DMP Help

Indebtandconfused1234

Hi, I’ve been reading the threads for a while and they are great. Long story short I got myself into around 47k debt. I have resolved all the issues of why I got in to the debt and started a DMP 12 months ago, I pay £1000 per month. I set this up quite quickly as I was panicking, so no emergency fund. I am looking into self managing. Some of my accounts have defaulted and been sold on and some haven’t and just accepted the arrangement to pay, which I now understand I don’t want. 

My question is do I just stop my DMP and start building my emergency fund and wait for letters to set up payments with my creditors and waiting for defaults or do I contact the creditors myself offering payment.

I am hoping by self managing I can pay off some of the smaller ones and just concentrate on paying more off the bigger debts so that I can become debt free faster.

Does this sound sensible or I am just getting myself in to trouble.

thelibrarian11

Hi, I noticed no one had responded so I'm jumping in. I'm not the best person to answer this but - is your DMP through someone? I was with StepChange and just let them know I wanted to stop doing it, and just stopped paying them and waited for letters. StepChange just said thanks for letting us know, and good luck. Once they're all defaulted I might even go back to StepChange just for ease and making one payment, but we'll see.