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DMP help for a family member
charlies_tribe
Posts: 1,633 Forumite
Afternoon all.
I have been talking to a family member yesterday (I have their full permission to post), They are in a DMP with Harrington brooks, started in march 12 and supposed to be for 4 years. I mentioned that they would save by going through a free charity but on reading the terms, they are sure they are stuck to the contract for the whole time to clear debts. Is there any way of cancelling the contract or are they really stuck to it?
The balances at the moment between 3 accounts stand at a total of £2703 (From the most recent statements from the 3 companies). She did ask her son this morning (thinking he would say there was no way he could), if he would lend her the money to pay them off, to her surprise he said ok, how much do you need? If she did go down this route, Would this be an option to pay directly or would they still need to go through the company?
Thank you in advance for any help.
I have been talking to a family member yesterday (I have their full permission to post), They are in a DMP with Harrington brooks, started in march 12 and supposed to be for 4 years. I mentioned that they would save by going through a free charity but on reading the terms, they are sure they are stuck to the contract for the whole time to clear debts. Is there any way of cancelling the contract or are they really stuck to it?
The balances at the moment between 3 accounts stand at a total of £2703 (From the most recent statements from the 3 companies). She did ask her son this morning (thinking he would say there was no way he could), if he would lend her the money to pay them off, to her surprise he said ok, how much do you need? If she did go down this route, Would this be an option to pay directly or would they still need to go through the company?
Thank you in advance for any help.
LBM in April 17 - Starting card debt £33554
Mortgage@1 June 18 - £76350
Total debt @june 18 £102311
Debt Jan 25 £8282
Mortgage £51215. Total debt now £59497
Mortgage@1 June 18 - £76350
Total debt @june 18 £102311
Debt Jan 25 £8282
Mortgage £51215. Total debt now £59497
0
Comments
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Should not have gone with a fee taking debt management company, just stop paying them, what are they going to do ? if her son can pay the debt for her, do this direct with the creditor, do not go through HB !! write and tell HB she has changed her mind.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Write a nice polite letter to HB thanking them for their help but you will be ceasing the dmp.
You can make the son's money work smarter by trying full& final settlement deals. I would expect them to settle for 30-50% so start at the bottom of that range
Full and final settlement offers0 -
Thank you so much. I had no idea on DMP, although had been looking for ourselves after DH was made officially redundant today (I think we can meet min payments though).
It is going to be discussed with her son to decide if she borrows the money from him or goes down something like the stepchange/cap route. As she wasn't expecting him to offer (he's saving for his masters) they are going to talk things through.
Thank you for your help as everything she could find seemed to say she was stuck in the contract.LBM in April 17 - Starting card debt £33554
Mortgage@1 June 18 - £76350
Total debt @june 18 £102311
Debt Jan 25 £8282
Mortgage £51215. Total debt now £594970
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