I have recently entered into a Debt Management Plan through step change due to a large amount of unsecured debt, mostly credit cards and 1 loan. I had never missed a payment but I was finding it harder each month to afford anything and would find myself using the credit cards to bridge the gap so was never making a dent.
I am at the stage of the plan where the banks are jow contacting me with Default notices which I understand is part of the process but the threats of CCJ's is stressing me out slightly.
I have never been good with money but have seen the huge errors of my ways and want to be better once this debt has been cleared. I wasn't able to apply for 0% cards to move the debt around based on affordability and overall lending so I didn't see any other option. I am aware that a DMP stays on my file for 6 years but I am confident that after this I will be able to re build my credit.
I am looking for other peoples experiences with DMP's and whether they found themselves with CCJ's and how that was for them? I stupidly assumed that a DMP would offer some protection against legal action.
any stories, good and bad, welcomed. Thanks