Payplan DMP Timescales?

cynicalgit_2

Fair points MB but what if that late payment then due results in the creditors adding on additional charges/interest?

antonic

cynicalgit wrote: »

Fair points MB but what if that late payment then due results in the creditors adding on additional charges/interest?

You would have been charged interest anyway because your not making the minimum payment by the due date !.

The advantage (as I found) of having a DMP provider run my DMP was that they did all the talking with my creditors.

I agree that perhaps its not an ideal situation with the 3 week delay in my payments being allocated to my creditors, but it worked for me and thats why I would recommend them to anyone else who finds them in the same situation.

yamsteroo

I started my paperwork etc in March and my first payment was distributed to my creditors in May. This was in 2010 so the timescales to get things rolling may have changed.


If you aren't able for whatever reason, to set up your own DMP then the likes of Payplan and StepChange can be lifesavers. Whatever you do, don't go with the companies who charge - they really do profit from misery. Once you get the ball rolling you can always take over administration yourself if you feel confident enough but I've been more than happy so far and with only one more payment to go before DFD, I can't see me moving now lol


As others have said, keep an eye on your debts - double check statements and keep your balances up to date each month especially if creditors haven't frozen interest.


Congratulations on getting a handle on your debts, once the initial flurry of paper work and phone calls is out of the way you'll wonder why you didn't do it sooner; I certainly wish I had!


PS: My payment goes out on the 10th and creditors get paid on 25th or sometimes sooner - 15 days to process but I'm happy to get the money out of my account as soon as possible and it's not like it would earn any interest if it was still in there.

Monkeyballs

antonic wrote: »

You would have been charged interest anyway because your not making the minimum payment by the due date !.

The advantage (as I found) of having a DMP provider run my DMP was that they did all the talking with my creditors.

I agree that perhaps its not an ideal situation with the 3 week delay in my payments being allocated to my creditors, but it worked for me and thats why I would recommend them to anyone else who finds them in the same situation.

It's a tricky one to call on my opinion...

I see Step Change as being enablers, they listened to me and offered guidance and then contacted my creditors taking the weight off my shoulders and the stress from my mind.

I know that they ask initially for creditors to freeze interest but if that creditor says no initially then they are not responsible for taking negotiations any further, they only have limited resources available to them... I get it.

Ideally creditors would all freeze interest and stop charges but it is at their discretion and the debtor can challenge them if they don't.

I'm not looking at Step Change as being a silver bullet but it is better than going it alone unknowing and unprepared - plus they are there for further advice going forward as well should you need them.

Everyone should approach their DMP as being a new financial agreement with various small print to read, they need to manage and maintain it themselves to get the most out of it and keep it running smoothly.

P.s. Congratulations Yamsteroo!!! I'm not at all envious of you

MB