DMP

Sly72

Having read the forum just want to confirm a few things, due to financial pressures I now need to set up a DMP.

My understanding is, it’s best to stop payments straight away, save the money and wait for the accounts to default before agreeing a DMP either self-run or via Stepchange.

Looks like my accounts will default at different times, not all at the same what’s the best option regarding setting up a DMP and dealing with payments until all have defaulted.

sourcrates

It`s your choice, if you're not bothered how your credit file looks, or if interest is stopped or not, then just miss a few payments for your EF, and go via stepchange.

On the other hand, if the above is important to you, then you basically don`t do anything, just ignore things, keep an eye on the post obviously, hopefully your debts will be quickly defaulted and sold, that is then the time to start debt management.

In reality things never go that smoothly, you will get some creditors that default you quickly, others drag their feet, some may sell without defaulting, it can be a real minefield, because of this uncertainty, everyone will have a different experience, you basically choose a course of action and then stick with it, you can always refer back to this forum for any help or guidance you may need.

Edit.  I have also answered in your other post, best to just stick to your own original thread, otherwise it can get confusing.

Rob5342

If you want them to default then doing it sekf managed is easiest as you can start the payments as they default. This site is useful for doing it self managed as it genrrates all the financial statements and letters for you:

https://nedcab.cabmoney.org.uk/dmp.asp

Sly72

Rob5342 said:

If you want them to default then doing it sekf managed is easiest as you can start the payments as they default. This site is useful for doing it self managed as it genrrates all the financial statements and letters for you:

https://nedcab.cabmoney.org.uk/dmp.asp

Well was getting calls at stupid times during 7:30 to 18:00, now getting text messages at same time and loads of letters via post if they carry on will fill a recycled wheelie bin with them !!!. So far Barclays is looking to default after 3 missed payments others are taking an age, so what is best to do with default when confirmed. Want all to default before setting up a DMP with Stepchange.

RAS

Stop paying, maybe send a text insisting they send everything by post.

And save up everything you can into your emergency fund. You'll need it so that's your priority.