Things to do before starting a DMP

TimeToDoIt

I've read a couple of posts from people who are in the same boat as me, about to start a DMP.

I've also read a few pieces of advice suggesting that before you start up making your monthly DMP payments, you should take a month or two to build up an emergency fund.

Do people agree to this idea?
Shouldn't I just get on with making my payments due?

sourcrates

TimeToDoIt wrote: »

I've read a couple of posts from people who are in the same boat as me, about to start a DMP.

I've also read a few pieces of advice suggesting that before you start up making your monthly DMP payments, you should take a month or two to build up an emergency fund.

Do people agree to this idea?
Shouldn't I just get on with making my payments due?

Yes, always best to have a "plan B" mate, no one else is gonna help you if something crops up are they, take 6 months if you like, your in control of this not anyone else.

TimeToDoIt

Thanks for the reply. But can I really say to SC "I'll start paying you in 2/3/6 months. Ok?"

sourcrates

TimeToDoIt wrote: »

Thanks for the reply. But can I really say to SC "I'll start paying you in 2/3/6 months. Ok?"

Its something you should ideally do before you enter into any agreement, however, if its already been finalised with SC then I assume you will have to follow there agenda.

eyeopener2

You can say that actually. You are in control here.

You've changed banks? Excellent.

Stopped all DDs for your loan payments? Good, second job done.

Not paid your credit card bill this month? Yep, this as well.

That's the hard bit. Telling your DMP provider you will start in 3 months because you want to build up an emergency fund is the easy bit. You pay a token for the first month anyway, just make it three. Others have done it.

I suggest you seriously look into it. I've mentioned loads of times on here about how my car when belly up just after my dmp had finished. If it had gone a year earlier I would have been snookered. No emergency fund, no credit, nothing.

TimeToDoIt

Yes that's what I thought. Stick to their plan.
Much as 2/3/6 months stashing some funds away would be nice, I def couldn't take the stress of the relentless phone calls before I could tell them I'm on a DMP leave me alone!!

TimeToDoIt

Really eyeopener2?
Won't they, and my creditors, get p****ed off at me trying to set this agreement up and then going back on it before it even started?
Won't they all start calling me asking where their money is?

sourcrates

TimeToDoIt wrote: »

Really eyeopener2?
Won't they, and my creditors, get p****ed off at me trying to set this agreement up and then going back on it before it even started?
Won't they all start calling me asking where their money is?

You have to understand the debt collection process, as there are a number of myths, in reality it takes months and months for the process to run, first there is the normal creditor asking you for money, that may take a month, then account passed to collections, anything from 6 months to 2 or 3 years, eventually sold to DCA, anywere from a year to 3 years, nothing usually happens quick with these people, so don't panic, save up a bit first if you want to.

antonic

When I first considered my DMP the timescale went like this :

Sep 2005 - spoke to Payplan and stopped my 3 x CC`s.

Sep 2005 to Dec 2005 - got loads of phonecalls from HBOS, who I told each time I was setting up a DMP with Payplan and quoted my DMP number.

Dec 2005 - made first payment to Payplan

June 13 - Made last payment and became DF (and got my life back).

Lensman_2

Most important is to open a basic account with a bank that has no connection to any of your debts. Then move your DDs and SOs for rent etc to that.

Please confirm that you have done this.

TimeToDoIt

Hi lensman well I'm getting there
I have applied for a basic account and just waiting for it to be opened. In the meantime I have all the cash I own in an envelope in my wardrobe!