Got the DMP ball rolling

*DramaQueen*

So after months of stressing about money i have finally decided to be a grown up and sort myself out. I filled in the debt remedy on stepchange and have applied for my DMP.

I feel a huge sign of relief and can see the light at the end of the tunnel.

I have a question though if i sold some of my stuff and made extra money am i able to make extra payments towards the dmp to try and pay it down quicker.

sourcrates

*DramaQueen* wrote: »

So after months of stressing about money i have finally decided to be a grown up and sort myself out. I filled in the debt remedy on stepchange and have applied for my DMP.

I feel a huge sign of relief and can see the light at the end of the tunnel.

I have a question though if i sold some of my stuff and made extra money am i able to make extra payments towards the dmp to try and pay it down quicker.

Hi,

It's an unregulated agreement, so you can do what you please, but you should treat each creditor the same, otherwise you may fall foul of stepchanges rule book !!

January2015

sourcrates wrote: »

Hi,

It's an unregulated agreement, so you can do what you please, but you should treat each creditor the same, otherwise you may fall foul of stepchanges rule book !!

When I was with SC I had a debt with the catalogue VERY - if I didn't clear it by a certain date they would have added loads of buy now pay later interest. The amount they were getting on the DMP through SC was nowhere near enough to clear the debt in time to avoid this so I just made additional payments whenever I could directly to VERY. I logged in to my online account with SC and updated the debt total each time I made a payment.

SC never said a word to me over the 9 months it took me to clear the debt. This was a debt of about £1,500 and they were only getting about £25 each month through SC. So 9 x £25 would mean I would only have cleared £225 over 9 months. I needed to clear the balance of £1,275 as well - which I did

SC don't like it - just don't tell them. It's your DMP not their's. They are only there to facilitate things for you. If they don't like it, you can always sort your debts yourself (self-managed).

sourcrates

Yes i remember you deliberating that one January.

I`m firmly in the camp of "whatever works best for you" when it comes to matters like this.

SC will only be interested if you tell them, just one other point, bear in mind, this is a public forum.

*DramaQueen*

Hiya Thanks for your reply. I meant more paying extra to step change rather than going directly to the individual creditors

fatbelly

Yes you can do it but it might not be the most effective use of your money.

Why not start a 'fighting fund' on the side and somewhere down the line use that for full & final settlement offers.