Which DMP do i go with???

horseygirl_3

im going to start a dmp shortly but the choice of companies to use are too many.

i dont want to go with a free dmp as i feel they wont work as hard as one's i pay. plus i have worked out that i can afford to pay over 50% to each and pay it off in 5 years max.

thanks for any ideas:money::money:

Gemmzie

You won't get any recommendations here for any of the fee paying companies, only the free ones because they do the same or better job as the ones you pay. Not sure where you've got the idea that they don't work as hard

itsnowtime

Hi Horseygirl...

Please seriously reconsider paying for this service.

Firstly many of the free services are well respected with Financial Institutions e.g. Payplan, CCCS & CAB, National Debtline etc... those you pay a fee to are not well respected in that arena.

When paying a fee they are actually using money which could be used to pay off your debt quicker - and you could infact clear it quicker than 5 years

Do you really believe paying for a service will make them work any harder? Sorry to sound very cynical but I think not!!

As you can see I have a large amount of debt. I'm with CCCS, and this is about me working hard and controlling my finances (not paying someone). CCCS have been absolutely fantastic - and I haven't paid them a penny!

The way the make their money is by gaining interest on the payment I make to them. I send it to them on the 10th - they then send it out on/around 22nd - that enables them to fund their operation.

Good luck with your journey.

sam89

The only thing a fee paying DMP company will do that a free one doesn't is take your money for themselves :mad: .

Please call CCCS or Payplan and speak to them about your circumstances.

Sam,
x.

poorandindenial

Horseygirl

The free organisations do still work hard and are still paid for the work that they do (just not by you)

If you can afford to pay 50% then the companies you owe may as well get all of that rather than that minus 15% or more.

You could look at it this way, you could try one of the fee free ones and then if after you have given them a fair chance (at least six months as it can take that long for all the phone calls to stop etc) you feel as though you aren't getting good service you can look at companies you pay a fee too.

If I am honest I have seen way more bad experiences on here about the ones you pay than the ones that are free.

Some free organisations DO also receive some funding from creditors, far from making them biased against you it makes creditors more likely to believe they are acting responsibly, they do still act on your behalf.

JES_F1

Don't pay a company to run your DMP. These companies are only interested in making money out of you!

I believe these companies take your first payment to set up the DMP, with nothing going to your creditors that month. Then take a percentage each month.

Free organisations, such as the CCCS, Payplan, and CAB, offer the same thing - better, in my opinion. Many on here even run their own DMP.

Why pay someone to do something you can get for free or do yourself?

Some of my creditors told me not to go to any fee-paying company, and suggested the CCCS. I also found that as soon as I mentioned the CCCS to creditors, they calmed right down as they're used to dealing with them.

Good luck and very best wishes. And keep posting, you'll get great advice from all the fab people on here!

horseygirl_3

thankyou for that advice.. i guess the company was making things up.

tried to make me think that finance companies dont like payplan etc because they end up paying for the service.

i will ring cccs tomorrow.

itsnowtime

Crikey - we started a tirade there!!

But we're all very passionate about not paying anything more than you should need to..

If you can't wait till tomorrow you can go online and get some advice here at www.cccs.co.uk and you can do their 'debt remedy' I think they call it...

Good luck...

poorandindenial

horseygirl wrote: »

thankyou for that advice.. i guess the company was making things up.

tried to make me think that finance companies dont like payplan etc because they end up paying for the service.

i will ring cccs tomorrow.

These companies spin all sorts of lies to stop people takaing advantage of the free service

They also try to claim that because they are funded by creditors they will screw you over (err that isn't true either - lol, there are enough positive stories on here to show that)

Sorry for the tirade but I am really glad you have decided to go with a fee free one.

Why not pop your SOA up here and we can see if we can help you free up even more of your cash to throw at these pesky debts (SOA is statement of affairs and there is a calculator at www.makesenseofcards.com)

All the best for getting debt freeeeeeeeeeeeeeeeeeeeeeeeeeee!

Deep_In_Debt

Just to echo what every one else has said.

Two of my creditors said that they would only accept my dmp if I went with a NON fee paying company and not with a FEE paying company. They even gave me the number for CCCS over the phone! True to their words, they have accepted my dmp. I guess they would rather receive ALL the money I am paying than just a portion. These FEE paying SHARKS are just out to make money out of you, whereas non fee paying companies will act in YOUR interests.

Sorry to shout and rant, but please do not go with a fee paying company.

skintandscared_2

Your creditors want as much of your money as they can possibly get. They know that fee-charging DMP managers will take some of their cut. They PREFER the free ones, 'cos they get more!!! These greedy fee-paying DMP managers should be illegal... :mad: