Free self managed DMP tool

SuperFrank88

Hi,

This has probably been mentioned on here in the past, but with the current situation we find ourselves in and more people inevitably turning to the debt charities for help with their debts, I have come across an amazing tool! It is on the North East Derbyshire Citizens Advice Bureau (google it) and it allows you to set up your own DMP.  It log all of your debts. It then generates holding letters that you can send to your creditors. 

There is also budget sheet in there where you enter all your income and outgoings (be realistic!, Don't leave yourself short) where it will automatically generate your creditor offers based on your income and expenditure. Basically what ever is left over that you can throw at your debt, it calculates on a pro-rata basis and gives you a figure to offer your creditor. 
Using these calculated offers, it will then generate all the letters to your creditors with one click! 
Based on the advice I have received on this site, it is better to get your account defaulted ASAP so that they can not charge you any further interest. It will also start the 6 year clock for the default to fall off your credit file.

You are then able to log whether the creditor accepted or rejected your offer. If they accept, happy days! If they reject, keep making the payment. They may well just sell your account on. IF they do, you just update your account with the new details and keep making the payments based on the offer it generated for you.

I think this is a incredible free tool which I will definitely be using once my accounts default. The debt charities are under so much pressure at the moment and it could mean you waiting for much longer to get your DMP set up. This was also gives you total control.

Anyway, hope this helps someone.