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DMP - Occasional Extra Cash
Oneday77
Posts: 1,242 Forumite
Ok I have a question.
If your on a DMP and you occasionally get extra money from somewhere. Say you sell some stuff on ebay, get some overtime, gifted, etc.
What do you do with it?
Do you: -
A) Surrender it to the DMP company and let them distribute it for you?
Save it up and use it for a rainy day?
C) Save it up to use for F&F/fully pay off small creditors ie
CC1 Bal £5000
CC2 Bal £250
CC3 Bal £700
Loan1 Bal £250
Loan2 Bal £10000
OD1 £200
OD2 £1500
£500 extra cash made available by any means but won't be regular, is it worth putting F&Fs to CC2, Loan2 & OD1. Will it be seen as favouritism. After all it isn't going to dent the others or do you pay off CC2 & Loan1?
I am not in that position at the moment but I want to know what people think. I may start trying to make some cash on Amazon/Ebay but want to use the funds accordingly.
If your on a DMP and you occasionally get extra money from somewhere. Say you sell some stuff on ebay, get some overtime, gifted, etc.
What do you do with it?
Do you: -
A) Surrender it to the DMP company and let them distribute it for you?
Save it up and use it for a rainy day?C) Save it up to use for F&F/fully pay off small creditors ie
CC1 Bal £5000
CC2 Bal £250
CC3 Bal £700
Loan1 Bal £250
Loan2 Bal £10000
OD1 £200
OD2 £1500
£500 extra cash made available by any means but won't be regular, is it worth putting F&Fs to CC2, Loan2 & OD1. Will it be seen as favouritism. After all it isn't going to dent the others or do you pay off CC2 & Loan1?
I am not in that position at the moment but I want to know what people think. I may start trying to make some cash on Amazon/Ebay but want to use the funds accordingly.
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0
Comments
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If your debts in the DMP aren't incurring much if any interest i would save it for a full and final offer someday. Everyones income fluctuates every month, when on a DMP if you have a breakdown of a boiler/car you need money to pay for repairs, so then your DMP manager has to inform them of lower payments, bit of a spanner in the works but it is necessary.
This way if you have a buffer (savings) you can probably deal with it without having to notify the creditors. If you are really unsure and then ask your DMP provider/Manager (who i assume is National Debtline, CCCS or PayPlan).Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
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