Starting DMP. Apprehensive but weight off my mind!

[Chosennonesneakymincepie]

After doing lots of reading on these boards and moneysaving forums I finally contacted PayPlan. It was either them or Stepchange. They have been amazing, non judgemental and efficient.

My debts had been secretly increasing and I had to bite the bullet and tell DH when he was furloughed. Tough times but he has been supportive throughout.

I had 6 credit cards, a loan and an overdraft along with 2 catalogues! The interest in black and white made me feel sick! I am sad my credit is messed up for years but we are happy in our home so don't want any finance ever again.

I'm nervous about the letters and phone calls as I have never defaulted on anything before! Luckily PayPlan have a list of all the different types of letters and how to deal with them.
Anyone worrying about debt I definitely reccomend PayPlan.

Go you!! And well done for taking the bull by the horn and facing it head on. I haven't used debt charities but I was £32k in debt at one time and know how it feels to think it is insurmountable. You can do this, and at the end you will feel loaded having all that spare money. I now save what I was paying out servicing debts and it builds up very quickly.

Thank you.
Its unbelievable how it can run away with you isn't it. So ready to be able to save actual cash!

I was in a similar position last year, and started one. I don't tend to look at the statements at the moment because the teeny amount it goes down by is depressing as I can't afford more at the moment...but at least it is under control.

Like you, bar the mortgage I don't need other credit. We will be looking at remortgaging when we come off deal in a year or so but will cross that bridge then.

I did this years ago as a graduate with debt...no interest as a student then they piled it on ...anyway it really helped me. because you have a new simple bank account with no overdraft there was no interest there either.

It helped me budget and after a few years my credit rating is now good. I still have no overdraft.

Can I ask does it affect your DHs credit rating etc or not? I think it may not if it is your own debt.

DH isn't affected as all the debts in my name (many from before we met) we are not financially linked in anyway. Thankfully.

Thanks, best of luck with it

I had a DMP with Payplan for 11 years - they were great