Amending DMP Payments

crafty1

If I get pay rise while on a dmp I realise that I need to do a review with CCCS and potentially increase my payments.
However do I have to tell them straight away or could I wait a few months? (bit sneaky I know)

misspixierocktastic

I'm no expert but in my opinion unless you have something mega to pay out for (your car blows up and it needs a lot of repairs etc) or something you hadn't budgeted for that need urgent attention i'd let them know as soon as possible

I think your meant to declare it asap (i presume it's down to you though not sure what the implication would be if you didn't tell them someone else may be able to advise)
But from a personal aspect surely the sooner you add a little extra onto your payments the sooner you'll be debt free :-)

crafty1

oh yes - don't get me wrong I have every intention of telling them, as it will possibly reduce my dfd by a year - I was just going to wait a couple of months to do so.

Tixy

I expect you 'should' tell them straight away, I don't think it would make too much difference for a month or 2 (except to allow you to build up a small emergency fund). I think some people wait until their next annual review which is understandable but possibly frowned upon.

If your annual review was in a couple of months it would seem reasonable to wait until then, if its say 7months away I wouldn't wait that long.