DMP - can someone help?

rizla_king

Easy http://nedcab.cabmoney.org.uk/dmp.asp

eyeopener2

Vincent bond take your money to pay themselves. 6 months in and your at least £300 down.

£300 that could have been paid to your debts.

Where settlements are concerned you do those yourself, download a template letter from the excellent national debtline and post it. Easy, and loads of advice can be found on here to help you.

Did Vincent bond tell you that Stepchange and payplan work for the banks? No they don't, they are funded by them to help people like us who have got into dire straits. Big difference between funded by and work for, a big difference.

Please think again about Vincent bond, it's an expensive mistake to make. One you can I'll afford to do.

LMJ10

Thanks for that but with a 17month old and a full time job I think I'd prefer someone to act for me! I may give the free ones another chance and see what they say

eyeopener2

As rizla sez,

Although they have no thank you button it's a thank you!

eyeopener2

LMJ10 wrote: »

Thanks for that but with a 17month old and a full time job I think I'd prefer someone to act for me! I may give the free ones another chance and see what they say

Go for it.

LMJ10

I'm just worried the free ones won't accept what I can afford which ruins my plan of action of saving as much as I can and trying for F&F settlements

Growurown

LMJ10 wrote: »

How easy is it to set up your own DMP?

LMJ10 wrote: »

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

Take a look at this website

http://nedcab.cabmoney.org.uk/remedy_4.asp

Some posters on the DMP Mutual support thread use NED CAB and are very happy with it. Please don't pay a company to do this for you when you can do it yourself and have all your repayments going towards your debt.

Plus does it really matter about the links with the banks and the free providers? I don't care, all my money is paying off my debts and that's all that concerns me. Plus although Step Change get money from the financial industry they are supposed to be an independent charity working for the individual and not the banks. Did Vincent Bond tell you this by the way, because they will obviously want you to go with them to take your money?

LMJ10

We never spoke off step change or payplan with Vincent bond, they sounded like they knew what they were doing - I just want it sorted really getting down in the dumps.

I'll give them a ring

LMJ10

Anyway does everyone think it's a good idea to go 1 month behind?

Decked

I suppose it depends how dire your situation is. I hadn't missed any payments but I was getting into debt further and further each month. I originally looked at using a company who charged for a DMP. I found out that they would keep the first 2 months money for themselves and then charge a percentage each month. I spoke with Stepchange and planned how I would go onto the DMP , this allowed me to have made a full contractual payment and then the next month's payment was on the DMP The first company I looked at gave me all the usual spiel about Stepchange working for the banks etc, personally up to now I cannot fault Stepchange , I have had interest frozen on well over £50k of debt starting early last year. As for payments, you need to work out your budget properly, go through everything with a fine tooth comb. I found Stepchange very realistic with what they proposed for my budget and even raised things that I hadn't thought of.