DMP - can someone help?

LMJ10

Hi

I am just about to enter a DMP with about 60k in debt feeling very scared and devastated about it all .
I am in the process of sending forms back account numbers etc to set it up. However my basic cash account hasn't been set up yet and I get paid next Friday so I'm asking for my creditors not to be told until after I get paid so I can have my monthly wage safe in another bank.

It dawned on me that if I ask the company to start the DMP in March and go 1 payment behind with all my debts I will have money over from what I normally pay as the minimum payments left!

I am hopefully going to use the DMP as a short term thing and try to offer full and final settlements I get commission for my job so hoping that will help in a savings fund (commission isn't guaranteed)

So my question is

Should I get my company to set the plan up after my pay day in FEB or wait until Marchs pay day - I'm guessing I'm going to get defaulted anyway so will it matter going 1 payment behind before the DMP is set up?

Any response is appreciated thanks

eyeopener2

Which company?

LMJ10

It's Vincent Bond I have reasons why I haven't chose the free ones

rizla_king

the normal monthly management fee will be 15% of the monthly disposable income or £30 whichever is greater. However for the first 6 months the monthly management fee will be 35% or £50 whichever is greater.' as such after the first 6 payments we will review this plan, reduce the monthly fees and increase the payments to creditors accordingly.

:? .................

Growurown

LMJ10 wrote: »

It's Vincent Bond I have reasons why I haven't chose the free ones

Hmm what reasons? If it is because they have promised to stop all interest and charges then don't believe them. I am with Step change and they have been really good and all my payment goes towards my debts.

As to your payments I would ask to start in March, make token payments for February and put the cash towards an emergency fund.

eyeopener2

35% fee or £50 whichever is the greater are Vincent bonds extortion ate rates for your DMP. £50 a month!!!!!

This is very unwise and I implore you, beg you not to go down this route.

If you don't want to use stepchange or payplan then do your own dmp, don't pay these leaches a penny. You don't Vincent bond.

eyeopener2

Forget the first months payments, or even first two. Pay £1 tokens and save up your emergency fund.

I'm surprised Vincent bond haven't explained this to you.

LMJ10

Thanks for the replies

I have spoken to the free ones and feel they have the banks interests at heart more than mine there payments they wanted me to make we're much higher and wouldn't help on my expenditure list. And then I found out they actually work for the creditors. I'm assuming when I offer settlements they would try and get more money back for the banks! If it doesn't work with Vincent bond I'll see to change

Bella_Smythe

agree. Payplan have been absolutely fantastic with me. always available by phone or email if there is a problem or change of circumstance also. can't fault them.

LMJ10

How easy is it to set up your own DMP?

LMJ10

And can I offer my own settlement fees!? Or does it need to go through a debt company