Jump to content


Repayment Period


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4514 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi

I just have a quick question about repayment periods in DMPs.

When I first got with my DMP just over a year ago, they told me it would take me 5.3 yrs to repay. I was speaking to my friend the other day, who us also in a DMP, but she has been paying hers for 10 years now. They told her at the beginning it would only take her 11 years, and she said once she has paid her 10th yr payment, that she is going to contact the DMP company and insist on not paying anymore as she has paid her fair share. I was just wondering if she could do this, or if she has the rights to do this?

Thank you x

Link to post
Share on other sites

Well I must say I have no idea I suppose someone might know otherwise it looks like your friend might be the first to find out but of course it is only their estimation that it will be cleared in that time as it does depend on whether creditors keep adding interest or whether there is ppi on it or charges. Anyway at the end of the day if you want to opt out of DMP there is nothing to stop you do so except for your creditors who will probably still come after you.

I know I'm on a DMP and I was told 6 years to clear mine and I've just done a quick tally and I won't have paid mine in 6 years, my sister was told 5 years to clear to hers and she wont have cleared hers by then but nothing was ever given in writing stating this.

I suppose if you add up what the creditors were due when you start and what you've paid out on a DMP during that time if no interest etc., was added in that time then the two should tally but hey who knows how these people work anything out. Also remember if you reduce any payments to the DMP then it will take you longer.

By the way there is a company out there saying they will guarantee to clear your debts within 12 months now that does seem impossible to me I think we'd end up paying more to them than we owed and probably have a load of ccjs agains us as well.

DG

I have no legal training my knowledge comes from my personal life experiences

Please help keep the forum alive by making a donation

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...