Advise needed ,changing dmp .

mica2000

Hi,im currently in a dmp with a fee charging company,its actually a debt settlement plan,didnt realise how high the fees where and recently spoke to my current dm company.

i was advised they havent actually paid any of my creditors since last july to my disapointment,when i quiered this was told it goes in a trust till they can offer bigger settlements,but my concern is there is some smaller debts that cudve been paid,so 200 a month since july and they paid over just 1 pound to each company.

.i contacted step change who advised cancel direct debit which i did then seen in my paperwork current dm need 60 days notice,am confused i was also told to fight for my payments back since july.have my dm company failed me ? not sure what to do next ,any advice please .

~Beanie~

Stepchange have told you what you need to do next.

Cancel yur direct debit (give them the 60 days notice if you have to ) and then ask them for the money back that you have paid so far.

Which Company is it?

mica2000

its called immediate financial, giving them 60 days notice 2 more payments 400 ...for them to keep hold of ? they havent payed any of my creditors since july

sourcrates

mica2000 wrote: »

Hi,im currently in a dmp with a fee charging company,its actually a debt settlement plan,didnt realise how high the fees where and recently spoke to my current dm company.

i was advised they havent actually paid any of my creditors since last july to my disapointment,when i quiered this was told it goes in a trust till they can offer bigger settlements,but my concern is there is some smaller debts that cudve been paid,so 200 a month since july and they paid over just 1 pound to each company.

.i contacted step change who advised cancel direct debit which i did then seen in my paperwork current dm need 60 days notice,am confused i was also told to fight for my payments back since july.have my dm company failed me ? not sure what to do next ,any advice please .

Hi,
We see this time and time again on this forum, yes they have failed you, they are there to make money from you, not to help you with your debts, people who are in need of a quick solution targeted by fee charging debt management companies, follow the advise you were given by stepchange, write a letter of complaint to the company you are using, don't pay them another penny, say you were mislead as to how there company was going to deal with your creditors and the way they manage your DMP, this is unacceptable to you and you require all your payments to be returned to you as soon as possible or you will file a complaint with the financial ombudsman service.
You can pay your creditors yourself, do your own DMP, its not hard, instead of paying someone to do it for you, you do it, for free, simples !!

mica2000

thank u sourcrates,,just so frustrating i know im not on my own with this,i kept ringing asking has my debt come down in 2 yrs asked for uptodate balance,so i could see some light ...nothing feel ive wasted money and time on this company,not sure about doing it all myself couldnt handle more stress but hopefully step change will take over,thank u for ur reply

mica2000

how do i look into arranging my own payments ?

sourcrates

mica2000 wrote: »

thank u sourcrates,,just so frustrating i know im not on my own with this,i kept ringing asking has my debt come down in 2 yrs asked for uptodate balance,so i could see some light ...nothing feel ive wasted money and time on this company,not sure about doing it all myself couldnt handle more stress but hopefully step change will take over,thank u for ur reply

I have been there myself, so I know how tempting it is to have someone take your financial troubles away, but you have to remember ALL companies that charge you a fee are simply there to make money for themselves, and wont have your best interests at heart, you should be ok with stepchange, good luck getting your money back, and make sure you cancel the direct debt with the company its with, as well as your bank, do it in writing, otherwise they may still attempt to take the payment as , as far as there concerned the DD still stands until cancelled in writing.

mica2000

thank u so much for ur advise

sourcrates

mica2000 wrote: »

how do i look into arranging my own payments ?

You simply get all your creditors payment details, (RING AND ASK THEM FOR THESE) bank account numbers and sort codes, and make your payments to them from your bank account, that's the easiest way to do it.

mica2000

sounds simple enough to do it myself i guess,shouldnt be a prb as current dm only paying 5 creditors a [pound a month.

sourcrates

mica2000 wrote: »

sounds simple enough to do it myself i guess,shouldnt be a prb as current dm only paying 5 creditors a [pound a month.

It is simple really, once you have all your creditors payment details, its a five minute job making the payments every month, and you have the satisfaction of knowing the payment has been made, and on time, no messing, give it a go, you can always go to stepchange if its too much hasstle, good luck.