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

misscutiepie1984

gsx.saint - im confused some people say you can and then i find this on the cccs website

Can I make additional payments to my creditors?

We do not recommend that under any circumstances you make additional payments to a creditor. Making additional payments to one creditor means you are prioritising them. This could result in the rest of your creditors rejecting the DMP and demanding additional payments too. Your budget should reflect all your available money. If however you are finding that you have additional available funds on a regular basis you may be able to increase your deposit to CCCS. Any increase will then be split fairly between all your creditors.

i owe one of my creditors like £65 and it seems silly that im saving £200 a month from overtime which i cant guarantee but still owe that little amount

Energised

Ahh I see! Thanks .

Is that if you're in arreas? I think at the moment I'm pretty much on top of it, hopefully by march (if my charges get refunded at least!) the only thing I'll have left is one big loan (About 7.5k by that time) and I'll just try and hit that with £600 a month so hopefully, fingers crossed, it will be ok!

Thanks for the info

misscutiepie1984

you do not have to be in arrears i wasn't at the time but i was struggling pretty bad at the time

Energised

I was really struggling a few months ago, I've got a new job now which is monthly paid (It's always been weekly before that) and I've just found it much easier to manage I guess.

I like your quotes, sadly, I have a little book of inspirational quotes that I keep, I will add yours too it hehe!

sgx.saint

Yeah CCCS and PayPlan don't recommend it, and may advise you against it. But there is no real issue with doing it.

It's just that your meant to be fair to all creditors, and it may seem like your are favouring one creditor more than the others. So that's why they don't recommend it.

Howeverk, many many many people who come into sums of money, or have spare cash plumb this extra money into paying off the smaller debts on their DMP.

Hope that helps.

misscutiepie1984

thanks sgx.saint i really dont think they can moan about £60 just would make me feel a lot better!!!

misscutiepie1984

energised- i also have a book which i call my guide to debt freedom filled with positive quotes and things to keep me going, have a special pen only for that as well and each month i tick off what i have paid so it goes down and down each time

Energised

misscutiepie1984 wrote:

energised- i also have a book which i call my guide to debt freedom filled with positive quotes and things to keep me going, have a special pen only for that as well and each month i tick off what i have paid so it goes down and down each time

That's a really great idea! The book I have is more of a general life thing, but I should have one just for debt getting rid of purposes.

Haha, I have a thing about pens, I like them.

Weird me.

Ahem.

/random off topic.

misscutiepie1984

haha you sound like me - i tell you what is in my book .....

the sorta inner cover pages 2 pages of quotes etc and my guide to debt freedom in centre as a title

inside i wrote this which i got from a debt book

Action plan for wealth

i have taken my financial future into my own hands and am going to control my finances so i never have to worry again. then you have to sign and date it!!

then i have writen down how much i owe to family members Mum, dad sis etc and then write how much i will pay them each month and tick it off as i go along

i have a page for savings - if i have overtime that all goes into high interest savings!

also have a page for my Aims Goals and how to get there regarding my debt

and the following questions with sub headings Work, home,family, possesions and debt.

Where am i now?

Where do i wanna be?

what do i need to get there?

what do i need others to do?

what time scale?

then you might wanna have other sections to make it more interesting like exercise tips, social events hobbies etc

maybe how much you earn, what ya money goes on what ya need

then at the back i have what i owe to creditors and payments per month, where am i now?

then a debt free section.... when im debt free i want to do this this and that, perhaps save money for mortgage, holiday etc

hope this helps

Amy

Broken_hearted

I've never had any problems paying off creditors while being on a DMP. I'm getting rid of the smaller ones and the ones still charging interest first.