It will depend on your own individual circumstances but they sort it so that it’s an affordable amount that still allows you to live! I think I was paying £80 a month or something when I did mine which was far less than what I was paying off on credit card repayments etc every month. It’s all just Based on your own debt and your own income and outgoings but it will be something that you can actually afford.
New to Tattle Life? Click "Order Thread by Most Liked Posts" button below to get an idea of what the site is about:
That’s great, thank you!
Just a little bit nervous about it effecting my credit score and the possibility of a house in the future etc.
But then I guess there will be no chance of a house until I’ve paid all of this debt off!
Hey! Congratulations on taking the first step, it’ll take a weight off you!
Everyone is different when it comes to the repayments and they’ll take into consideration all your outgoings and life tbh - for example my repayments to credit cards was nearly £600 a month when factoring them all in and they got it down to £345 for me. They still asked if it was ok and if I thought there’d be enough left over for me each month. Hope this helps
Xx
Thank you!!
That’s really reassuring as my monthly payments are near enough the same as yours were too! It’s terrifying having this much debt and now with everything else going up it has become very real.
You have really put my mind at ease so thank you xx
It’s so scary and I was worried about the same as you with houses etc. but I’m at peace now that this is how I’m paying it off! You’d never get a mortgage with that amount of debt anyway and would be even worse off. At least now we can get the credit scores back up once paid off & still be able to get a mortgage!
Once you’re in it, it feels so much better. It’s taken a huge weight off my mind and I feel like I’ve got some control back finally!
You’ve got this
xxDefinitely sounds like the best way to get the ball rolling!It’s so scary and I was worried about the same as you with houses etc. but I’m at peace now that this is how I’m paying it off! You’d never get a mortgage with that amount of debt anyway and would be even worse off. At least now we can get the credit scores back up once paid off & still be able to get a mortgage!
Once you’re in it, it feels so much better. It’s taken a huge weight off my mind and I feel like I’ve got some control back finally!
You’ve got this
Sorry, can I ask how long it took for a plan to be put in place?
Glad it’s helped you out and made you feel better about things!!
xx
Of course! So I enquired before Christmas and made my first payment in February. It was quite good as they advise you to stop paying your monthly payments to who you owe for that period so they can solidify how much you owe, it gives you some time to save for the first payment / breathing space for a month. All timescales are different though. If I’m right who you owe money to has 42 days to decide if they accept the DMP, I was told it’s rare they say no to the process as they’re guaranteed repayment even if less than fully owed.
Hope that helps! Xx
I was in one a very long time ago, I was paying £520 per month to debts before joining stepchange, it was reduced to £180 when I entered the DMP. It will all depend on your disposable income after essential things are paid.
I’m glad I’ve found this - I’ve just recently set up a DMP with Payplan after realising all my bills wipe out my income pretty much, and I was using credit to live/pay for food, petrol etc. I knew I had to do something. I was constantly worried about money and I can sleep at night. I have more money spare now a month, and I don’t have to worry about budgeting. I’m going to pay more towards my DMP for sure! I had 16k worth of debt and I’m paying £162 a month. I’ve already got a mortgage so I don’t need to worry about the future and my fixed rate doesn’t end for 4 years whereby that point my DMP would be settled, my current lender accepts settled DMPs.
My creditscore is going to be awful but I won’t be using credit anymore!! The only thing I have to worry about is my phone contract but that ends in January 2023 and I’m going to go on a sim only plan anyway.
My creditscore is going to be awful but I won’t be using credit anymore!! The only thing I have to worry about is my phone contract but that ends in January 2023 and I’m going to go on a sim only plan anyway.
not to give too much info but basically my parents are in debt, but are not dealing with it and have left it to me. my mum doesnt speak english and my dad doesnt handle the stuff. he for some reason does not pay the rent or tax etc as his friends do not pay it and have advised him to pay as well. he is rarley home but all the letters of home possessions and tax libality and courts come to me. most of the rent is payed by benefit due to low income but due to me not going into higher education benefits stopped paying for my share of rent and tax. due to covid being in peak and my social anxiety at it worst i wasnt able to find or look for a job. enforcement agents even had to come to get tax payments and extra pirce was added due to agent coming, my dad payed for it but blamed me for it. now the place that is supposed to be home is at stakes due to court hearing of repossesion, my mum blames me for not finding a job and paying it off and my dad is dismissing it. part of the rent is mine and partly is my dads as he earns a little bit more than recomended living wage so has to pay % of extra wage towards rent. but he is refusing to understand that and is saying all the rent is mine but i dont have anyhting to pay for it. i dont know what to do and incomes team arent really helping, how do i explain my situaton?
I am in need of serous help, enforcement agents came today, im scared what to do.
I am in need of serous help, enforcement agents came today, im scared what to do.
hi, how does this work, how do i apply for it
This won’t help your parents with their rent and council tax debt.
why not
Because your father is deliberately not paying his rent and council tax. Also your FATHER is the one in debt not you - you can’t even get him to admit that so how on Earth do you think you are going to get him to look into and apply for debt solutions?
can i not apply under my mums name
No!!!!! For goodness sake. Do you have any idea about fraud?! You cannot apply for anything like this using your mum’s name - for the love of god! Your father is the person in debt and it would have to be your father that would admit this and then take steps to sorting it out. You cannot do this and pretend to be him or your mother. Does she even know what’s going on - you said she doesn’t understand English, have either you or your father told her what he’s been doing??
You need to get some advice asap, please speak to Citizens advice. I take it you speak your mothers language? You need to speak to her and explain whats going on. They need to get this sorted and you cannot do it for them. You can help but do not apply for things in their name.
So glad I found this thread and it’s such a relief to see that it’s not just me in debt problems! Applied for the 60 day breathing space today and my DMP. Debt is such a dirty secret that no one talks about, I’d be interested to know how many people in my real life are in the same issue as me. I have about 9.5k debt, and this includes my overdraft too which I’m SO happy to be getting rid of as I’ve had it since I was a student.
Good morning everyone!
Just wanted to say a massive thank you for your help and the support on this thread -My DMP has been set up and now I feel like a huge weight has been lifted!
Thank you so much!
x
Just wanted to say a massive thank you for your help and the support on this thread -My DMP has been set up and now I feel like a huge weight has been lifted!
Thank you so much!
x