anyone been with a dmp company & gone it alone?

funkyfish586

hi all

We have been with payplan for a while now, after numerous problems we want to go alone now, as everything is set up & most have accepted the DMP. What should i do? shall i write to them & explain our reasons for going alone & ask for bank details to pay them?

im a little lost how to get the process going x

mummum2

Hi FF,

I was with a company and went alone. Started self-managed in April this year, after 2 and bit years with DMC. Like you all my creditors was on board, all apart from Lloyds had frozen interest. I wrote to my DMC and told gave them notice that I was going out on my own, of course they try and get you to stay, but I was determined....ahoo!! I firstly got them to sent me all the details they have for the payment department of said creditors, also phone numbers, I called all my creditors and told them that I was going it alone all bar Santandar accepted and basically said it wasn't going to be a problem with them. I followed this off with a letter and E&I which I took from the national debt website. I have thus far ingored Santandar, because the guy I spoke to gave me all the details I needed, i.e. paying by standing order, and so far have not had any problems. I did put up payments to them, as I was with a fee paying. I'm grateful to them as they initially got the ball rolling and manged to get creditors on size, but was wanting to knock this thing down so paying them a fee was eating into what I was paying, also it's surprising that I started with £64K debt, when for PPI on two loans, Lloyds and N/R, took a while but both payed out and now debt stands at £37K. Originally debtfree date with DMC was 8 years, since reclaims etc, I God willing will be debt free in another 2.5/3 years (I over estimate as Lloyds although interest is reduced they are still charging).

Good luck and let us know how you guys get on.

funkyfish586

thank you! thats v reassuring to hear all were ok with it too. Im worried some might pull out etc xx

downnotout

The thing you have to remember is that when you enter into a DMP, the administrator of the DMP has worked out how much you can realistically afford to repay, in a pro rata basis. If a creditor took you to court, they would be hard pressed to make you pay any more than a DMP. On the flip side when it comes to reviewing your DMP alone, you need to be truthful and up front with your creditors.