Anyone organising their own DMP?

Nitha

I only did a partial DMP as one of my creditors (Amex) had closed my account but made me repay my minimum payment each month at the level it was when I nearly hit the limit. I managed for 2 years (and paid off 2 grand) but it became a struggle as things got more expensive. I requested the reduce the payment to what the minimum payment was on the current balance but they said the only reduction they could make was through their DMP company RMA. So I now use RMA for that debt and pay the rest normally.

boo80

Does anyone know what happens if you want to make additional payments? For example, if I had an extra £50 left over at the end of the month, can I put it towards my cc which is still charging interest, or do I need to spread it out pro-rata and offer all my other creditors something too? Or would it just be best to save it up to make a F&F at some point?

Lois_and_CK

Thanks boo and jinx. I've had 2 other replies now, both saying no and threatening to 'take it to the next stage' if I didn't make their minimum payment (oo not the next stage). I was expecting this though, and intend to carry on sending them what I can afford every month along with more copies of my SOA. I like jinx's idea of marking on the SOA which creditors have accepted the offer - I have had one acceptance so I'm going to do this.

Lois_and_CK

boo80 wrote: »

Does anyone know what happens if you want to make additional payments? For example, if I had an extra £50 left over at the end of the month, can I put it towards my cc which is still charging interest, or do I need to spread it out pro-rata and offer all my other creditors something too? Or would it just be best to save it up to make a F&F at some point?

I've been wondering this too. If you send them extra money then they might think you can afford to go back to their normal minimum payments or might increase the interest? I'm leaning on the side of saving it to make a full and final offer at some point, but I really don't know if that's the 'right' thing to do, considering most of my creditors are telling me to bog off at the moment!

Also, I've always leaned on my credit cards as an emergency fund in the past, and now it's getting to the stage where my creditors won't allow me to use the cards (I haven't used them for a few months anyway so this is a moot point). But I do worry that if the washing machine died or the car failed its MOT or something, I could do with some savings somewhere.

Leixlip1

As you say Lois & CK emergencies will always arise and it's better to have stached some "spare" money aside to cover these. If they don't arise you have the makings of a f&f pot of money.

dee8788

Hi Guys,
Not posted on here for a long time, however, now i'm home with baby i have the time...well at least some!!!

When i first joined this site my total debts were over £8k, however i've now managed to drop that to £6,900. Yippeee for me, lol! My baby was born in July 2008 and obviously i've not been working since so currently trying to manage on benefits. I sought advice from St. Vincents Support whom i found to be great, however the whole £1 per month thing just isn't going to clear my debts quick enough.

I've just made contact with all my creditors to ask for reduced payments for 6 months so hopefully all will agree. Listed lots of things on ebay, some of which have sold, just hoping that i sell more so i can put the money to debts.

Just in the process of making a new budget which i tend to stick to this time around. I'm hoping to be debt free by the end of 2011....before if i am able (or win the lottery of course).

Good luck to everyone.
Dee;)

boo80

Thanks Lois and Leixlip, the idea of actually having money in the bank is so alien to me I'm trying to get rid of it lol! Did your creditors tell you why they've said no Lois? I was sooo lucky that they all agreed without too much fuss, didn't really appreciate that.

Hi Dee, welcome back to the board and congrats on your lightbulb moment! Do you have many creditors to deal with? Boo.x

Lois_and_CK

boo80 wrote: »

Thanks Lois and Leixlip, the idea of actually having money in the bank is so alien to me I'm trying to get rid of it lol! Did your creditors tell you why they've said no Lois? I was sooo lucky that they all agreed without too much fuss, didn't really appreciate that.

Just that the proposed amount was 'not acceptable' and that 'it doesn't cover your credit terms and conditions'. To be honest, it's not THAT much lower than their minimum payments so I think they're just trying to frighten me (lots of 'we're going to take it to the next stage if you don't pay up' sort of thing).

Eupho

Hellooo you *lovely* people

I was/am about to do a DMP with Payplan.. I couldnt speak to them today when they called (because someone arrived at my house)

I didn't realise you could do a DMP yourself.. and after reading so much on here.. I am reeeally tempted.

I'm now in two minds whether to get everything ready (SOA etc) for Payplan when they call me back on Friday.. OR... to do it all and read up more (debt line etc) for templates.. do's and don'ts.. and try it myself.

I can't decide

Eupho

Is it easy to back out of Payplan DMP once you are with them?

If I got someway into it and thought hmm.. I could do this better (kind of) myself. (?)
Maybe it's better for me to let them help me set it all up.. until I get the idea of how it all works.. until I feel more confident.. THEN try and go it alone.

Eeenyy meeeany miney moh!