About to start DMP

gorskiii

Wish I’d joined and read this section of the forum prior to putting a DMP in place.

My debts are as follows:

Novuna Personal Finance 17.7K
Novuna Personal Finance 6.4K
Updraft 12K
Updraft 12K
NatWest Credit Card 18K
 

All of my priority and non priority debts have always been paid on time and I’ve never missed a payment.

On Monday I reached out and spoke to Money Wellness about my debts. Yesterday I went through all of my income and expenditure with them 

They’ve come up with a DMP for me and this morning I’ve signed the doc to go ahead with it.

I opened a Monzo account yesterday due to banking with NatWest and owing them money. This is following what I read and the advice given.

I was advised it’s take 59 months to clear the debt. Also that it can take 4-8 weeks for them to set up the DMP.

Reading the forums my understanding is that I should have cancelled the direct debits and waited until the defaults showed on my credit file before starting a DMP?

Should I still cancel the direct debits now whilst Money Wellness set up my DMP? If I do what can I expect when I cancel them in the coming weeks?

Once my DMP is in place I take it Money Wellness talk to my debtors on my behalf to advise them or should I let them know I’m going on to one as well? Going forward whilst on the plan with them will the debtors contact me via phone/email/post or Money Wellness? Can I expect anyone to come knocking on my door?

Im sure there are other questions I’ll have that I can’t think of at the moment.

Thanks in advance.

Grumpelstiltskin

Hold on The advice is don't touch Money Wellness with a barge pole, they charge you for something you can get free.

Please cancel if you can and come back for better advice.

stu12345_2

yes .do you have a 14 day cooling off period so you can stop your plan with them and can get out of any contract or fees payable.cos this I assume is distant selling.

Rob5342

It's not too late. You should be able to cancel whatever you agreed with Money Wellness and then follow the advice here.

The first steps are to cancel the direct debits, and then put the money into an emergency fund while you wait for them to default below starting the dmp.

gorskiii

Rob5342 said:

It's not too late. You should be able to cancel whatever you agreed with Money Wellness and then follow the advice here.

The first steps are to cancel the direct debits, and then put the money into an emergency fund while you wait for them to default below starting the dmp.

Yes I have a 14 day cooling off period. I’ll cancel the direct debits today. How does it work with the credit card?

gorskiii

stu12345_2 said:

yes .do you have a 14 day cooling off period so you can stop your plan with them and can get out of any contract or fees payable.cos this I assume is distant selling.

I’m not paying any fee(s).

stu12345_2

no fees??.is money wellness a business that takes a cut or is it like a debt charity like stepchange that takes no cut cos you just send eg  stepchange an email saying bye.no longer want to use you and then you cancel any d debits with your bank you have with them

gorskiii

gorskiii said:

Wish I’d joined and read this section of the forum prior to putting a DMP in place.

My debts are as follows:

Novuna Personal Finance 17.7K
Novuna Personal Finance 6.4K
Updraft 12K
Updraft 12K
NatWest Credit Card 18K
 

All of my priority and non priority debts have always been paid on time and I’ve never missed a payment.

On Monday I reached out and spoke to Money Wellness about my debts. Yesterday I went through all of my income and expenditure with them 

They’ve come up with a DMP for me and this morning I’ve signed the doc to go ahead with it.

I opened a Monzo account yesterday due to banking with NatWest and owing them money. This is following what I read and the advice given.

I was advised it’s take 59 months to clear the debt. Also that it can take 4-8 weeks for them to set up the DMP.

Reading the forums my understanding is that I should have cancelled the direct debits and waited until the defaults showed on my credit file before starting a DMP?

Should I still cancel the direct debits now whilst Money Wellness set up my DMP? If I do what can I expect when I cancel them in the coming weeks?

Once my DMP is in place I take it Money Wellness talk to my debtors on my behalf to advise them or should I let them know I’m going on to one as well? Going forward whilst on the plan with them will the debtors contact me via phone/email/post or Money Wellness? Can I expect anyone to come knocking on my door?

Im sure there are other questions I’ll have that I can’t think of at the moment.

Thanks in advance.

Bar whether I should or shouldn’t use Money Wellness can anyone advise on this please?

Grumpelstiltskin

From their website.

Money Wellness is a trading style of Gregory Pennington Limited © 2022. Registered office: Think Park, Mosley Road, Trafford Park, Manchester, M17 1FQ. Registered in England and Wales. Co Reg No. 02855061. Authorised and regulated by the Financial Conduct Authority for its consumer credit and insurance and mortgage mediation activities.
FCA Reference  no 664019

Now anyone who has been on here for some time know Gregory Pennington and their reputation.

Please go to one of the debt free charities if you are sure now is the right time to start a DMP but have you stopped paying your debts to let them default?

Have you got an emergency fund of at least £1000?

Have you done CCA requests on the debts?

Don't jump into a DMP too quickly without doing as much research as you can and please let the good people on here help you.

Floss

Yes, cancel the direct debits. Start an emergency fund with the ££s you are not paying. Wait for them to default.

Cancel the DMP with Money Wellness. You can follow their plan, but pay the creditors yourself so all your money goes to the debts.

gorskiii

Grumpelstiltskin said:

From their website.

Money Wellness is a trading style of Gregory Pennington Limited © 2022. Registered office: Think Park, Mosley Road, Trafford Park, Manchester, M17 1FQ. Registered in England and Wales. Co Reg No. 02855061. Authorised and regulated by the Financial Conduct Authority for its consumer credit and insurance and mortgage mediation activities.
FCA Reference  no 664019

Now anyone who has been on here for some time know Gregory Pennington and their reputation.

Please go to one of the debt free charities if you are sure now is the right time to start a DMP but have you stopped paying your debts to let them default?

Have you got an emergency fund of at least £1000?

Have you done CCA requests on the debts?

Don't jump into a DMP too quickly without doing as much research as you can and please let the good people on here help you.

I’ve come here for help and advice as know there are many experienced people on here.

It’s only today that I’ve cancelled the direct debits for my debts but they won’t yet default as I’ve read on here that can take several months(?).

Yes, I’ve got an emergency fund set to one side. What is this usually needed for?

Yes, I’ve done CCA requests on the debts and they are all enforceable.