Self Managed Debt Plan Help

dustybin1970

dHi All

I have decided to dump fee paying company but am unsure how to inform creditors?

Does anyone have or know of a letter template I could use, any I have seen are for setting up from scratch which I'm not as have had agreements in place for 18 months now. So am just taking ownership myself rather than going through 3rd party.

Does anyone have any personal experience of doing this and if so how easy were creditors to deal with?

Any help much appreciated, thanks.

Bettingmad

dustybin1970 wrote: »

dHi All

I have decided to dump fee paying company but am unsure how to inform creditors?

Does anyone have or know of a letter template I could use, any I have seen are for setting up from scratch which I'm not as have had agreements in place for 18 months now. So am just taking ownership myself rather than going through 3rd party.

Does anyone have any personal experience of doing this and if so how easy were creditors to deal with?

Any help much appreciated, thanks.

The below is having great reviews for assisting the process of self managed DMP's
North East Derbyshire Citizens Advice Bureau

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

The above is rapidly gaining momentum, lots of useful advice

Also National Debtline have great tips and also all the various letter templates.

http://www.nationaldebtline.co.uk/england_wales/

National_Debtline

Thanks Bettingmad for highlighting our website. To help get you started do consider downloading a copy of our 'Dealing with your debts' guide. It has been recently updated so is bang up-to-date!

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#4

David.

Depth_Charge

dustybin1970 wrote: »

dHi All

I have decided to dump fee paying company but am unsure how to inform creditors?

Does anyone have or know of a letter template I could use, any I have seen are for setting up from scratch which I'm not as have had agreements in place for 18 months now. So am just taking ownership myself rather than going through 3rd party.

Does anyone have any personal experience of doing this and if so how easy were creditors to deal with?

Any help much appreciated, thanks.

Hi

Just following on from the previous posters

The Citizens Advice Online Assisted Debt Management Plan resource saves all your information, does all the letters, Financial Statements etc, has expenditure trigger figures and keeps a progress record.

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

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp (example of a completed DMP)

There is also a paper template and back up section

It is a genuine independent free system (it is not funded by the creditors) for anybody to use or utilise and can be returned to time and time again for amendent / update in the case of a change in circumstances etc

You do not need an invite, it does not need an adviser to OK your figures or 'unlock' the system if you wish to return and amend or update.

The Citizens Advice System won the 2012 Institute of Money Advisers (IMA) best initiative award and has gone from strength to strength so much so that it is now posing a serious challenge on the debt management front not seen before as far as self help and administering is concerned which has to be good news for people suffering debt problems.

The feedback I am aware of is that creditors are increasingly accepting offers with the CAB system especially where they are increased as a result of previous fees being now incorperated into the disposable income meaning creditors get more and the debts are paid off in a shorter time (in theory anyway)

All that said a Debt Management Plan is an informal arrangement as I am sure you are already aware and there are creditors who do not always play the game if you self manage or not. There are however the OFT guidelines on debt collection which also equally apply if you self administer.

Managing your own DMP can give you more control and important flexibility and has a positive learning aspect but it has to be said it is not for everybody and maybe not all plain sailing.

I am reliably told that this system is being developed further and amongst other new features it will very soon incorperate a new change over to self administering section which will include standard letters etc.

There are many people who have no option for one reason or another other to manage there own debt management plans or maybe they are disatisfied with the way their providers are handling one for them or they just fancy having the control of handling their debts themselves.

More pressure needs applying to creditors to help people manage their own affairs is my belief as self administering will become more and more popular and perhaps necessary as time goes on, it is a certainty in the unstable economic climate and given the relentless progress in technology & education.

Some of the fee chargers and other providers will probably not like reading this but time and progress never stands still and there has to be choice (the protocols mention this) and what helps people in debt the best in my opinion, its not going away either guys.

There are other self help template & systems around including Cashflow and I rate the National Debtline one if Im honest and would say it is also worth a look (links below)

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#4

http://www.cashflow.uk.net/

Up to you really

PS - before embarking on any debt remedy / solution always best to get proper in depth advice based on your full circumstances, preferably from one of the genuine free agencies such as CAB, National Debtline & Stepchange.

Genuine best wishes