right thing right now by dealing with it. Who is your DMP with? They should be very helpful, supportive and non-judgy if you need to call them and talk to them about how you feel. They’re there to help you and will help put your mind at ease.