Self managed DMP re payments

Hi

Am I supposed to follow this and will they accept:

Total Non-Priority Debts ÷ Total debt x Available Income for your creditors = Monthly Payment

Or could I just offer each one the same amount?


I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.

Comments

  • Brie
    Brie Posts: 9,305
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    They are more likely to accept if they can see they are getting a pro rata amount of the money you have available for payments.  
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • Brie
    Brie Posts: 9,305
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    Sorry - looking again at your formula.....I would be offering Non priority Debt1 / Total Non priority Debt x money available to pay non priority debts.  Redoing that for NPD2, 3, 4 etc.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • sourcrates
    sourcrates Posts: 28,543
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    What you have to understand with debt management, particularly if your going it alone, is that there is no acceptance or rejection of payments, you make whatever payment you see fit, and you just pay it to each creditor, makes no difference if the creditor likes it or not, that is the whole basis of the process.

    If one or more of them don`t like it, all they will do is sell the debt to someone else who will accept what you are paying, very few DMP`s end with the same creditors they started with.

    You have to get past the acceptance or otherwise of what you want to pay, that is not your problem, its theirs, it`s the actual debt that your wanting to rid yourself of, so you pay that down as best you can, who owns that debt whilst you do that, is of no importance whatsoever to you, debts can have various owners throughout a DMP, as long as you know who to pay, the rest doesn't matter that much.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Sly72
    Sly72 Posts: 112
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    Brie said:
    Sorry - looking again at your formula.....I would be offering Non priority Debt1 / Total Non priority Debt x money available to pay non priority debts.  Redoing that for NPD2, 3, 4 etc.
    I did mean money available to pay non priority debts instaed of money available to pay non priority debts

    I have Dyslexia which is a learning difficulty that primarily affects the skills involved in accurate and fluent word reading and spelling so some post may not make sense.
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