DMP company asking for payslip & bank statement

mayfly78

Hello everybody,

I am new to this site, but have been lurking for a while before I finally registered.

I hope somebody can give me some advice regarding debt management plan.

I am just in the process of setting up a DMP with BrightOak debt management company, and they have asked me to provide payslips and bank statements. Can they do this?
I was under the impression that a debtor is under no obligation to provide either of these.
I have told them this, but they said that because the DMP is set up with a third party (the company), they would have to provide payslips and bank statements to my creditors.
Is this true? Has anybody been in a similar situation?

Many thanks.

Charco_2

Perfectly normal.

The idea is that since you are looking for a DMP to help give you some relief from your debt problems (like your creditors will stop interest and charges to help you get back on your feet and regain a handle on your finances) then you have to give your creditors a good reason to believe that you are in hardship. The DMP should show that your trying to pay as much as is affordable.

However, would you not think about going to Payplan or CCCS (as much as I'm not a fan) they will not charge you for your DMP...

If Brightoak run a DMP for you then you'll pay your agreed amount into the Plan and they'll pay this onto your creditors minus a 15% administration fee.
If CCCS or Payplan run it for you then you wont have to pay this fee as they earn their money from your creditors who will allow them to retain a percentage of any monies recovered from you...

So if Brightoak say you'll be debt free in 10 years time on their DMP then it stands to reason that you'd be debt free 15% quicker with CCCS... 8 and 3/4 years or so! (having paid 15% less money!)

However, if your DMP is going to take that long then you might want to look into other solutions such as IVA or Bankruptcy.