On a self DMP

mtd-142128

Hi
Just a quick question.

Being on a self managed DMP and paying by standing order, is it ok to make extra/additional monthly payments if I have any spare cash left to one credtior to try and pay off sooner, or would the others not like it
Thanks

mtd-142128

bumping for the night shift !

Triggles

I don't think it's recommended through the plans managed by a company. If we have extra cash, we put it aside in savings. Then it's at least available if the washing machine breaks down, but if it's not needed for that, then when we reach a certain point, we'll have it for a F&F.

MrsTinks

As Triggles says - save it up for now and make F&Fs... If creditors find out you have been giving other creditors preferential treatment they rarely take it well...

mtd-142128

Thank you both

saltnvinegar

Hiya

I'm also on a self administered DMP and personally I would keep saving until you have at least 1 months salary in the bank for emergencies.

Put that to one side and then keep saving again. As has been suggested you can then decide to make F&F offers.

Alternatively save enough to equal one months DMP payment and then split that among your creditors the same as your monthly payment (so they are effectively getting 2 months payments).

If they've already defaulted you, and are accepting your DMP payment, I would be tempted to go the F&F route though.

Best

SnV

mtd-142128

Thanks SnV

would I be able to offer F/F say to 1 creditor then a save again to offer to another at a later date, or would they all want a share of whats available

Thanks