DMP - can you pay off one of your creditors if your in a DMP?

misscutiepie1984

Im guessing the answer is no but im saving some money up at the moment, im wondering if you could pay off one of your creditors thus increasing payments to the remaining creditors ....... or is it just a case of pay some extra money and its get handed out equally.

thanks in advance

Amy

Energised

Can't answer the question I'm afraid, just read this and wanted to say good luck shifting the debt!

misscutiepie1984

looks like your in the same boat as me are you on a dmp as well?

bonnie_2

we have done it and not had any problems at all, i think they were grateful to get the money. Hubby only has 5 more to pay now out of 11 which will be gone on the 1st december next year.

misscutiepie1984

did you mention to the company that you had the dmp with before you did it???

Energised

misscutiepie1984 wrote:

looks like your in the same boat as me are you on a dmp as well?

That's why I posted haha, Most people I've seen on here have been above 20k or below 5. I've not really seen any similar to my figure!

I'm not sure what a DMP is? I just kind of thought "Right, that's it!" the other week and decided to just plough everything into getting rid of my debts.

What's a DMP?

misscutiepie1984

DMP - debt management plan

CCCS - consumer credit conuselling service, they work through how much money you have coming in what you NEED to live of and the rest of your money goes towards your debt - they quite often negotiate with the creditors to reduce or freeze interest, most of mine dont charge interest anymore!!!! that means you pay to one company rather than all your creditors, you may also find you have a pay break whilst they set the wheels in montion so one month of extra money so to speak and creditors will stop contacting you via the phone if they are.

sgx.saint

Or you can self manage your DMP if you feel confident enough

sgx.saint

Oh forgot, there should be no problem with paying off a creditor whilst on a DMP. That's one of the things that make DMP's more flexible than any other repayment option.

misscutiepie1984

nah not me lol

vicki_1981

I asked the CCCS this question, they said it was no problem to pay off a large sum to a creditor if you are able to - as long as you let them know.