Moving from managed DMP to self managed DMP

Rosettie

Hello everyone,
I am currently in DMP with Payplan with just under a year remaining of a 5 year plan. I would like to self manage and was wondering if anyone had done this. Just curious about if my creditors would accept the same payments as they currently do through Payplan and also how get bank details from them to set up standing orders.
Any advice would be gratefully received.

Also, apologies if I have posted this incorrectly... Not sure I know what I'm doing forum-wise

glentoran99

No reason they wouldn't accept the same payments, Never dealt with payplan but they could give you the details, or even just a call to creditors asking for the details,

National_Debtline

Hi Rosettie


There's absolutely no reason in principle that you should not be able to self-manage for the remaining term of your debt plan. Creditors should be no less likely to accept payments directly from you, and should be perfectly willing to provide their payment details if it means they continue to receive their instalments.


Payplan should be able to advise you of any details you might need prior to going "DIY" - you are always free to exit a managed DMP and you don't have to give any particular reason for doing so.


Dennis
@natdebtline

funkyfish586

We have also been thinking about going it alone after payplan have been shockingly bad in the past few months. Its getting me down now as they do not respond to emails, have sat on a £50 payment to a creditor for 12 days and i'm constantly on the phone to the creditors so i reckon I am doing most of the hard work. Good luck Rosetti!! x

January2015

We were with Stepchange for the first year of our DMP and and went self managed in January this year. We are now 21 months into DMP land and self managed is great.

Rosettie

Thank January2015
Can you tell me more about the change over please...
Did you ring or written to your creditors?
How were they with you?
Did you cancel DMP once you had standing orders in place?
Please PM me if you prefer that.

Toomuchdebt

I self manage. I was with Stepchange to begin with but i hated the fact I couldn't make extra payments when i wanted to, and the fact that they would take my money on the 1st but not pay anyone until 15th.
I rang my creditors, gave them my stepchange reference, explained I was going to be managing the debt myself and everyone was fine with it. I cancelled the DMP the same day as I started ringing everyone.

Rosettie

Toomuchdebt wrote: »

I self manage. I was with Stepchange to begin with but i hated the fact I couldn't make extra payments when i wanted to, and the fact that they would take my money on the 1st but not pay anyone until 15th.
I rang my creditors, gave them my stepchange reference, explained I was going to be managing the debt myself and everyone was fine with it. I cancelled the DMP the same day as I started ringing everyone.

Thank you. Were your creditors happy to keep receiving the amounts paid through Stepchange? Did they ask for SOA or payslips/bank statements?

sourcrates

Rosettie wrote: »

Thank January2015
Can you tell me more about the change over please...
Did you ring or written to your creditors?
How were they with you?
Did you cancel DMP once you had standing orders in place?
Please PM me if you prefer that.

Hi,

Going self managed is just a fancy name for paying your debts yourself without using a 3rd party.
You make your payments to your creditors, like you used to do, but at a lower rate than your contracted payments were, as per your SC DMP.

You simply write to each one informing them of the change, and that you will keep them updated as to your income/expenditure.

That's it, dosent matter what your creditors think, you dictate how things are to be run, you tell them when they will be paid, and how much they will be paid, that's the whole idea of going self managed, to give you back some control.

You provide them with an SOA if they ask for one, they are not entitled to see anything, but an SOA that shows what you can afford, can only be beneficial to you.

Rosettie

sourcrates wrote: »

Hi,

Going self managed is just a fancy name for paying your debts yourself without using a 3rd party.
You make your payments to your creditors, like you used to do, but at a lower rate than your contracted payments were, as per your SC DMP.

You simply write to each one informing them of the change, and that you will keep them updated as to your income/expenditure.

That's it, dosent matter what your creditors think, you dictate how things are to be run, you tell them when they will be paid, and how much they will be paid, that's the whole idea of going self managed, to give you back some control.

You provide them with an SOA if they ask for one, they are not entitled to see anything, but an SOA that shows what you can afford, can only be beneficial to you.

Bless you sourcrates.
I'm going to write to them all rather than ring them as I want to request their account numbers and sort codes to set up standing orders and want that information 8N writing rather than verbally.
Also can't cancel existing DMP until I have the creditors banking details or there will be missed payments and that's never a good thing (it scares me to death).

whattodo1967

This is something I have wanted to do for some time, but worried about it upsetting things as all going so well, with no issues with any of my creditors, but It would give me more flexibility to overpay when I can. Good luck and let us all know how you get on.