DMP mutual support thread part 13 !!

Weimsrock

TomF1983 said:

Hi. I have some questions about plans so thought this would obviously be the best place to ask ,, I'm curtain a paid debt plan with Gregory pennington , I just had my annual statement and its saying I owe 3000k to my creditors now but the total is 3700k with their fees , im paying 187 a month but obviously 20%ish  of that is fees ,  as this amount has dropped from around 11k in 3 years I was thinking about leaving them and managing it myself to avoid the fees and pay it off quicker , one of my concerns that I read the examples of some of the free ones you can set up and it was saying it may try to incorporate my partners finances into my budget as we live together  ? I definitely don't want that to happen , also are the chances of the interest being un frozen high ?

I was thinking about calling the creditors individual and trying to arrange something over the phone before I drop out of the plan is this wise ?

Thanks for reading

Tom 

im currently with step change on a free DMP and live with my partner. Whilst we split most bills as far as Stepchange are concerned I pay for them all and she just makes a rent and board contribution... you can inflate or reduce the size of her contribution as you deem necessary. They will not ask about your partners finances so don’t be worried that she’ll be dragged in because she won’t be

TomF1983

Thanks for replying. That's great to hear. Did you send all the letters and stuff it did you call the creditors to arrang . Did they freeze interest ?  Thanks 

Weimsrock

TomF1983 said:

Thanks for replying. That's great to hear. Did you send all the letters and stuff it did you call the creditors to arrang . Did they freeze interest ?  Thanks 

More experienced members may be able help give more certain advice but for me I would certainly leave GP as the admin charges are not necessary, so ...

1. write to Gregory Pennington cancelling your dmp immediately, even back it up with a phone call and reference 
2. cancel the SO or DD to Gregory pennington immediately.
3. Whether you go alone and contact creditors  and try clear balances on your own self managed dmp or engage a free dmp Provider is your choice. But for me when you’re so close to the end I would get a step change DMP as your full payment will go to creditors and there is no risk of you messing up or taking your foot off the gas when you’re so close to the end, why risk it, let Step Change take over the reigns and you’ll be debt free in no time. 

deano1506

TomF1983 said:

Hi. I have some questions about plans so thought this would obviously be the best place to ask ,, I'm curtain a paid debt plan with Gregory pennington , I just had my annual statement and its saying I owe 3000k to my creditors now but the total is 3700k with their fees , im paying 187 a month but obviously 20%ish  of that is fees ,  as this amount has dropped from around 11k in 3 years I was thinking about leaving them and managing it myself to avoid the fees and pay it off quicker , one of my concerns that I read the examples of some of the free ones you can set up and it was saying it may try to incorporate my partners finances into my budget as we live together  ? I definitely don't want that to happen , also are the chances of the interest being un frozen high ?

I was thinking about calling the creditors individual and trying to arrange something over the phone before I drop out of the plan is this wise ?

Thanks for reading

Bin Gregory Pennington off straight away - Payplan or Stepchange would have done your DMP for free, or even better with a relative low amount of debt manage it yourself. 

sourcrates

Annie0707 said:

Hi, 
 I had hoped to enter a DMP and pay approx £200 a month, but with so much uncertainty regarding my income and the fact that they may not agree, I would like to buy some more time.  Is this a valid plan? 

Thank you for your advice, it has been invaluable.

Hi Annie,

If you want to do a self managed DMP for £200 per month then you do so, you don`t require anyones permission, nor do you need any of your creditors to agree to it.

Firstly, they won`t refuse your money, secondly, if they remain unhappy, all they will do is either assign the account to a debt collector, who will be happy with what you want to pay, or sell the debt to someone else.

People are obsessed with worrying if the creditor will accept the proposal, or not, but it dosen`t matter, creditors won`t refuse your money whatever they may say, it makes no difference who owns the debt, all you should be bothered about is how much you can afford to pay, you then just pay whoever is writing to you, the owner of the debt is irrelivant.

natlie

Hi
What did you do with your credit card Apps when you got your DMP did you delete them or keep them? wondering if its worth having them on my phone now?
Nat

hev3049

It came to a point i couldnt access the CC accounts anyway so i deleted them.

natlie

hev3049 said:

It came to a point i couldnt access the CC accounts anyway so i deleted them.

Thank you, I think Virgin have blocked mine now 

ditty1234

Hi Welcome to newbies, you should not be paying for having a debt plan, then you might just as well be paying interest. I have a DMP w Stepchange and they are good, but make sure all your accounts are defaulted and you have an EF before you get in touch with them, as they will push for you to start right away. 

natlie

Received a letter from MBNA today, they have accepted my offer, closed the account and passed the debt to their recoveries team. Like Tesco they have defaulted the account straight away, I have no missed payments on this account either. So far only Virgin haven't stated if they are stopping interest/defaulting
Nat