Advice on running your own DMP.

taylor25

I thought i'd start a new thread for this rather than ask in the other thread i've just started.

I am in a DMP with the CCCS and have been since last November.. up till now everything has been ticking along nicely with no real issues.

But because i like to be in control i/we have been considering running our own DMP . And also rather than have to pay out a lump sum on the 10th of each month, we could spread the payments out as most dont require payment until the 24th each month.

And also nearly 1 yr down the line things seem far less daunting than they did back then so i feel far more confident in handling things .

So does anyone run their own DMP and our creditors likely to object to us switching from the CCCS to doing things ourself?

Are there any issues we should be aware of as in is it less likely to be accepted if we do it ourselves?

And finally if we decide to take that route.. do i just need to inform each creditor in writing?

Thanks in advance..

Tixy

Quite a lot of people do

This thread might help (although its not that recent) Anyone organising their own DMP? There are also quite a few people doing their own DMPs on the DMP mutual support thread.

CCCS should help you by providing some template letters if you want to do your own DMP, if not national debtline website has some.

Bascially yes you would just write to them and tell them - speak to CCCS first to make sure you have agreed on which will be your last payment to them.

Issues/pointers - you'll still need to do a revised budget and send them a revised SoA every 6months or a year (or more frequently if something changes).
Make sure you continue to treat them all equally (a fair pro-rata share to each) - if you don't this is the thing most likely to make them not accept it or start charging interest again.
Make sure you stick to the rule about not obtaining any more credit - also likely to seriously annoy your creditors.

taylor25

Thankyou again.

I never ever want credit again so no worries there.....I now cringe when i hear of people putting everything on the plastic lol.

Our life has been so much better over the llast yr without credit , ok we might not have bought stuff on impulse like we used to do, and had to get used to saving , but at least everything we now buy is paid for and it really does make you apprieciate it more.

As for pro-rata payments i assume i would just keep everything the same as they are now?