Debt management plan.. anyone had one?

[olaflikeswarmhugs]

I'm considering it but it's a massive step to make I'm a bit apprehensive. Just wondered if anyone has any experience they could share?

Mine is about to come to an end. Stepchange have been absolutely wonderful and I can't recommend them highly enough.

Go for it. Most creditors these days accept DMP proposals without too much of a fight or any fight at all. (I have professional experience of working in this field)

Go with a company that gives free impartial advice such as StepChange or Citizens Advice, they won't charge you a monthly fee to distribute your payments and deal with your creditors on your behalf - many do charge a fee and its money wasted imo.

When talking to your DMP company, be totally honest with them about how much you owe to who and have statements or screen shots of any online accounts to hand as the more accurate you are the better. Don't be tempted to leave anyone out of the DMP thinking you can pay them direct or worrying that the creditor won't agree to a reduced payment. You run the risk of staying over-committed financially and the DMP could fail meaning you're back where you started.

Be brave, once your DMP is in place you'll feel more in control and wish you'd have got help earlier.

They are really good for helping you take control of your finances and clearing your debt but be aware there will be a big impact on your credit rating for about 6 years - worth speaking to the likes of experian just so you know all the details