when to start dmp

pinkbear

I'm new to this list & have dmp q. Trying to start up a dmp for 1 Oct but we have car tax x 2 & car breakdown due that we don't have money for because we haven't been able to put it by like we will when dmp starts. I think we should make token payments for creditors for Oct & start dmp on 1 Nov. that way we can pay 3 bills & keep out of overdraft from the beginning. It seems are good clean start. My husband thinks we should start dmp 1 Oct & use overdraft for 3 bills. Anybody have advice.
Thanks.

CLAPTON

i'm not really sure what you mean by 'start a dmp'.



process of starting a DMP is

a. you stop paying your creditors the amounts due
b. you stop using CC or overdraft etc.
c. you offer (and make) (either directly or via Payplan/CCCS) small affordable payments
d. your creditors may freeze interest and charges or they may not.
e. your creditors will be displeased and will default all your accounts.
f. many of your creditors will write/phone and generally harass you to pay your debts.

you seem to be saying you will make token payments in oct but start the dmp on 1 nov...what does that mean?

Wonder_Girl

pinkbear wrote:

I'm new to this list & have dmp q. Trying to start up a dmp for 1 Oct but we have car tax x 2 & car breakdown due that we don't have money for because we haven't been able to put it by like we will when dmp starts. I think we should make token payments for creditors for Oct & start dmp on 1 Nov. that way we can pay 3 bills & keep out of overdraft from the beginning. It seems are good clean start. My husband thinks we should start dmp 1 Oct & use overdraft for 3 bills. Anybody have advice.
Thanks.

If you haven't contacted a DMP company already i would do it now it's going to take a few weeks to set up anyway.

but there really is NO point in starting a DMP if you are still going to rely on your overdraft, not only will you be breaking the terms of any DMP agreement but your not going to be living within a budget which defeats the point.