Anyone organising their own DMP?

keithboy40

I have taken support from this post. I am considering going it alone. I have debts of £44,000 and have £420 free for creditors every month. Is this enough.

Do i ring my creditors at the start and tell them my problems in paying or do i send a letter first and wait for the calls.

debrag

I'm currently with Payplan & have been for about 3 years.

I have recently been thinking of doing it myself. a few of my creditors are now charging interest so maybe this is the way forward.

Should I send letters to them all asking for balances, interest added etc?

earthmother

I'm DIYing at the moment - started it last year, but passed it over to CCCS just before Christmas as there was a lot going on in life and I thought it would ease things. I was wrong - has a similar experience to Rianna - so took it back last month, and already feel better about it.

Overall the creditors seem happy enough to deal with me - but I did have one conversation today that I wasn't impressed with - Littlewoods/NDR saying that they don't generally accept offers if they don't come through a DMC. Obviously I'll set them straight if they get funny - there's no legal requirement to use DMCs, so they don't really have a leg to stand on, and as others have said, at least DIYing means that if we have a good month, so will the creditors.

earthmother

Keithboy - it's up to you how you feel comfortable whether you phone or write. I prefer to phone in the first place, even if it's just to advise that there is an updated SOA in the post, as I like the instant response rather than having to wait 2 weeks for paperwork to filter through the system.

As to whether what you can offer is enough - only you can decide. If your SOA is accurate (not overly extravagant or tweaked too tightly) then the creditors can't exactly expect more money (they'll try, but at the end of the day they can't have what you haven't got), and neither would the courts if it got to that point.

Get the help pack from National Debtline, do the SOA on CCCS's website, and start from there. It can take a while to get things going, and I can't stress the importance of record keeping, but it will get easier, and it's worth it in the end.

boo80

keithboy40 wrote: »

I have taken support from this post. I am considering going it alone. I have debts of £44,000 and have £420 free for creditors every month. Is this enough.

Do i ring my creditors at the start and tell them my problems in paying or do i send a letter first and wait for the calls.

Hi Keith,

I spoke to National Debtine about this and they advised me not to speak to my creditors (after I'd already called them) as they will always ask for more money. I, however, have not found this to be the case. I sent my letters on the 30/03/09 and have still not had any responses from them, but have spoken to all my creditors on the phone and they've (mostly) been very helpful and understanding. I do think it's best to get in touch with them and let them know asap that you are having trouble paying and show willingness to sort it out.

I don't know if you need a certain amount to enter a DMP, but if that is what you have available then that is what you have available. All you can do is work out your pro-rata payments and make your offers.

Good luck with your debt-free journey, keep us informed!

debrag

I'm just worried that creditor will default me or place missed payments on my credit file.

My files crap anyways, each time I get a new one, one more account is no-longer there even though it's still active. I have been told its to do with the spelling of my name but why only now remove items.

boo80

debrag wrote: »

I'm just worried that creditor will default me or place missed payments on my credit file.

Cap1 have threatened to default me today but I'm figuring it's going to take me at least 5 years to pay off these debts, and then I'll have a year and have a clear credit file (thats the plan anyway!) I'm pretty sure you'd still get the same if you went through an agency. Good luck Debrag!

debrag

yep I have 2 defaults from 2006 so will fall off 2011 I don't want to get anymore from 2009 + I have 2 years left till I'm debt free (I hope) bar interest that's been added.

keithboy40

Has anybody sorted out their own dmp with Northern Rock. What were they like.

Leixlip1

I don't have any debt with Northern Rock but posts over the past year or more generally point at them being unsympathetic.
As with other creditors I prefer to keep things in writing (recorded delivery), that way I have a record if any dispute/legal action occurs.