Starting a pension when on a DMP?

pepe2008

immoral_angeluk wrote: »

They can't offer Pension advice but any changes to your income/expenditure need to be mentioned and I'm fairly sure Payplan wouldn't be too happy about being kept in the dark about something that may or may not effect payments to creditors.
Honesty is definitely the best policy. Tell Payplan and let them tell you how they would do it, balls in their court then. The op made an agreement with them and that would include keeping them up to date about change of circumstances.

They may well turn round and say it makes no difference, but better to have it from the horses mouth that to live with ifs buts and maybes.

CCCS were fine with me when I told them what I had done ( same as OP )
I was able to cancel some Term life cover which made up the difference.
If OP was setting up a seperate Pension of their own accord I think there would be more of an argument.
It wont affect the Creditors because of the pay rise. Theres no definite answer other than what is best for the OP in the long term.

immoral_angeluk

pepe2008 wrote: »

CCCS were fine with me when I told them what I had done ( same as OP )
I was able to cancel some Term life cover which made up the difference.
If OP was setting up a seperate Pension of their own accord I think there would be more of an argument.
It wont affect the Creditors because of the pay rise. Theres no definite answer other than what is best for the OP in the long term.

True, like I said it may not make a difference but different places have different policies and it's better to tell them everything rather than it come out later and it have a backlash. I know if he were one of my clients then I probably would just update my files but only redo the financial statement once the creditors were asking for their 6/12 month review, but I'd say it's better to be on the safe side and tell Payplan everything that keep things from them. Then it's their decision and you've done everything expected of you to keep to your side of the DMP agreement.

pepe2008

immoral_angeluk wrote: »

True, like I said it may not make a difference but different places have different policies and it's better to tell them everything rather than it come out later and it have a backlash. I know if he were one of my clients then I probably would just update my files but only redo the financial statement once the creditors were asking for their 6/12 month review, but I'd say it's better to be on the safe side and tell Payplan everything that keep things from them. Then it's their decision and you've done everything expected of you to keep to your side of the DMP agreement.

Well agree then IA:D. Once the review goes in the Financial Statement will only be showing nett pay anyway.

lemoncheesecake

thanks very much for this discussion - I just checked and could take up pension at any time.......but think I will go ahead with the scheme as facing up to debts has kind of made me think long and hard about our finances.

have already cleared 10K to 6.5K on current income in 8mths so feel confident that we can keep clearing the debt. Then have to think about the mortgage (eeek)

immoral_angeluk

pepe2008 wrote: »

Well agree then IA:D. Once the review goes in the Financial Statement will only be showing nett pay anyway.

I am agreeing per se... I'm just saying it's never cut and dry and it's always best to be open and honest with people who are trying to help you..

immoral_angeluk

Also don't forget the new gross pay would affect any benefits such as tax credits, which are calculated on gross pay