Do DMP really work?

angelneeded

Hi all need advice coming to the end of being able to manage and lots of people have give me a range of advice. Really thinking about DMP however I was then told a horror story by a aquantance - saying that her friend really struggled and that the debt providers didn't agree to min payments she had lots of angry and threatening letters etc.. As you can imagine has scared me!! Don't know if this has been exagerated or just made up - would love to hear any real experiences out there and future advice as to my next step. Thanks

rayday2

You do get letters but to be honest I read up about DMP and realised they were actually "threatless"

The basic rules of DMP are to be consistant and when you have made a payment offer then send the payment and keep sending it whether they accept or not.

You can do a DMP yourself through sites like the national debt helpline or charities like payplan or CCCS can help.

Personally I manage my own I like to feel in control and know whats happening 100% of the time so managing my own was perfect. But other people like the comfort of having "experts" on there side.

I changed my phone number too and dealt with just the letters all I told my family was we were having crank calls.

Solving my debt has been alot less stressful than hiding from it!

angelneeded

thanks for reply - probably feel like I would go with one of the debt charities, did you find that they either lowered the interest rates or froze them I need to feel that there will be a end somewhere in the horizon and i will not just be making lowered payments forever!

rayday2

All the interests on mine were frozen eventually and those that took the longest I complained and got some interest back. So now I know every month that goes by I owe less in the world.

My credit history is shot for a while but hopefully my savings habits means I don't need credit again which stops me getting so much white hair!

angelneeded

that would be a nice feeling - rather than the one I have at the moment of getting even more debt. Thanks for honesty really appreciated.

rayday2

Well I hope you find a company that works for you if you like pop into the DMP support thread - most of them use either CCCS or Payplan see which one you like the sound of.

Also maybe a new topic to put your SOA up to see if anyone can offer help on trimming expenses could be beneficial if you have not done it before.

CCCS_Emily

Hello,

Generally letters and threats do settle down once DMPs are up and running. Like rayday2 says as long as you make regular payments, and you can provide a financial statement backing up the amount, the creditors have to take the money. A DMP can be a useful tool to do this.

The most improtant thing, whether doing a DMP or managing payments yourself, is that your budget is realistic and sustainable, otherwise you will struggle.

I would suggest that you concider all your options before you decide what to do. While I can't advise you via this forum you may want to take a look at our online advice facility Debt Remedy. You can access this by following this link www.cccs.co.uk

angelneeded

yes i will have a look now thanks for replies it good to feel like i am taking the first step and that i can get support .