Planning positive action

DFWJane

Plucking up the courage to face my SOA but in the meantime got a couple of questions and would really appreciate some guidance.

Is it better to negotiate reduced payments with the individual companies or should I go through CCCCs? Would my creditors be more acceptable of a plan through an agency?

If I enter into a DMP and can subsequently make bigger payments, or I earn a few extra quid one month, can I do this or would I be better off paying it into a savings account or chucking it at the mortgage?

Are payments reviewed from time to time? What if circumstances dictate I can't make payments, ie, sickness or redundancy?

I'm sure I'll think of more...!

ZTD

DFWJane wrote: »

Is it better to negotiate reduced payments with the individual companies or should I go through CCCCs? Would my creditors be more acceptable of a plan through an agency?

Often they are. The agencies also do some checking of your SOA, and help it appear more credible.

DFWJane wrote: »

If I enter into a DMP and can subsequently make bigger payments, or I earn a few extra quid one month, can I do this or would I be better off paying it into a savings account or chucking it at the mortgage?

A one-off increase shouldn't be included in your debt repayments. It confuses them. A permanent increase should.

DFWJane wrote: »

Are payments reviewed from time to time?

Yes. Often yearly.

DFWJane wrote: »

What if circumstances dictate I can't make payments, ie, sickness or redundancy?

Don't know that one - sorry.