Self Adminstered DMP

Mich81

I am starting a DMP but contacting everyone myself as I would prefer to do things this way.

Are they likely to stop interest as they would if someone like CCCS were doing it?

The first payment I'll 'miss' will be my loan, but seeing as my credit rating is awful anyway I'm not too concerned about my credit rating being wrecked.

Are there any other implications I need to worry about? I have no assets and live at home with my parents so there's nothing else they can take from me. I have no plans to get a mortgage or even want credit for anything in the near future so as I see it this way I've nothing to lose.

[Deleted User]

It's the same, but I have been told sometimes the CCCS can get further because the lenders recognise them.

I did it without and still do now, I am now in control, but Halifax were great at freezing interest and charges (sometimes) when they messed up I took them to the FOS and won - including compensation.

Just keep strict records, they really help!

I think you will do just fine, just keep your mind on the ultimate goal! :-)

jansueir

Just to let you know that most of mine froze interest. Barclaycard lowered it enough to make a big impact each month but Argos are giving me problems but i am still getting onto them. As long as you keep in contact with them - I only do this in writing, and give them information they require you should be ok. Theres plenty of us on this site who could help if you need it. Goodluck

Mich81

Thanks guys, I'm a bit nervous I think even though I know so long as I'm offering something they should be reasonable with me.

Not sure whether to mention it should just be a temporary thing or not, I'm hoping in 6 months time when I'm back to work full time that I can resume normal payments.

[Deleted User]

I'd say that you should provide a reason so they know why, but I don't think it matters how long, they tend to have a policy on how long they will allow and for what.