Self Managed DMP

Desperadoo

KatieAnne said:

Sending big hugs Desperadoo x

I have just started self managed, set up new Standing orders and cancelled Step Change.

I used  https://nedcab.cabmoney.org.uk/dmp.asp  to generate all the letters and also provide them with financial statement ( budget)

All gone smoothly and accepted ,  but today PRA are asking me to complete a new budget form on their website, I have emailed them a copy of the  financial statement budget I recently sent them again and feel this is sufficent.

Thank you for reply. I still think I will.go self.managed but will see how the review goes. 

Yes have looked at the cad one....I'm paying £200 a month now but with new SOA it will only be £100 so worried aa will be cut in half won't be accepted.  Will see how it goes 

Ex_welsh_borrower

I've just gone to self managed too, I did a review with StepChange last month so decided it was a good time to go self managed as my creditors have a recent updated SOA from me. Was pretty straightforward, I didn't go through with letters I rang each creditor telling them my plans and confirming my payment remained the same as with SC. All were fine with it, only Klarna wanted me to fill in a financial hardship form but I now have standing orders for each creditor.

Then rang SC and told them and was only on the phone for a minute or so with them to cancel the DD and close the account.

gwynlas

When I self managed my DMP i consistently refused to complete SOA as I did not want each to know how much I was paying the other nor have any input into what they deemed I could afford to pay. They all queried this at every review but I maintaiined my stance which was take it or leave it. I was ptepared to pay a reasonable amount that did not cause me hardship so they agreed but reserved the right to ask.

Desperadoo

Ex_welsh_borrower said:

I've just gone to self managed too, I did a review with StepChange last month so decided it was a good time to go self managed as my creditors have a recent updated SOA from me. Was pretty straightforward, I didn't go through with letters I rang each creditor telling them my plans and confirming my payment remained the same as with SC. All were fine with it, only Klarna wanted me to fill in a financial hardship form but I now have standing orders for each creditor.

Then rang SC and told them and was only on the phone for a minute or so with them to cancel the DD and close the account.

Brilliant, If i was keeping payments same it would have been so easy but unfortunetly due to my income dropping since covid and increased costs had to reduce payements 

thanks for reply 

Desperadoo

UPDATE

Decided to email rather than post letters and as some emails could not find had to ring....first one was a company who I owe 2 accounts too...once defaulted for £18k and one still live for £9k....THEY WERE AMAZING... the rep was so lovely, accepted all i said on phone when I explained and just kept asking was I ok ( crying ) was i sure i could afford even the reducted payments.  These two accounts  the bult of my dmp...i was paying them almost £150 per month.  She did say as long as I paid at least £5 a month it would be ok for the " live account " never mentioned the default one.   So new payment sorted and emails sent to all accept one company who had to write to.

I had one account which only owed £40....rang to say I would pay in full end of month...wanted to do a FULL BUDGET to make sure I could afford it rather than the £1 a month they had accepted before...at the point where he asked how much my total debts where I just said....tell you what I will pay it off now...Im sure you wont refuse payment. 

Just need to sit back now and wait on the replies to emails

MovingForwards

I went self -managed, worked out a statement of affairs and it didn't leave much. All companies repeatedly asked if the payments were manageable, I timidly replied I'd checked my budget several times and they accepted the offers.

What I then did is pick the debts off one by one, starting with the lowest and making offers to do so. The money I had free went into my dedicated debt account towards the next one and so on. 

Desperadoo

MovingForwards said:

What I then did is pick the debts off one by one, starting with the lowest and making offers to do so. The money I had free went into my dedicated debt account towards the next one and so on. 

I'm hoping to do this... Next smallest one is £800 and I have a feeling they sent me a letting at one time offering me to pay it for about £300. So will keep eye out and see how it goes ...when you made offers did you have to tell them where you got the money x

Desperadoo

If anyone thinking of settting up a DMP or changing from your managed one with a company/charity to doing it yourself go for it.

I came on here a week ago , worried  as i needed a review with my company after wages dropped ( self employed ) and rising bills.

Thursday...contacted my company to arraneg a review....they could not do for a week so came on here and sarted to read and ask questions. They took £1 token ayment only  for May until review completed

Friday.......on advise form  here went to https://nedcab.cabmoney.org.uk/index.asp and emailed letter and budget to 5 companies owning 6 debts.  One debt only £43 and paid it off . Emailed my DMP company to cancel 

Monday.....spoke to my largest creditor as could not get access to their portal to check accounts, while on phone the lady set up new plan as she had information in front of her.   These 2 debts £28k

Tuesday.....another 2 set up total £8k 

Wednesday...just waiting on 2 more total of 2k...had already spoken to one of these companies who put a 60 day hold on account until all set up.

Have now also set up standing order for 25th each month to go to a monzo account I have and then set up standing orders to make the payments to debts on 28th. All accept one company who will only take payment by card or direct debit ( don't want a DD ) which is a pain but can set reminder to pay that one by card 

Thanks to those who helped with advice.  Really appreciated and the stress is now lifting 

MovingForwards

"Family" helped with the F&F offers, it was all money I had saved up and some payouts.

I had the added bonus of my health issues and temping to leave me in a precarious financial position if they didn't agree to the offers and the money would be going back to "family" if declined. 

All were long defaulted and sold off to debt companies.

Desperadoo

MovingForwards said:

"Family" helped with the F&F offers, it was all money I had saved up and some payouts.

I had the added bonus of my health issues and temping to leave me in a precarious financial position if they didn't agree to the offers and the money would be going back to "family" if declined. 

All were long defaulted and sold off to debt companies.

Thanks for reply