Self managed DMP re payments

Sly72

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?

Brie

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.  

Brie

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.

sourcrates

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.

Sly72

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