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dmp

Hi all i posted my soa on here last week and got some good advice (Any more would be welcome ) but what i wondered was that could i do my own dmp and contact my creditors or will i be better off getting someone to do it for me?
Make £11,000 in 2011 / ebay £600
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Comments

  • rayday2
    rayday2 Posts: 3,960 Forumite
    That is an entirely personal decision. I am a control freak I would not relax jsut turning things over to someone else to look after so running my own DMP makes perfect sense and I am good at letter writing and researching any information I need.

    But if you like the idea of just paying an amount with slightly less worries, although you will still get letters than the CCCS, Payplan, CAB or in some cases National Debthelpline can help too.
  • I think, if it were me, I'd prefer to have some support behind me. That way, if anything changes, you'd have someone to refer to who's already familiar with your circumstances, and wouldn't feel quite so alone dealing with it.
    I'm an adult and I can eat whatever I want whenever I want and I wish someone would take this power from me.
    -Mike Primavera
    .
  • Horses for courses this one. I am with Payplan who,so far, have been really good. I know ray does her own and does so very well. I dont think there is a written rule with this just down to personal convictions.

    Good luck whatever you decide and as ray says there are lots of template letters and advice out there ( and on here )

    ym
  • I think there are pros and cons with each method.

    I would say Payplan were brilliant when setting everything up - they contacted all creditors and got everything frozen & payments arranged - and gave great advice.

    However, now that I am nearly 3 years into everything, I am considering leaving Payplan, as I am now paying more than minimum payments on all my debts, and some are starting to charge interest again, so it would be nice to snowball and pay the highest one first, but Payplan do not allow that as it has to be a proportional share to each one.

    I've also heard from a few sources that creditors are sometimes more likely to accept an offer if it comes from an organisation like Payplan, CCCS etc.

    One thing to defiinitely do, is if you do decide to get someone to do it for you, take care that it is a charity one so that all your payment goes to your creditors
    [STRIKE]
    DFW Nerd number 729
    [/STRIKE]
    Debt Free & Proud
  • so am i right in thinking when you go to payplan you pay a little off all your debts and have to pay the same to each one so you do still in effect owe the same as when you start so it must take years to pay them off
    Make £11,000 in 2011 / ebay £600
  • rayday2
    rayday2 Posts: 3,960 Forumite
    Your payments are worked out pro - rata, so the total you owe say of that you owe Halifax 10,000 which is 5% of the total owed you would pay them 5% of the total amount you have to pay your debts each month. In theory they would all be paid off at the same time if interest is suspended, except for any small ones where the least you offer is a £1, so they could disappear quicker.

    I hope that makes sense.
  • Hi Hopeless Case

    I've a DMP with CCCS. They work out the payments based on who is owed the most so they get the biggest slice of the cake IYKWIM. As the debts are cleared that money gets split between the remaining debts.

    I have issues with HSBC rather than CCCS - who have done everything possible to get them to stop charging interest - which is more than the CCCS payment.

    The CCCS have been a god send as I can forget about my finances for a bit and concentrate on my baby DD.

    HTH

    MDW
    Proud to be dealing with my debts
    DD Katie born April 2007!
    3 years 9 months and proud of it
    dreams do come true (eventually!)

  • Hi so if i go on a dmp and say in five months time i have managed to save some money should i keep it in the bank or pay it to the creditors?O will they then up my payments as i have mare money than theythink
    Make £11,000 in 2011 / ebay £600
  • Hooray i did it i called the ccs and feel sooooo much happier.Big Big thankyou to all who gave advice:j
    Make £11,000 in 2011 / ebay £600
  • Kevicho
    Kevicho Posts: 3,216 Forumite
    Well done :)

    Took some persuading lol, but glad you did it :D
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