Cabot threats increasing

Woodsey10

I have started paying monthly token payments as part of my self managed DMP.
I haven’t contacted them at all. 

The latest letter titled “Failure to respond is not an option No.1”
The letters do show the balance decreasing by the amount I’m paying. 

Should I contact to inform them I am on the DMP? 

Is there a template letter for this situation?

fatbelly

No need.

But token offers are only a short term solution. What's the longer term plan? And how long is that?

fatbelly

A year ago you had £1500 a month for a dmp. I suggested £1000. What happened?

https://forums.moneysavingexpert.com/discussion/6442666/it-s-time-to-tackle-this-mountain/p1

Woodsey10

fatbelly said:

A year ago you had £1500 a month for a dmp. I suggested £1000. What happened?

https://forums.moneysavingexpert.com/discussion/6442666/it-s-time-to-tackle-this-mountain/p1

Yes still relevant. I have £1000 available towards dmp. I’ve saved 4k now as well as carrying out some home repairs that were much needed so seemed the best time to do it whilst waiting for defaults. Some may think 4k is high but as I am still a contractor and waiting for a permanent contract I need a couple of months safety net. 

fatbelly

Fair enough!

EssexHebridean

Just make sure that the £4k is ringfences so only gets used in the event that you are low on income in a month - if it does not get touched then at some stage it will come in handy for Full & Final offers. 

Make sure that your monthly budget also includes an amount to continue adding to an emergency fund.