Self Managing - Direct Debit or Standing Order?

17 Posts

I had settled into a DMP with StepChange and understand all the processes, I did jump in and do this too quickly and so am now looking to stop the DMP. Go self managed and only start paying off the ones which have defaulted and gone to collections while I await the remaining defaults.
So far, only one Debt has defaulted - I am about to contact Link Financial direct to tell them I'll take over the payments personally, paying at the same rate StepChange have been paying, my question is - do I get them to set up the DD? or Do I create a non changeable standing order? My worry is the standing order can continue after the debt is cleared, but a DD can be varied by the creditor - am I totally overthinking this?
So far, only one Debt has defaulted - I am about to contact Link Financial direct to tell them I'll take over the payments personally, paying at the same rate StepChange have been paying, my question is - do I get them to set up the DD? or Do I create a non changeable standing order? My worry is the standing order can continue after the debt is cleared, but a DD can be varied by the creditor - am I totally overthinking this?
New Starting point 1st Sept 2022 -
Total DMP Value = £36,538.83 made up of -
Virgin Money £1,562.05
Zopa £2,706.17
MBNA £3,420.15
Virgin 2 £4,694.28
Link Financial £5,038.57
Lendable £8,748.04
Hastings Loan £10,371.57
Sainsburys bank £6,842.95
Next £250.80
Fluid Card £553.60
Very £720
Total Debt £44,906.18
Emergency Fund: £0/£1000
Debt free in 10 years?! Lets do this!
Total DMP Value = £36,538.83 made up of -
Virgin Money £1,562.05
Zopa £2,706.17
MBNA £3,420.15
Virgin 2 £4,694.28
Link Financial £5,038.57
Lendable £8,748.04
Hastings Loan £10,371.57
Sainsburys bank £6,842.95
Next £250.80
Fluid Card £553.60
Very £720
Total Debt £44,906.18
Emergency Fund: £0/£1000
Debt free in 10 years?! Lets do this!
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Total DMP Value = £36,538.83 made up of -
Virgin Money £1,562.05
Zopa £2,706.17
MBNA £3,420.15
Virgin 2 £4,694.28
Link Financial £5,038.57
Lendable £8,748.04
Hastings Loan £10,371.57
Sainsburys bank £6,842.95
Next £250.80
Fluid Card £553.60
Very £720
Total Debt £44,906.18
Emergency Fund: £0/£1000
Debt free in 10 years?! Lets do this!
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
Arrangement to Pay markers stay on your credit record for 6 years AFTER you pay off the debt, so a lot more damaging long-term.
Email sent to Link advising they will receive payment from me directly from now on, on the 1st of Every month for X amount as per Stepchange original agreement. Lets see if they are happy with it.
Total DMP Value = £36,538.83 made up of -
Virgin Money £1,562.05
Zopa £2,706.17
MBNA £3,420.15
Virgin 2 £4,694.28
Link Financial £5,038.57
Lendable £8,748.04
Hastings Loan £10,371.57
Sainsburys bank £6,842.95
Next £250.80
Fluid Card £553.60
Very £720
Total Debt £44,906.18
Emergency Fund: £0/£1000
Debt free in 10 years?! Lets do this!
Online banking is best, get their bank details, make the payment manually every month, by manually, I refer to clicking your mouse a couple of times.
That way you adhere to the mandate of retaining complete control over matters.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
Total DMP Value = £36,538.83 made up of -
Virgin Money £1,562.05
Zopa £2,706.17
MBNA £3,420.15
Virgin 2 £4,694.28
Link Financial £5,038.57
Lendable £8,748.04
Hastings Loan £10,371.57
Sainsburys bank £6,842.95
Next £250.80
Fluid Card £553.60
Very £720
Total Debt £44,906.18
Emergency Fund: £0/£1000
Debt free in 10 years?! Lets do this!