Can come of dmp and how do you do it

earwig

Hi i think we could come of our dmp now and manage the debt ourselfs . we have had a incresse of money ( We now get more than what we did before we went onto the dmp )i just wondered how to do it and do you go back to your old payments .

I wouldnt be able to pay them off in one go but could manage the old payments and mybe a bit more .I just wanted to make sure thats what happens when you come of a dmp I dont want to come of it then find everyone wants full payments , yet i want to get of this dmp as i hate having to acount for every penny i get coming in and every penny i spend .

I am gratefull to the dmp it really helped me out, but i dont think i can stay on it with the income we have now . Just want to know the correct way of doing it . Also if you have debt what have been passed over to debt collection agancys do they have to be payed of in one go or do they take monthly payments of you

Many thanks xx

Bettingmad

earwig wrote: »

Hi i think we could come of our dmp now and manage the debt ourselfs . we have had a incresse of money ( We now get more than what we did before we went onto the dmp )i just wondered how to do it and do you go back to your old payments .

I wouldnt be able to pay them off in one go but could manage the old payments and mybe a bit more .I just wanted to make sure thats what happens when you come of a dmp I dont want to come of it then find everyone wants full payments , yet i want to get of this dmp as i hate having to acount for every penny i get coming in and every penny i spend .

I am gratefull to the dmp it really helped me out, but i dont think i can stay on it with the income we have now . Just want to know the correct way of doing it . Also if you have debt what have been passed over to debt collection agancys do they have to be payed of in one go or do they take monthly payments of you

Many thanks xx

A little bit more information is required to assess whether it the the right road to go down.
Who is currently managiging your DMP?
How much are your debts?
Who are your creditors?
Have you been defaulted on the debts?
Are you paying any interest on the debts?
Can you post a new SOA?

earwig

Hi
Im with cccs,

No interest being paid at the minute

,Westcot, Hfc,Kay Littlewoods,Capital one, Vanqis,

Not sure about defaults more than likely i would say .

6 thousand pounds

Income around 1900 per month

Out goings inculding 145 montly cccs payment is 1450 per month

Sorry havent time to do a full soa yet but hope the above info will help

I havent told cccs yet of extra money as im not sure weather it would be better or possabile (beeing as we now have enough to make the requested payments we couldnt make before ) to stay with them or to come of the dmp .That why im asking you guys just incase your wondering why i havent told them yet .:D
Thank You xx

rising_from_the_ashes

Why do you not just want to increase the payments through CCCS?

I'd advise speaking to CCCS first - if you come off the DMP with them, then your creditors may ask for full payments & reinstate interest etc.

If you can now meet the min payments, then it may be that you have to come off the DMP but, again, CCCS will be best placed to advise.

Bettingmad

If all your creditors are currently happy with the arrangement it would make no sense to come off the agreement as you are not paying any interest. You will find by coming off the plan they will all be likely to reinstate interest and you will be throwing hard earned money down the drain.
As RA says you could increase your payments to Step change or if it was me I would squirrel away the susplus until your next review and look to make full and final payments(at a reduced amount to the debt).

Bettingmad

Please post your SOA when you have time. It may be that you have room to up your expenses a little bit to make life more comfortable, whilst making larger payments towards your DMP. It doesn't have to be a total hardship on a DMP.

earwig

rising_from_the_ashes wrote: »

Why do you not just want to increase the payments through CCCS?

I'd advise speaking to CCCS first - if you come off the DMP with them, then your creditors may ask for full payments & reinstate interest etc.

If you can now meet the min payments, then it may be that you have to come off the DMP but, again, CCCS will be best placed to advise.

Thanks i have left a mesage for them on the above thread . I m not sure that I will be able just to increase my payments as it would mean im paying more than the min payment the credit companys are asking for in the first place , eg hfc will want 40 min payment under my dmp i pay 25 at the minute with the increase the cccs could say i could pay 90 per month. I would rather pay 60 and have a bit extra for us again if that makes sence.

earwig

Bettingmad wrote: »

Please post your SOA when you have time. It may be that you have room to up your expenses a little bit to make life more comfortable, whilst making larger payments towards your DMP. It doesn't have to be a total hardship on a DMP.

Rent nill hb covers
Councill tax nill ctb covers
Water £ 60 per month
Electric £50 per month
Tv £ 12
Bt £ 30
Broadband £ 15 per month

Petrol £ 350 per month 2 cars
Car in £ 100 per month 2 cars
Car tax £ 20per month
Car mat £ 20 per month
Car recovery £ 10 per month

Food £400 per month 4 of us
School trips clubs £50 per month
Pocket money £ 20 per month
Christmas/ birthdays£ 60 per month
Going out £ 150 per month
Clothes £ 80 per month
Cccs £ 130 per month

Total out £ 1.800.00
Incoming £ 2.300.00
Differance £ 5000.00
This is the new increased amount the old amount would be
incoming £ 1.800.00

So this is why i think we could come of the dmp as we have alarge surplus with new income

Thanks