Hi guys, im currently in alot of debt and have looked into a few solutions. Iva isnt possible due to the debt being from gambling. I have been offered a dmp debt management plan. I am yet to enter into this i am just scared for a number of reasons. Ruining my future, credit score, not being able to get a property due to this and not being able to have a child due to the financial situation. I was wondering if anyone out there has entered into one of these that could offer any advice or words of encouragement.
Thank you
I'm in a DMP now. It's made my life bearable. It's a great way of addressing the debt. For me, the credit rating was not a concern. Not because I wouldn't need it, but because without the DMP I would continue to miss payments and it would ruin it anyway. A DMP gives you a date to be debt free, stops the interest and fees (debt paid off quicker), and takes the worry away.
If you can plan all this on your own, and keep up payments without it, then that way may be for you, but if the debt is unmanageable, forget the credit score for a bit. Sort the debt out with a DMP, or you wont have the chance to get a property anyway. The quicker you get the debt under control, the quicker you can repair your credit score. Let it linger and the length of time will increase. I have been overpaying my DMP when i can to bring the debt down. As soon as its paid I'll be doing everything in my power to bring that credit score back up. With debt under my belt I couldn't do that.
Also use a charity for the DMP (Stepchange) as they don't charge fees.
Good luck.Â
I agree with the response above! Go for it you can sort the credit score out afterwards in plenty of ways. One step at a time.
@p6z38njbqm thank you for the advice, its taken on board
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