DMP help please!

jandk

I'm just going into a DMP with Payplans advice. I've just sent my letters with persoanl statements and cheque for small amount enclosed.

However, I'm ebaying like crazy, I'm also doing Amazon and car boots to raise some funds.


What I would like to know is; if my DMP is accepted by all my creditors, can I pay a bit extra off of one of them with my car boot proceeds etc.

If I pay, say £29 to MBNA one month and they have accepted this amount, if I make £100 at a car boot, can I chuck that at the MBNA bill without them wanting to raise my monthly amounts?

Obviously it's not a guaranteed extra, so I can't afford more than I'm paying, but I would like to reduce the bills as much as I can.

FYI - all my creditors have stopped interest, so I can't snowball.

J

Brassicks

A DMP is taken out on the understanding that any available money is shared out equaly to all your creditors via say Payplan....If one creditor say gets wind that you are giving more to another creditor,they could say,in effect why u paying them and not us....Keep waht you have agreed with Payplan,save the money that you make,and in 6 months time when they review things you can say you have extra money to give your creditors via Payplan.

jandk

OK, I'll deposit it in my savings account for now and not touch it (fingers crossed...will be my first time I've had savings and not touched them )

Thank you

J x

I_was_a_fool

Be careful with this jandk, some creditors will start charging interest again if you make a big payment.

You could put the money aside for annual expenses and emergencies, and if you gather a fair amount, pay some of it to Payplan, making it clear it is a one off & they will share it amongst your creditors.

Gemmzie

I'm in a DMP too jandk - and would echo the advise above

Keep it for a fund for things like car repairs, things breaking down (our fridge has just died three months into our DMP :roll:)

Then save a lump towards a full & final for the future