First DMP Journey

I posted this in the debt-free wannabe section the other day:

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
 
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.

I got some really good replies and one of the reasons I’ve joined this forum.

I’ve given notice to MW and I’m going to do it all myself.

I’ve already requested CCA and had replies. I’ve set up a new bank account. I spent yesterday changing direct debits to come out of the new account. Also cancelled the DD for my loans.

Yesterday I got my first email from Updraft advising I’ve cancelled the DD and a payment was due today. Do you simply ignore these emails whilst you go into arrears waiting for them to appear on your Credit Score (then contact them to go on to a DMP)?

Comments

  • Hi gorskiii  Yes that’s the advice. I’m at the same stage as you. File all emails/letters received, don’t engage in any conversation. If in doubt of the wording of any correspondence ask on the debt free wannabe board and the more experienced people will advise. The email you received seams to me just an acknowledgement of non payment. Eventually creditors will put a default on credit file and that’s when we can make some sort of arrangement to pay the debt and/or settlement offers. I think it will take a while until that stage . Wish you luck! 
  • Hi gorskiii  Yes that’s the advice. I’m at the same stage as you. File all emails/letters received, don’t engage in any conversation. If in doubt of the wording of any correspondence ask on the debt free wannabe board and the more experienced people will advise. The email you received seams to me just an acknowledgement of non payment. Eventually creditors will put a default on credit file and that’s when we can make some sort of arrangement to pay the debt and/or settlement offers. I think it will take a while until that stage . Wish you luck! 

    I’ve a feeling there’ll be many letters that are automated and just get sent out and same with emails. I’ll do what you’ve suggested and get them all filed away. Il be using this forum a lot over the next few years.
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