Cancelling Debt Plan and going solo ??

tornado1979

Could someone please help me I'm starting to get so frustrated and need HELp :mad:

3 years ago i entered a debt management programme (i wont mention company), but i basically pay them £70 each month for controlling my payments.

When I signed up 3 years ago i was told I would be debt free in 3 years, i've just had my annual review and i've now got 3 years + 2 months left.

I've never missed a payment or added anything and i've been informed all interest has been frozen.

My thought's are now could I contact companys direct and use the £70 I'm currently paying this company to reduce debt quicker or could this cause me more problems ??

so far I've paid the company in cost £2760.00 + £800 set up fee's so £3560 which could of been reduced from my debt, and I'm concerned another 3 years will give this company more of my money.

My idea is to offer all companys extra money and put a 24mth plan together which will clear all balance at the end of 24 months.

If anyone could support or advise

[Deleted User]

Have you tried contacting one of the debt charities?
The likes of Stepchange, Citizens Advice B, Payplan - see what these say

Obtain statements from your existing DMP?
You should be able to cancel your plan following the T&C's

To be honest I've saw people still upset when on a charity plan, the paid for debt management companies are only alive and in existance well because people choose to tell them they can manage payments or embelish income which makes no sense guarenteed, then again I believe some of these companies do help keep waiting time down, and they help deal with streached caseloads that is why the charities cannot help everyone

You pay for a service you want the best absolutely understand why you want rid - The problem is the lenders may not honour what has already been achieved due to gentleman's agreement which may make you worse of, if they were to hike back some interest? on the other hand you could try for full & final settlements or the lenders may be pleased to deal with you independentely (don't knock it till you've tried)

The whole process of dealing with debt... probably one of the most twisted things ever, some lenders easy, some harder thats all I can descibe it as, be careful on your own because it is tempting to throw all your money at it, then in emergency, when the cards don't fall right you could have nothing

Always check a DMP is the right solution for you, still? never be afraid of this

Depth_Charge

tornado1979 wrote: »

Could someone please help me I'm starting to get so frustrated and need HELp :mad:

3 years ago i entered a debt management programme (i wont mention company), but i basically pay them £70 each month for controlling my payments.

When I signed up 3 years ago i was told I would be debt free in 3 years, i've just had my annual review and i've now got 3 years + 2 months left.

I've never missed a payment or added anything and i've been informed all interest has been frozen.

My thought's are now could I contact companys direct and use the £70 I'm currently paying this company to reduce debt quicker or could this cause me more problems ??

so far I've paid the company in cost £2760.00 + £800 set up fee's so £3560 which could of been reduced from my debt, and I'm concerned another 3 years will give this company more of my money.

My idea is to offer all companys extra money and put a 24mth plan together which will clear all balance at the end of 24 months.

If anyone could support or advise

Hi

Many people are now self managing for many different reasons

Creditors should treat you the same if you self manage or go with a provider.

You should check any terms and conditions with your DMP with regard to charges and terminating your plan with them.

I would think your creditors would be delighted at more money going to them rather than outside of the plan in fees etc

DMPs are informal arrangements however and it has to be your decision at the end of the day.

There are free providers of DMPs such as Payplan & Stepchange where all your payments go towards reducing your debts

Useful Citizens Advice links below to an online Self administering DMP system that may help, there are other templates and systems around but none (I think) that saves all your details as the CAB one does.

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

General DMP info & free providers
http://mymoney.nedcab.org.uk/moneyadvice/remedy_4.asp

Best of luck in whatever you decide

tornado1979

Deleted%20User wrote: »

Have you tried contacting one of the debt charities?
The likes of Stepchange, Citizens Advice B, Payplan - see what these say

Obtain statements from your existing DMP?
You should be able to cancel your plan following the T&C's

To be honest I've saw people still upset when on a charity plan, the paid for debt management companies are only alive and in existance well because people choose to tell them they can manage payments or embelish income which makes no sense guarenteed, then again I believe some of these companies do help keep waiting time down, and they help deal with streached caseloads that is why the charities cannot help everyone

You pay for a service you want the best absolutely understand why you want rid - The problem is the lenders may not honour what has already been achieved due to gentleman's agreement which may make you worse of, if they were to hike back some interest? on the other hand you could try for full & final settlements or the lenders may be pleased to deal with you independentely (don't knock it till you've tried)

The whole process of dealing with debt... probably one of the most twisted things ever, some lenders easy, some harder thats all I can descibe it as, be careful on your own because it is tempting to throw all your money at it, then in emergency, when the cards don't fall right you could have nothing

Always check a DMP is the right solution for you, still? never be afraid of this

Thanks for info, something worth looking at... I've not got option to pay in full but with money from company and me adding a little I could increase payments to al lenders by 30%.

Thanks again.:)

tornado1979

Depth_Charge wrote: »

Hi

Many people are now self managing for many different reasons

Creditors should treat you the same if you self manage or go with a provider.

You should check any terms and conditions with your DMP with regard to charges and terminating your plan with them.

I would think your creditors would be delighted at more money going to them rather than outside of the plan in fees etc

DMPs are informal arrangements however and it has to be your decision at the end of the day.

There are free providers of DMPs such as Payplan & Stepchange where all your payments go towards reducing your debts

Useful Citizens Advice links below to an online Self administering DMP system that may help, there are other templates and systems around but none (I think) that saves all your details as the CAB one does.



Best of luck in whatever you decide

Thanks for that some very helpful info, First step looks like checking for termination charges, then contact lenders prior to cancelling.

I'm hoping by increasing payments to all lenders by approx 30% and reducing term by 14 mths they would work with me and not against me.:)

Thanks again.

Issuma

Hi tornado1979
I've self managed my DMP from day 1 and had no problems at all, all my creditors have frozen the interest, I have 6 monthly reviews and if I can I increase my payments each time even if its only by a very small amount.

Your already have arrangements in place with your creditors and I'm sure they would be happy to deal with you direct or through one of the non fee charging companies especially if you can increase your payments by splitting your extra £70 that you would have each month that over £800 a year more to pay off your debts.

Good luck keep us posted on how you get on :-)

tornado1979

Issuma wrote: »

Hi tornado1979
I've self managed my DMP from day 1 and had no problems at all, all my creditors have frozen the interest, I have 6 monthly reviews and if I can I increase my payments each time even if its only by a very small amount.

Your already have arrangements in place with your creditors and I'm sure they would be happy to deal with you direct or through one of the non fee charging companies especially if you can increase your payments by splitting your extra £70 that you would have each month that over £800 a year more to pay off your debts.

Good luck keep us posted on how you get on :-)

Nice one good to see someone has already done this, I'm just gathering all account number, contact numbers and will start work monday.

I've worked out I can afford £80 also so £150 extra a month should do the trick.

I'll let you know how I get on :T

dave_danny

Good Evening,
I am Personal Budget Support Officer and also local Government Officer, working for council. My personal experience was same back in 2008, where nothing but per my stupidity and own silly acts, I ended up being in debts with credit cards, store cards, you name it.... I was in debt of almost 13K, and were struggling dealing with my creditors and kept receiving stress letters. I rushed and agreed DMP with some stupid private company name as DFS. This was after 12 months and 12 payments, I realized money I paid is not paid to my creditors in full at all, and that my debt is remained same. I contacted National Debt Help Line and were put through to Payplan.
This was 2009, and now in 2013, I have paid almost 8k and remaining balance will be paid off by Nov 2016. I could had paid even more, but I have family and House to look after. Up until now, per my experience, I can not find words suitable enough to thanks Payplan, who took burdain of stress and depression of me. They were always there when I contacted, not only this they helped me purchase new cooker when we were in desperate needs as old one broke down. If you are with Payplan, you can use Red Potato to purchase household items on reduced prices, or even with some affordable monthly repayments. You can even buy car through Red Potato, I have not as my strict ambition is to become debt free, my car is old, but that will do me.
My sincere and personal request is, please stop following those stupid private companies and always go through National Debt Help line. if you ever look back in 2009 posts, I went through exactly same crisis and worries, where I was guided here on this forum to contact payplan. I am looking so forward to become debt free, and stay alive until Nov 2016, to feel sighs of relax and carry on with bright future.

Good luck and all the best

Depth_Charge

tornado1979 wrote: »

Thanks for that some very helpful info, First step looks like checking for termination charges, then contact lenders prior to cancelling.

I'm hoping by increasing payments to all lenders by approx 30% and reducing term by 14 mths they would work with me and not against me.:)

Thanks again.

Hi

Sounds good to me

If they don't work with you on that basis, then they need to go back to school on the subject of simple maths and drop the simpleton art of script reading.

You should be fine:)

My take

Best Wishes

Issuma

tornado1979

Just a little advice if you do decide to go it alone, always contact your creditors in writing then you always have evidence of what you have offered and what was agreed.

I always offered information before it was asked for, income & expenditure etc, it shows you are being open and not trying to hide anything.

Don't over commit yourself, I think why I've managed to do this is because I made an agreement and stuck to it 100% your creditors will soon get p****d off with you if you start messing them around.

If you need any help just shout up :-) & good luck !!

tornado1979

Issuma wrote: »

tornado1979

Just a little advice if you do decide to go it alone, always contact your creditors in writing then you always have evidence of what you have offered and what was agreed.

I always offered information before it was asked for, income & expenditure etc, it shows you are being open and not trying to hide anything.

Don't over commit yourself, I think why I've managed to do this is because I made an agreement and stuck to it 100% your creditors will soon get p****d off with you if you start messing them around.

If you need any help just shout up :-) & good luck !!

Thanks for that :-)

I've contacted all creditors today and requested email confirmation, which I've had... I've only had issues with one company (wonga), all rest have agreed to freeze interest and accept my 24 month plan.

I'm so excited of the thought of being debt free in 24 month, just wonga to sort and ill be happy.

Thanks again ill kept you updated