DMP questions

loadsamoney33

My credit cards are steadily increasing and the ability to pay them down is steadily decreasing - close to the point of having little left at the end of the month for essentials.

From researching on the internet it looks like the best option is a DMP.

I don't have much time on my hands due to working full time and a busy evening time.

What's the least hassle option of starting a DMP that doesn't involve myself having to send out letters / negotiate with creditors / numerous phone calls and also a solution that doesn't charge a fee.


I see posts mentioning nationaldebtline and CCC, which of these (or others) would be best to deal with / make contact with ?

Thanks for any help

Depth_Charge

loadsamoney33 wrote: »

My credit cards are steadily increasing and the ability to pay them down is steadily decreasing - close to the point of having little left at the end of the month for essentials.

From researching on the internet it looks like the best option is a DMP.

I don't have much time on my hands due to working full time and a busy evening time.

What's the least hassle option of starting a DMP that doesn't involve myself having to send out letters / negotiate with creditors / numerous phone calls and also a solution that doesn't charge a fee.


I see posts mentioning nationaldebtline and CCC, which of these (or others) would be best to deal with / make contact with ?

Thanks for any help

Hi

CCCS are a charity that administer free Debt Management Plans where all your money / payments paid in come off your debt, Payplan offer the same service but they are not a charity.

National Debtline dont actually administer Debt Management Plans themselves as far as I understand, they pass you onto one of the above I believe.

The amount of disposable income and number of creditors may be an issue (minimum numbers & amounts) with some agencies as far them administering DMPs is concerned, best to speak to them about this.

There is the option of self administering but this is not for everybody, but may help educate and possibly give you more control & flexibilty

Not much else to go on from what you have put really and always best to get full advice on all your options in my opinion (including on the pros & cons of Debt Management Plans) preferably from one of the free charity agencies such as CCCS, National Debtline, CAB

Has to be your decisions & choice at the end of the day

Useful links below that might help -

http://www.cccs.co.uk/

https://www.mymoneysteps.org/

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

Come back with further info and questions if you wish as there should be people on here who can give you more help and guidence.

loadsamoney33

Thanks very much for your lengthy reply, that is useful.

I'm at the stage really of having to speak to CCC or other organisations seeing as it's clear I'm living on debt which can't go on forever seeing as sooner or later there will be no more credit (possibly very soon in my case).

Growurown

loadsamoney33 wrote: »

My credit cards are steadily increasing and the ability to pay them down is steadily decreasing - close to the point of having little left at the end of the month for essentials.

From researching on the internet it looks like the best option is a DMP.

I don't have much time on my hands due to working full time and a busy evening time.

What's the least hassle option of starting a DMP that doesn't involve myself having to send out letters / negotiate with creditors / numerous phone calls and also a solution that doesn't charge a fee.


I see posts mentioning nationaldebtline and CCC, which of these (or others) would be best to deal with / make contact with ?

Thanks for any help

CCCS or PayPlan are free. There is a certain amount of work setting it up but once that is done it is very little work to do from thereon. Companies that charge may promise to do it all for you but I don't have much faith in them tbh and they can't stop creditors calling you. I had very few calls when I started my DMP which surprised me a lot.

owen_money

It didnt really take anytime to set a DMP with CCCS, they did all the work, I just had to give 'em account numbers and balances if I remember correctly. Loadsamoney I really recommend you sort it asap, I've nearly finished my DMP (2 more payments) and it feels great that i will be £650 better off each month and no more debt

loadsamoney33

Thanks very much for the replies, they really help.

I know there's plenty of companies that charge for DMPs and IVAs, I certainaly want to stay well clear of them if at all possible. I'll be contancting CCCS very soon once I've had a close look at my account and what I owe. Thanks again.