How many of you have done a DMP by yourself?

greenbrucelee

Just wondering because payplan have said that because I pay 425 rent to my mum which includes paying her back £175 for aloan she took out to get me a car for work that going for an IVA would not work as the creditors will not want me to pay the £175 and would ask my mum to stand aside until the IVA was paid off.

So they have said they will trasnfer me onto an DMP which would actually give me more money to myself during the pay back period although paying back all my creditors would add 1 year and 1 month to paying everything back (73.3 months) if I pay £300 per month.

I was just wondering how easy it would be for me just to set this up with all my creditors (10 in total) myself and ask them to accept £30 a month.

I have spoken to some of the payday companies I owe money to including wonga,paydayuk,unclebuck and the moneyshop and they have all been understanding and I have also spoken to lloyds tsb who have also been understanding.

Should I set plans up my own or let payplan work out the finer details and set everything up?

crazyguy

No reason not to do it yourself if you are confident enough, just remember make sure you write to them all with your proposed offer of payment and get a confirmation in writting back.

greenbrucelee

crazyguy wrote: »

No reason not to do it yourself if you are confident enough, just remember make sure you write to them all with your proposed offer of payment and get a confirmation in writting back.

Thanks.

I havent had any issues regarding anyone I have dealt with over the phone yet. Just spoken to txtloan and they were also understanding. The only people at the moment I see as being ****s is Ramsdens/transax.

crazyguy

greenbrucelee wrote: »

Thanks.

I havent had any issues regarding anyone I have dealt with over the phone yet. Just spoken to txtloan and they were also understanding. The only people at the moment I see as being ****s is Ramsdens/transax.

Just remember written format is best as you can refer to it if needs be.

loopy.magic

I did a DMP myself, I used the CCCS website and tool to work out my debts and outgoings but then after that handled all letters and arrangements, like the other posters have suggested make sure you get written confirmation of all agreements and store them away safely. Even the akward ones will eventually give up on their collections procedures and harrassment (phone calls, letters, e-mails) once you clearly show your outgoings, how much you can afford to pay them and then start paying them.

greenbrucelee

Just wanted to ask also.

If I can get each creditor to freeze the interest etc I have on loans with them including the 9700 I owe lloyds how realistically do you think they would agree to £300 a month split between them?

Most of the payday loans I have are a few hundred quid apart from two which are 1135 is each.

Is it realistic for me to expect the 10 creditors I have to let me pay them £30 a month as in my reasoning once the smaller ones are out the way the other creditors will get more money.

dancingfairy

Frankly they will have to like or lump the amount you can afford to split between them. You obviously don't have any more money or you would give it to them. Also it varies hugely between companies I think rather than in relation to you, your credit history or how much you can pay them per month.
I also have to say that normally you split the amount fairly between the creditors - ie the ones you owe most to get a bigger share than the others, so if you owe one company 20% of your debts then they get a 20% share of the total amount available for repayment.
Best of Luck
df

greenbrucelee

dancingfairy wrote: »

Frankly they will have to like or lump the amount you can afford to split between them. You obviously don't have any more money or you would give it to them. Also it varies hugely between companies I think rather than in relation to you, your credit history or how much you can pay them per month.
I also have to say that normally you split the amount fairly between the creditors - ie the ones you owe most to get a bigger share than the others, so if you owe one company 20% of your debts then they get a 20% share of the total amount available for repayment.
Best of Luck
df

Thanks

Lets hope and see what happens.