self managed DMP - good idea? advice?? anyone done before?

clab1508

Hi i was wondering whether there was anyone out there who had done a self managed DMP and had any advice on how it went ??

To cut a long story short I have posted my Statement of income and expenditure on here and then spoken with CCCS. Basically im on maternity leave and therefore the reduction in income now on SMP and when i return to reduced hours at work means we can no longer afford to pay the ccards and loans. Has anyone done a self managed DMP with their creditors before ?? Im really keen to do this but am quite frightened about the whole thing. My income is going to be different each month from now until January due to Maternity pay so Im going to have to send letters to creditors on a ongoing basis until i go back to work.

Im really nervous about the whole "court thing" and CCJ's... does anyone know how long creditors actually accept the situation before taking such action???? Our problems could only be short term so i want to avoid any future problems, i certainly dont want to inform my creditors about this though incase im just being optimistic or even naive.

Any advice anyone???

Tixy

Hi

This thread might be of interest https://forums.moneysavingexpert.com/discussion/1597891
its not been updated much recently but does have other people's experiences of doing their own DMP.

Will your payments be decreasing each month of your maternity leave? I'm not sure how totally happy they will be with this, maybe you could just offer a low amount to start (but the same each month) until you start working again.

Is there a reason you decided not to do a DMP with CCCS?

clab1508

I was just basically wondering whether it was just as easy to manage on your own. I spoke to CCCS and they said that its really only a short term problem and should improve in the future but i really want to try and end the stress of constantly being in debt so wanted a longer term DMP solution.

When i spoke to CCCS they said that i could only ring them when i was in the unmanagement position but i really want to sort things out now so when it gets to the month where we have no funds to pay creditors i know exactly what to do

have you managed on a DMP? how did it work for you?

Tixy

I haven't personally, but many on here are on DMPs (some have even come out the other side!).

In addition to the link I gave you above there is another thread full of very supportive people who may be able to offer you support along the way if you do go for a DMP (though I think most of those are with one of the free dmp providers - but they did all start DMPs this year) see here - https://forums.moneysavingexpert.com/discussion/2388003