Moving from managed DMP to self managed DMP

January2015

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.

I wrote to all our creditors using the NEDCAB template (just google NEDCAB DMP).

We wrote and reduced to token £1 payments for 3 months to allow us to build up an emergency fund.

All creditors have been fine

nextyeartina

I used the template on NEDCAB. All of my creditors accepted no problem. I've since paid off two of my debts and almost cleared a third. Go for it

Rosettie

January2015 wrote: »

I wrote to all our creditors using the NEDCAB template (just google NEDCAB DMP).

We wrote and reduced to token £1 payments for 3 months to allow us to build up an emergency fund.

All creditors have been fine

Many thanks.
The thing I'm really worried about is when to cancel with Payplan if I do it before I've had replies back from creditors with their bank details I may miss a payment.

Toomuchdebt

Rosettie wrote: »

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

They were absolutely fine. They did ask for an SOA so I sent the one I did for stepchange. It's been 2 years now and I had to temporarily drop my payments down to £1 and they were fine with that too-I'm paying more again now and have asked them to leave my payments at the minimum and I will overpay when I can and they have been happy to do so.

Rosettie

I am thinking of only making token payments until my creditors have agreed in writing to me managing my DMP and not Payplan.
What would others advise?

sourcrates

Rosettie wrote: »

I am thinking of only making token payments until my creditors have agreed in writing to me managing my DMP and not Payplan.
What would others advise?

I wouldn't bother with that, nor would I seek there agreement.

Just tell them what you intend to do, and get on with it.
Don't seek anyone's approval, why should you ?

You make the decision to go self managed, no one else.

boobaby

Dear all

I an a little late to the party but hoping that someone can give me a little guidance. We have been with a well known DMP provider that charges a monthly fee for many years and this post has encouraged me to bite the bullet and self-manage our DMP moving forward.

I shall using the Nedcab template and contacting our DMP provider this week notifying them of our intention to terminate our DMP with them. Does anyone have any experience with them regarding how helpful they were providing creditor information? Did they also provide contact information?

Any information would be appreciated.