Should I?

Jack_D

I am on a DMP and need advice. I have 3 debts to pay and the lowest one is £255 which I am paying £78 per month to on my DMP.
If I am able to pay extra to the lower one to bring it down quicker so the £78 can be divided between the other two would this effect my DMP because I've made extra payments. I would make the payments online via my bank account not through the debt management it wouldn't be often just when I can save a little and pay some of it.
I don't want to effect my DMP. Or should I not make any extra payments and leave it as it is. I am just anxious to get my debts down as quick as I can

mrsscattercushion

the things I would be thinking about are
1) how long have you got left on the DMP to pay everything off?
2) has interest been frozen by your creditors
3) do you have an emergency fund ~ if not, the extra to overpay could be used to save and give you a buffer at a time of crisis.
4) is any extra money for overpayments going to be a regular thing, or a one-off


My understanding is that if in a DMP, the idea is for all creditors to be treated fairly ~ if they see you are able to make extra payments, thee may be an issue of interest being added, as they feel you can pay more....it may not be worth it in the longer run.

sourcrates

If you have extra funds and you want to clear away the lower of your three debts then do it, the other creditors will not know unless you tell them, a DMP is an unofficial debt remedy, it is under no regulation, you are free to do as you wish.

kerri_dfw

If you are paying a debt management company for the DMP then speak to CCCS. They are free and will not charge for a DMP. That way you pay off your debts quicker