DMP student loan and full and final payments

nia_29

Hi guys, 
I had a post here not long ago about being a mature student in a DMP. 

My provider Payplan has asked me for my new statement of affairs. Previously I was paying £153 a mont to debts of £10646 remaining. It’s been a bit of a struggle. Now at that pace it would take me almost 6 years to clear. 

Now as I am gonna be a full time student I have reduced my hours to 15p/ week. I am getting a student finance loan of £ 9940 for the year. Now I have reduced my payments to £91 because I want to be able to snowball my over time and student loan and offer full and final settlements. Payplan doesn’t seem to like this and want me to tell them when I get a lump sum and offer them the amount.
Now I want to get of debt sooner. I Hate this debt with passion. Won’t wait 6 years to get rid of it.
Am I going wrong about this? Please any advice appreciated.
ps I won’t do a DRO or bankruptcy. 

NeverendingDMP

Why not cancel PayPlan and go self managed. 

Galloglass

I won’t do a DRO or bankruptcy. 

By choice, or by profession, or by beliefs?

Suseka97

My initial thoughts here are that your student loan is what it says on the tin... a loan - so its strange that Payplan would expect you to hand that over.  But with that said, its also given for a specific purpose and so isn't intended for debt repayments.  If Payplan are not happy to accept that - then your only option is to go self-managed.

nia_29

NeverendingDMP said:

Why not cancel PayPlan and go self managed. 

I might consider it if they give me any trouble.

nia_29

Galloglass said:

I won’t do a DRO or bankruptcy. 

By choice, or by profession, or by beliefs?

Mostly by choice, because hopefully I graduate in 2 years I don't wanna limit my options; but also I want to try and force my creditors to take full and final payments. 
The truth is that I know I've made many mistakes but I am sick of this debt and I want to get out of it sooner than 6 years. 
I just got the feeling on the phone that Payplan are not totally on my side. They kept on saying you still own 10K. Yes but I am trying to see if they will settle for less. 

nia_29

Suseka97 said:

My initial thoughts here are that your student loan is what it says on the tin... a loan - so its strange that Payplan would expect you to hand that over.  But with that said, its also given for a specific purpose and so isn't intended for debt repayments.  If Payplan are not happy to accept that - then your only option is to go self-managed.

Exactly I haven't told them my full amount because I want to save up and offer them Full and final payments but also, I am 29 and learning to drive. (I got the money doing extra hours). I know probably I should throw that money to debt but I believe that I might struggle to find a graduate job if I can't drive and to be perfectly honest I see it as a necessity. 
I am tired of taking buses everywhere and I have lost job opportunities relevant to my career for not being able to drive. 
I don't think Payplan is quiet on my side on this and I get it but my goal is to get out of it quicker not necessarily paying every dime, if I can get a discount good for me.