how much do i pay?

maccymum

hi

so sorry 4 all the questions.....i am a born worrier and cant sleep just now thinking about it all:(


i am n process of filling in my dmp pack, as yet i have kept up with all monthly commitments (but living on cc) do i still have 2 keep up all minimum contractual payments unil dmp is offically set up or can i pay a bit less as i have cut up cc:T so if i pay what i meant 2 i wont have anything left 4 shopping/petrol.
i have the letters ready 2 go 2 creditors also.


i know dmp is way forward 4 us however with it comes a whole set of new emotions which will hopefully settle with time.

have a good day every1 and thankyou 4 taking time 2 read.

M xx

Angry_Bear

I'm not an expert, but from previous advice I've seen on here I think you should write to each of your creditos explaining that you are entering a DMP and sending a cheque for £1 as a token payment until your DMP gets going.

Keep whatever you can save by doing this as an emergency fund .

maccymum

hi , thankyou i do not have a cheque book but was thinking of a £25 each creditor then hopefully by next month the dmp will be up and running.
was going 2 do just as u suggested and start an emergency fund with rest.

thanks again
m x

Issuma

Hi Maccymum
Firstly if your doing your DMP through either CCCS or Payplan the best thing to do is to ring them ask ask their advice, most people on here just send a token payment of £1 with a covering letter explaining about the DMP etc, I understand where your coming from offering them more but if it's lower than your contractual amount you may as well just send the £1 token payment and save the rest.
If you don't have a cheque book send postal orders.

Bettingmad

I would endorse the sending of £1 via postal order. When I started my DMP I made 3 token payments, £25 then £10 the £5. It didn't make a jot of difference to the creditors. The sending of the token payments shows creditors that you are not seeking to hide from the debt. Therefore you only need to send the £1 and stash the rest of your surplus into a small emergency fund for when the plan gets up and running.

Bettingmad

Try to make more than one token payment to give you a cushion, I ahve seen many rush in to get the plan up and running straight away and regret it the next couple of months.

The other advice I would give is to set a realistic budget for your SOA, screw it down too tightly and it might make things more stressful than it needs to be. When you posted you original SOA peeps will give advice to pare evrything down to the minimum, things such as grocerys. Whilst this is well meaning if you are looking to avoid debt management plans, for a plan to be a successful way of fighting debt the budget needs to manageable month to month.

poppasmurf_bewdley

Maccymum

You will get more response to your query if you set out your initial post and responses in English rather than the stupid 4's, 2's, 1's, u's.

People don't want to have to translate a post.

If you notice, all the replies so far have been in English.

maccymum

poppasmurf_bewdley wrote: »

Maccymum

You will get more response to your query if you set out your initial post and responses in English rather than the stupid 4's, 2's, 1's, u's.

People don't want to have to translate a post.

If you notice, all the replies so far have been in English.

thank you for pointing this out, i did not realise


thanks to everyone else for the advice
M x