Self managed DMP anything to watch out for?

ferry

Considering a self managed DMP as I only have the two creditors but is anything different or more difficult than going through a charity?
Are creditors more likely to sit up and listen if its arranged through a charity?

Thanks as usual

sourcrates

When contacting your creditors, say you have taken advice from one of the free debt charities, and have drawn up a budget with their help.

Then make your offer of payment, also dont forget to ask them to stop interest and charges.

I believe Nedcab do a range of professional looking template letters you can use.

Its a simple case of paying what you can afford, all the charity does is act as a payment processor, making payment on your behalf, thats it, thats also why I can never understand why people use debt management companies at a 30% fee, when you can make online payment though your bank account for nothing.

ferry

Thank you SC for the excellent advice as usual

System

hiya.
NEDCAB system is amazing for sorting it all out.
I have found being SM very easy, did it right from the outset. Most defaulted within 6 months.
Good luck. The DMP sticky post is great for help when needed as is Sourcrates!

January2015

Another vote for NEDCAB here. It sets you up a free DMP account you can manage yourself and it generates a NEDCAB reference number for you to quote at your creditors. It generates the income and expenditure (I&E) statement and offer letters for you to download. You can adapt the wording in Word (or similar software) if you need to adapt it to your personal situation.

DMP_Tiger

Whatever problems or queries you may have, someone else will have had the same. So post it on here and someone will help you. Also this means that your Q & A will be on this board for anyone who is thinking of a DMP and reading the board. So you will get the help you need but that help will be here for others to read too.