Switching from Managed DMP to self managed

NicolaP83

I have had a debt management plan in place through a fee taking company for around 2 years and am looking to take this on directly to start paying more than I currently am and hopefully increase the amount too!

Has anyone else done this and what sort of response have they had from creditors? Anyone have any templates that they have sent?

Thanks for any advice/help!

Nic

Tixy

Hi

There are some templates on national debtline website which you might find useful. Most people find creditors are pretty okay, especially if you can increase the payment as well. As long as you stick to proper DMP rules (treat all equally, pay at the same time each month, send them an income & expenditure either 6monthly or yearly, don't take out new credit etc) then you probably won't have problems. Some may try and test you a bit, asking you to increase your repayments etc at first - just stick to what you know you can afford.
And if they start being a pain and harrassing you then you can always refere to the OFT debt collection guidelines to get them to back off.

Another option would be to try one of the charities to run your DMP for you (for free) or CCCS should be able to provide template letters for running your own DMP.

e4rub

Just to echo what the previous poster put, is there any reason why you went with a fee paying company for a DMP.
From personal experience I can recommend CCCS who are a debt charity who don't charge any fees to help you manage your debt. I have been on a DMP with them for about 18 months and have a much better quality of life and ALL my spare money gets paid towards my debts:j