Dmp question

Bullyboy20

Hi just wondering if i choose a dmp route
Will i be allowed to contiune to pay my parents
Money what i owe

MovingForwards

For further information:

https://forums.moneysavingexpert.com/discussion/6088905/help-advice

Your loan from parents will form part of your DMP, unless you find a way to cut costs after starting your DMP to pay them what you are currently paying; which will then put you into preferential treatment of a creditor.

Bullyboy20

Hi thank you for your reply.
My original post with my soa etc
We have have thought quite a bit about a dmp.
But the family loan of 210 per month has to stay as they need their month back, originally we agreed 400 but have been paying 210 recently.

middleclassbutpoor

All your creditors need their money back.

Given all the help you have had on your original post - im not sure what else we can suggest

https://forums.moneysavingexpert.com/discussion/comment/76700142#Comment_76700142

You could look to hide the £210 in your other expenses and hope you don't get caught.

sourcrates

A debt management plan is an informal arrangement with your creditors, if you were to choose one of the free debt charities to administer one for you, then yes, all creditors must be treated equally, as that is their mantra.

However, is very easy to go self managed, and do one yourself, if you did one yourself, you are in charge, you can pick and choose what you pay, and to who, you are not under any requirement to show other creditors what each is getting, its purely an informal agreement, and you can run it however you wish.

Self management is very easy to set up and run yourself, that would be the only way you could work this.