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Scared to increase DMP payments
Pigeongirl
Posts: 617 Forumite
Hi
I've been on a DMP for a couple of years and now, having looked again at my budget, I would like to increase my payments by about £100.
However, I'm scared that this will make the creditors think "Oh well we may as well reinstate the original agreement then!" including interest etc.
Does anyone have any experience of this? I want to get it repaid sooner and am willing to cut my expenses to do so but don't want to risk it biting me on the bum! Would I be better off saving the £100 p/m myself and going for a full and final down the line?
Many thanks in advance for any assistance.
I've been on a DMP for a couple of years and now, having looked again at my budget, I would like to increase my payments by about £100.
However, I'm scared that this will make the creditors think "Oh well we may as well reinstate the original agreement then!" including interest etc.
Does anyone have any experience of this? I want to get it repaid sooner and am willing to cut my expenses to do so but don't want to risk it biting me on the bum! Would I be better off saving the £100 p/m myself and going for a full and final down the line?
Many thanks in advance for any assistance.
Official DFW Nerd Club - Member No.11.
"When the storm is raging round you, stay right where you are."
Queen, 'Don't try so hard'
"When the storm is raging round you, stay right where you are."
Queen, 'Don't try so hard'
0
Comments
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I would continue paying DMP at current level and save any extra for a) emergencies, and b) full and final settlement offers.
Don't give creditors any more than you currently are giving them now.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
January2015 I just read your signature - bloody well done on your progress! :beer:Official DFW Nerd Club - Member No.11.
"When the storm is raging round you, stay right where you are."
Queen, 'Don't try so hard'0 -
Pigeongirl wrote: »January2015 I just read your signature - bloody well done on your progress! :beer:
Thank you - I need flipping shooting for getting into the mess in the first place though
DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Go with January's advice on this, it's spot on.
Don't increase your payments when you don't have to.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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