Nearly paid off my DMP!

[LovelyBath77]

I have had a DMP since having health problems after graduation and big student debts. I have now over ten years paid off over 6.5K and have less than 2K left! I feel really pleased I did this now. I was so worried at the time my credit score would be ruined, but now it seems good 9I think after 6 years it is not on the record anymore) I am with pay plan, a free service like step change.

It meant having a simple bank account and debit card and no cards / loans for years, but for me that actually helped a lot and was far less stressful. i would recommend it to anyone with debts struggling especially with MH problems and stress. The letters stop, the interest is frozen, you actually make a dent in what you owe, even if as with me, that was £30 a month over years. It has really been life changing.

That's great well done, it will be fantastic when you are debt free.
I would actual recommend bankruptcy for someone in your situation in the future. It is over in 12 months and then leaves your credit file in six years same as dmp.
That is assuming you did not have assets at the time e.g. House and expensive car .

Thank you, yes Payplan did mention the same (or an IVA) but wouldn;t have been suitable due to assets. They or Stepchange are really good to talk too, as helpful and don't make you feel worse, and go through all the options. It is a relief to be nearly there.

Also you always have to declare you've been bankrupted even after 6 years if you're asked.

No you don't not for credit anyway.

You do if asked

The other option Payplan mentioned was called an IVA- this is like bankruptcy but for smaller amounts (under 15K I think) and is similar, may be an option for others wishing to avoid it? That was how it was described to me, anyway.