Setting up a different DMP with a different company… is it possible?

Rhody

Hello guys my first post here and hoping for some help.

I have had a debt management plan with Stepchange for a few years now but over the last few months after doing so well I have been a bit stupid and taken out more debts after panicing about my situation, which has now have set me back and I now have more money going out than coming in.

I already know that Stepchange do not allow you to add debts to an existing plan as it of course breaks the agreement.

Does anyone know if it is possible to set up a new DMP with a different company, likely Payplan, or as I currently already have one with Stepchange will this not be allowed?

Thanks in advance.

fatbelly

In the first instance you should talk to stepchange about adding the new debts to your existing dmp.

Rhody

fatbelly said:

In the first instance you should talk to stepchange about adding the new debts to your existing dmp.

I am of the understanding that you can’t add debts to existing DMP?

stu12345_2

you can add them, just step change don't like you taking on more debt

I take it it is new loans from lending stream as they are the only ones that will lend to those in bad credit 

sourcrates

Falling off the wagon and adding new debts to your DMP is not going to end the arrangement, as long as its just a one off thing.

If it were to happen on a regular basis, Stepchange might ask you to take your business elsewhere.

People mess up, they understand that, just contact them and ask them to add the debts to your plan.

gwynlas

Stepchange are open to a change of circumstances and you will not be the first person to approach them with this problem. There is no point going for another plan with someone else as this all impacts on your affordability to pay. Do try and not get yourself into further debt.

Rhody

Thanks guys really appreciate your help!