DMP plan going solo?

Gavin78

I've been paying a DMP through stepchange however I've found they can be a bit too pushy in wanting me to go bankrupt etc.


I ended up dropping my min payment last september to £61 in order to keep my DMP plan going and my review is now overdue that they are considering dropping the payment plan.


The current debt is £19600 and for a short while I considered the BR route but the wife won't let me at the moment. She has struggled to find work since finishing Uni in September and only managed to get a temp job in Feb that will finish at the end of this month.


This was supposed to go Perm from Sepetember this year but the local council has pulled funding landing back to square one again with her looking for work.


It's left me in a position where Stepchange are really pushy in wanting to get payments up or other alternatives to clear the debt.


I don't want to do that and the letters they are sending me because the review is overdue are threats that the debt companies will more the likley add interest back onto the debt. However most of these debts have gone to debt companies now like (cabot).


Stepchange didn't help I payed over 3k back in the first 18 months while the companies I was in debt with piled over 3k on in interest so I only paid back £160 in the first 18 months and stepchange were like well we can't stop them putting interest on so the letters they are sending me don't make sense.


So I was thinking of going solo and writing to the companies myself with my own DMP. I'm just wondering if it's hard work dealing with them that way?

Willing2Learn

Gavin78 wrote: »

… I was thinking of going solo and writing to the companies myself with my own DMP. I'm just wondering if it's hard work dealing with them that way?

It is relatively easy to self-manage a DMP. There is really useful resource available to you. Have a look at the NEDCAB website as they have all the info you need to self-manage a DMP successfully.


You have said that most of your debts have been passed to DCAs (such as Cabot). Does that mean there are some who have not? Also, have all the accounts been defaulted?


https://nedcab.cabmoney.org.uk/dmp.asp

MovingForwards

Do it alone if you are happy to do so!

Follow the link posted by W2L as it's very helpful and talks you through everything.

How old are your debts and are they all defaulted and sold on to debt companies? If so, send them all a CCA letter, template is in the W2L link.

Gavin78

Thanks for getting back to me. The debts are around 3/4 years old and 90% of them have been sold onto debt companies.


Yeah this is kind of what I owe:-


Cabot £10,900


PRA group £2500


Westcot £4,040


Intrum £1,151


Captial one £1,108


its around £19700 to pay back with just over 4k already paid.


I would have paid 8k by now if they had stopped interest.


So other than Capital one they have all gone to debt companies.


I'm not sure what you mean by defaulted? they are showing on my credit report as a closed account that is with clear score.


I'll have a look at those links thanks.

NowInspired

We went solo. I did ring Step Change in the beginning but found them to be pushy and they told me that one of the banks would probably make me personally bankrupt. I felt intimidated by their attitude, scared by their bankruptcy talk and also the amount they wanted me to pay was pushing us to the limits. We decided to do it all ourselves, have total control and we have no regrets.