Self Managed DMP

funny_bunny

gwynlas said:

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.

Were you on DMP through SC when you first started? 

Desperadoo

funny_bunny said:

Were you on DMP through SC when you first started? 

No Payplan ...sorry maybe that wasn't for me lol 

funny_bunny

Desperadoo said:

funny_bunny said:

Were you on DMP through SC when you first started? 

No Payplan ...sorry maybe that wasn't for me lol 

Thanks, that seems a smart move. 

I was thinkging to go self-manage from start but not ready yet as I'm still sorting out my SOA and learning. 

I looked at nedcab but the SOA gives away details of other creditors and how much I'm going to pay to each of them, which I am very reluctant to do as it's non of their business.

So I am not sure if that's something the creditor(s) will insist on or what to do.  

Desperadoo

funny_bunny said:

Desperadoo said:

funny_bunny said:

Were you on DMP through SC when you first started? 

No Payplan ...sorry maybe that wasn't for me lol 

Thanks, that seems a smart move. 

I was thinkging to go self-manage from start but not ready yet as I'm still sorting out my SOA and learning. 

I looked at nedcab but the SOA gives away details of other creditors and how much I'm going to pay to each of them, which I am very reluctant to do as it's non of their business.

So I am not sure if that's something the creditor(s) will insist on or what to do.  

I know the other poster said they didn't but I did...one creditor I spoke to did say " thanks for giving us Ll the details " do maybe not everyone does 

I only decided a week ago to change to self managed  and glad I did.  2 companies did email me and ask was I sure my SOA was realistic as I was not allowing myself a lot of money for my own expenses and to let them know if I need to change it 

funny_bunny

Those 2 companies sound too nice! Are they DCA or OC?

Desperadoo

funny_bunny said:

Those 2 companies sound too nice! Are they DCA or OC?

Both debt collection 

cybertortoise

I'm glad it's worked out for you to do it yourself. I'm going the same way. All my debts are with Stepchange but I don't have any flexibility to pay more if I have it. I'm hoping it will work out well as I have about £30k to pay off ranging from under £50 to over £7k at the largest one. It's surprised me how some DCAs now seem to actually care about whether you can afford to live AND pay them, it's a nice change. Unfortunately it's not all of them but seems things are changing gradually.

Desperadoo

cybertortoise said:

I'm glad it's worked out for you to do it yourself. I'm going the same way. All my debts are with Stepchange but I don't have any flexibility to pay more if I have it. I'm hoping it will work out well as I have about £30k to pay off ranging from under £50 to over £7k at the largest one. It's surprised me how some DCAs now seem to actually care about whether you can afford to live AND pay them, it's a nice change. Unfortunately it's not all of them but seems things are changing gradually.

My smallest debt was about £45 , paid it off and biggest was £18k . Really surprised how easy it was all sorted in less than a week. I am still waiting on one company coming back to me but all the others sorted.

sourcrates

cybertortoise said:

It's surprised me how some DCAs now seem to actually care about whether you can afford to live AND pay them, it's a nice change. Unfortunately it's not all of them but seems things are changing gradually.

Ha, if only that were true......please don`t assume these companies have suddenly developed a social conscience, they haven`t, what they have faced is pressure brought to bear by the FCA, in the form of more regulation and large fines if customers are not treated fairly, and any payment agreed is affordable.

This is mainly due to covid, and the fall out from that, some debt purchasing companies, in fact two of the worst offenders in a previous life, have had a root and branch re-boot of operating procedures, which included new management, and new staff training, and a full re-branding of the company name as well.

Both have emerged as different animals in this affordability driven new world, of course its all good for the client, one reason no one would deal with them in the past was because of the intimidation and threats made to debtors, hardly a solid base to base a financial relationship was it.

Desperadoo

UPDATE.
So on 27th May sent emails to change from Payplan to Self Managed.

Most creditors replied in a few days...all sorted except one so today decided to chase it up.

After 15 minutes of the most useless chat every including the assistant asking me 3 times why I had got om touch and 3 times me asking them can they follow up the email I had sent. .being told I needed to so a online budget on this website...NO all info in info I had sent and then being asked did I want to include the debt I had called about in a payment plan I gave up and rang 

Apart from confirming who I was any questions I referred them to the email I sent and within 5 minutes all sorted 👌 

Started with 7 debts

1 paid as just over £40
6 debts with 5 companies now all agreed and first payments for June make 

Standing orders set up for total amount to go to Monzo account on 25th of each months from July all 6 Standing orders set up for 28th July to pay each company

Thanks to those who advised and helped especially @sourcrates