Self managed DMP advice again pls

lollip0p

Hello, me again.

Since my last post we have decided not to go with the CCCS and try a self managed route. We are hoping this will mean our debts paid off quicker with more flexibility.

Is anyone else self managing and if so how receptive to your plans were your creditors.

Also any advice on stopping creditors calling at your home especially doorstep lenders would be appreciated.

Any template letters etc to send to creditors would be appreciated too.

I think I will be stopping by here alot in the next few weeks.

Thank you
Lolly

fermi

You don't have to use this, but it can generate example letters to send

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp

Some other letters here:

https://forums.moneysavingexpert.com/discussion/963087

amersall

Hi Fermi,don't know if you can help this poster

https://forums.moneysavingexpert.com/discussion/3810903
He/she has posted on the ppi reclaim thread,but he/she needs help with other things re a ccj,should i tell him/her to post this here? i cannot find the right thread this needs to be posted on.
Thank you so much in advance x.

beingpositive

Hi lollipop

Just to let you know that we are now into making our second payment on our self debt management plan.

You must use the allowed living expenses (cant remember where I found this but Im sure someone will tell you), work out how much you have over each month and then use the calculator which you can find on iva.net to find how much you need to offer to the creditors.

Letter templates can be found on the National Debtline or the Citizen's Advice Bureau.

When I wrote to each creditor I asked them to reply in writing as I wanted proof of what has been agreed. This then stopped all the unwanted telephone calls.

Out of our 7 creditors, 4 stopped interest, 2 lowered it to such an extent that we were paying more off our debt then in interest but one (Argos) lowered the interest but we would still be paying more in interest than off the loan so we are still fighting this once and it doesnt help when they dont reply to my letters.

Hope this helps and good luck

kitkat34

hi
We have just sent out our offers to creditors last week on our self managed DMP and this morning recieved my first letter back from one creditor who agreed to the DMP and stop all charges and interest it felt so good to recieve that one first.
We are using cashflow with national debtline and it has been great as it lets me organise everything but has lots of letters for us to print and send creditors and it did all the work of sorting out what our offers would be.
I have to say it does feel really good to be in control and i feel far more positive now than I did a few weeks ago I would advise you to ask national debtline about cashflow as it made setting this all up so much easier.
good luck
kit

leftbehind

Hi,

I am now into my third year of self managing my debt plan, and I have honestly found it easier than when I was on a third party DMP.

I used the template letters on the national debt advice website, and my all creditors were very understanding and froze interest and charges except for Lloyds who would not freeze charges or interest until it was passed to their collections team, but I got there in the end.

Also, I have found I have been able to negotiate much better settlement figures with my creditors than if I went through a debt management company, which has really helped me reduce my overall debt.

Good luck and stick with it