Anyone organising their own DMP?

SHANKS1000

Hi tried to set up a DMP directly with the creditors, one hasn't even replied, 2 replied and when I went through all the figures with them they said that they couldn't accept the offered payment as it was too low. The other 2 told me to go via an agency, ie. CCCS. At least the CCCS don't charge for running the DMP but I'm interested to know why they wont accept it initially directly from me, but this could I guess change later on if they see regular payments coming in!

Really wanted someone else to take it all on board so hoping that the CCCS one will be a success.
Just read that and am not really sure what my actual question is just looking for opinions. Thanks

Windscreen_Viper

SHANKS1000 wrote: »

Hi tried to set up a DMP directly with the creditors, one hasn't even replied, 2 replied and when I went through all the figures with them they said that they couldn't accept the offered payment as it was too low. The other 2 told me to go via an agency, ie. CCCS. At least the CCCS don't charge for running the DMP but I'm interested to know why they wont accept it initially directly from me, but this could I guess change later on if they see regular payments coming in!

Just read that and am not really sure what my actual question is just looking for opinions. Thanks

It's only a guess, but I suspect that they have had all sorts of "Financial Difficulty" claims over the years from people who are simply trying it on to get interest frozen and some card companies now require it to be at least verified by an organisation they know and trust to filter out the scam merchants. There's always some who will worsen it for the rest aren't there?

Lois_and_CK

Not updated for a while, but thought it was worth adding my experiences in case they're useful to anyone else.

I started on the self-managed DMP route a few months ago (self-employed) and sent off all the usual letters. Mostly they were ignored, some said they wouldn't accept any offers, and two got accepted straightaway.

After sending out a couple of 'please reconsider' letters, one other creditor accepted my offer. Other creditors refused - gits. Pretty nasty letters too actually, which really don't help in times that were already stressful.

I was really fed up, and stressed, but in the end it was a moot point because I managed to win a good contract with a new customer and was able to meet my minimums again, so I scrapped my self-managed DMP. That's not to say I don't think it's worth doing - it's just that it takes time and you have to be thick-skinned not to let the default letters get to you.

Here's the thing. I ended up having to ring two of my creditors to find out how much I needed to pay them to bring my accounts up to date, and while I was on the phone I had a go at them about how they'd contributed to a very stressful period in my life, and that a bit of compassion wouldn't have gone amiss. And BOTH OF THEM immediately offered reduced payment plans. I couldn't believe it; too little too late.

So the moral of my story is - get on the phone (even though officially you shouldn't really, as you should have everything in writing - but really, it's less painful and things get sorted quicker).

gargrave50

Hi all,
After contacting CCCS for advice on our debts I immediately wrote to all of our creditors offering reduced payments and explaining our circumstances (enclosing an SOA). I have only received a response from HBOS re: BoS credit card requesting a list of creditors and amounts due. I have provided this because we have nothing to hide. We started payments straight away. I have thick skin so hopefully I can cope with getting through this. I intend to make all correspondence in writing in order to retain accurate records. The reason I have decided to go it alone is because on the odd occasion there are extra funds I want to be able to save this in order to make F&F settlements to one at a time when we can afford to. You are each coping really well and I hope to eventually get a result. I 'll be using the template letters suggested, and subscribing to this thread to keep me sane!

Well done to you all!

Karen_30

Just a little update, touch wood, due to make my first payments alone this month without payplan and all creditors seem to be fine and dandy with this at the moment.....lets hope it lasts!

gargrave50

Sorry {BUMP}because I think this thread is really useful, and there appears to be a growing number of people considering self-admin DMP, who could really use this thread!

blond44

Hi All

I am just about to embark on a self-admin DMP.

Question: If I have a standing order each month for a Mint Loan and I want to make a reduced payment how can I prevent them from taking the full amount? Do I just cancel the SO with my bank and how do I make the new payment - do I set up another SO? Bit confused sorry!

Thanks!

SueP19

Hi Blond44, is your payment a standing order or a direct debit??? they are different

A standing order, you set up and can alter the amount

A direct debit, the company (loan) sets up and requests that amount from your bank.............the loan company would have to change the amount. In my experience they either don't or the change occurs to late.............you can ring your bank and cancel a DD, you could then arrange to set up another DD or better still pay them by cheque each month, that way you have control over how much is taken

blond44

SueP19 wrote: »

Hi Blond44, is your payment a standing order or a direct debit??? they are different

A standing order, you set up and can alter the amount

A direct debit, the company (loan) sets up and requests that amount from your bank.............the loan company would have to change the amount. In my experience they either don't or the change occurs to late.............you can ring your bank and cancel a DD, you could then arrange to set up another DD or better still pay them by cheque each month, that way you have control over how much is taken

Thanks SueP19 - you're right its a direct debit! Is it ok just to cancel DD with bank and pay by cheque instead?

SueP19

Hi Blond44

I started my own DMP just over a month ago and I would say yes...........have you written to your creditors yet, if so you could always mention that you will be caneclling the DD and forwarding a cheque in future on a certain date?? Mine are credit cards so I pay 2 online and 1 by cheque.

You have to look after yourself, a lot of abnks/credit cards will ignore your initial letter, so it is safer to cancel DD's so as not to incure charges or that one creditor gets more money than another. If you do online banking you can often cancel that way rather than telephoning the bank