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Debt Management Plan
Comments
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Agree with the 2 posters above, I've been with StepChange since 2008 and they do manage the debts. They will send him a pack with all the info he needs, along with template letters. All he has to do is give them a call when he wants to go ahead with it and they will do the rest and set it all up for him.
He will need to send out the template letters with a token payment to his creditors whilst the dmp is being set up, but apart from the StepChange will do the rest.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Hi Guys
Could it be possible that the OP son does not have enough free cash to set up a DMP with StepChange and they want him to self administer. I'm sure that they have a minimum deposit of £100 per month and maybe that is why the private company may have said that it will take 40 years to repay, as they will accept a lower deposit. The free companies prefer a DMP not to last for to long, however with a private company it's the longer the better, more fees for them.
I may be wrong however0 -
When the paper work arrives from Step Change I will sit down with him and look at it, as they say 2 heads are better than 10
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Have a look at their website while you are waiting for the paperwork to come, it might answer a few questions for you.
http://www.stepchange.org/Been here for a long time and don't often post
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Freshstart2012 wrote: »Hi Guys
Could it be possible that the OP son does not have enough free cash to set up a DMP with StepChange and they want him to self administer. I'm sure that they have a minimum deposit of £100 per month
I thought stepchange minimum was £5 per creditor per month? I only pay £44 a month based on my SOA.Debt free on 2nd January 2015Next savings goals:£5k emergency fund£4k holiday of a lifetime fund0
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