Changing DMP - has anyone done this?

missusr

Hello everyone, :hello::hello:

Ive been lurking on this for a while and firstly just want to say you have all helped a lot in making me feel im not the only one with debt worries and you've all shown me there is light at the end of that, very long and dark, tunnel!

So......

Im not going to bore you with my full life story but to cut to the quick i started a DMP Sept 2010 with Immediate Financial - now i realise they may have been the wrong company to have went to. My question is has anyone had experience of them? Im thinking of leaving them but scared they will pull some very high hiddens fees out on me. I have a phone interview with Payplan on Tuesday and they seem to think its straightforward?

Tixy

A lot of commercial DMP providers have copies of their terms on their websites which detail the up front fees and any cancellation fees and if you are tied in for so long (some try to toe you in for 12months). Might be worth checking to see if theirs are online?

Usually there are not fees to cancel once you have been with them as long as you have. You need to time it right as to when you give notice (some require 14 days, other 30) to when your next payment is due.

Oh - and a very good idea to switch to Payplan.

bridgemant

I'm currently fighting this company for a refund of Fees as they hid them from me too.

Slightly different circumstances in my case but if you are SURE that you didn't know about the fee (check all your paperwork thoroughly) then don't pay them a penny.

I believe that Immediate Financial require 60 days written notice to cancel a DMP but not sure what the fees are but they must be in the contract somewhere otherwise they can't charge them.

Hope this helps?

Depth_Charge

missusr wrote: »

Hello everyone, :hello::hello:

Ive been lurking on this for a while and firstly just want to say you have all helped a lot in making me feel im not the only one with debt worries and you've all shown me there is light at the end of that, very long and dark, tunnel!

So......

Im not going to bore you with my full life story but to cut to the quick i started a DMP Sept 2010 with Immediate Financial - now i realise they may have been the wrong company to have went to. My question is has anyone had experience of them? Im thinking of leaving them but scared they will pull some very high hiddens fees out on me. I have a phone interview with Payplan on Tuesday and they seem to think its straightforward?

Hi

Have you thought about swapping over to self managing your own Debt Management Plan?

Free, more control and flexibility if you feel comfortable and confident enough.

The OFT guidelines on debt collection apply the same to Self Managing.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/debt-collection

A couple of the recognised ones below, but there are others.

http://www.cashflow.uk.net/

http://www.mymoney.nedcab.org.uk/moneyadvice/

http://www.mymoney.nedcab.org.uk/moneyadvice/dmptour.asp (example plan)

A word of caution though is that Self Managing may not be for everybody and your choice and decisions.