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Life after a DMP..?

2 replies

Lucky318 · 24/04/2025 12:30

Wondered if anyone has experience of a better financial life after a DMP. Currently in one and it's obviously ruined my credit score. Been through a divorce and all the marital debts were in my name (what a fool, I know) I couldn't afford a solicitor to try to fight for him to pay his share so just took it on. I've ended up without a home and with nearly 40k to pay back. I had my car on PCP which I kept but it runs out next year and I know I won't get any credit for a new one. Feel bitter and stupid and know it'll take years to build up my score again. I've got a year and a bit left until I'm free of it. Anyone been there with any tips to make me feel a bit less of a loser?!

OP posts:
Serene135 · 24/04/2025 20:36

Do you mind me asking how old you are OP? Im
sure there’s plenty of time for you to clear the debts and build your credit score. Just set a monthly payment plan and try to save as much as you can.

PrincessFluffyPants · 24/04/2025 20:46

Yes! I had one, thought it would go on forever but I was able to pay it all off earlier than planned for various reasons. It was a long slog, I kept a monthly spreadsheet of each debt as it reduced which was motivating and overpaid whenever I could even if it was just an odd £10 or £20.

Seven years later, my credit score is very good now and the debts don’t show at all on it, I think they dropped off around 5 years ago.

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