Help with setting up my own DMP

yippeedoo

Hi,

Wonder if anyone can help???

* Are there any template letters to inform your creditors that you are opting out of a CCCS DMP and running your own with the same payments, etc?

* Do I need to inform them? If I continue to make the payments instead of CCCS, will it make a difference?

I've looked everywhere on the forum but can't find anything? Thank you.


If you're interested, the background is this. I have a DMP set up with CCCS which is very straightforward and involves 6 creditors all of whom had agreed to freeze interest and to my reduced payments. However, after just 6 months, Halifax/BOS have started charging interest again and told me because I can afford to pay £112 per month (pro-rata CCCS payment), they are entitled to charge me 1% interest - this means it would now take me 43 YEARS to pay that debt! :mad: They also said if I could only afford to pay £1 a month, the interest would freeze. Despite my letters, etc about them breaking their original agreement and the unfairness on my other creditors, they have refused to stop the interest.

I spoke to CCCS about this and they said Halifax are within their rights to do this and there was nothing they could do to help. CCCS have been brilliant getting me to this point and getting some control over my finances again but I think I now need to opt out as in the present setup, I can't do anything about the Halifax's interest.

I'm intending continuing the payment plans set up with my other creditors but reducing my payment to £1 with Halifax and in effect, fighting fire with fire.

I'm sure I've read some threads on here about running your own DMP but I can't for the life of me find them.

Any help would be appreciated.
Thank you.

Julie67

Hi

If you type in Self administered DMP you will find the thread.

Julie67

Also there are people on this thread doing their own
http://forums.moneysavingexpert.com/showthread.html?t=2218613

yippeedoo

Thanks Julie.

I've also found this thread since my post if it helps anyone.

forums.moneysavingexpert.com/showthread.html?t=1597891

Edit - removed the http:// as it won't let me post links - newbie law!

michelle45_2

Hi
I started doing my own dmp in January, and at the moment it seems to be doing okay (or have I spoken too soon). If you want to have a natter at any time please pm

Michelle

Leixlip1

I've been doing my own for over 3 years and use the National Debtline, and this site of course!, for advice, support, template letters etc
Halifax were one of my problem creditors as well.