Dmp help!?

sampo18

finalizing paydayloan

Hi ive had rediculous year off struggling with money and payday loans, not as bad as most people I must admit!

I have had a DMP for 4 months and I decided to look at the debt on my payday loan accounts, the debt is alot lower than what harrington brooks is saying I have left to pay.

Can I just forget about HB and pay directly to creditors? (lending stream, quickquid)

Is a DMP a contractual agreement?

Are there any final payent fees I have to make to HB?

Any help would be hugely appreciated, as I cant seem to find the answer anywhere!
TIA

Growurown

Do you have any paperwork from HB outlining the conditions attached to your DMP agreement? I would ditch them pretty sharpish. There are free providers out there that will do the same job for you.

sourcrates

Dump them straight away, it does not make any sense using a fee taking DMP company when you are in debt, as you have made another creditor were before it did not exist.
There is nothing this company can do for you that you cannot do for yourself, you are just wasting money here, paying them to basically press a few keys on a computer every month.


As advised above, there are free providers out there, stepchange for example, or you can self mange, its so simple to do.

fatbelly

Just write/email/phone them and cancel your direct debit/standing order

http://www.harringtonbrooks.co.uk/terms-fmp

Shouldn't be a problem

Their fees are 3 months payments initially then £38 per month (or 50% of the monthly payment if this is less). So £100 per month over 5 years would see £2466 going to them and £3534 to creditors, instead of £6000 to creditors as with a fee-free provider.

sampo18

Thanks for the help!

Taken your advoce and got rid of the con men at HB,
I should be paying off the loans at the end of the month and only have a
car loan left to pay by next month, no more cards or payday loans!

Thanks again!

blueneleh

sampo18 wrote: »

Thanks for the help!

Taken your advoce and got rid of the con men at HB,
I should be paying off the loans at the end of the month and only have a
car loan left to pay by next month, no more cards or payday loans!

Thanks again!

That's great. Nice to hear.
Good luck with becoming debt free

GrinC

sampo18 wrote: »

Thanks for the help!

Taken your advoce and got rid of the con men at HB,
I should be paying off the loans at the end of the month and only have a
car loan left to pay by next month, no more cards or payday loans!

Thanks again!

Wow - best of luck!! :beer:

sourcrates

sampo18 wrote: »

Thanks for the help!

Taken your advoce and got rid of the con men at HB,
I should be paying off the loans at the end of the month and only have a
car loan left to pay by next month, no more cards or payday loans!

Thanks again!

Well done, good choice :T