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Debt Managemt Plan query
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universallyuncredited
Posts: 19 Forumite

Hello.
I've been in a dmp for a number of years, paying all my disposable income into it which amounts to about £140 a month.
My situation is potentially going to change and my disposable may go as high as £1000 a month.
Obviously I want to increase my dmp payments accordingly and start clearing this debt, but, do I 'have' to give all my disposable income to the plan?
I would like to start having a life again and give myself a little something back to help my mental health.
Any advice appreciated.
I've been in a dmp for a number of years, paying all my disposable income into it which amounts to about £140 a month.
My situation is potentially going to change and my disposable may go as high as £1000 a month.
Obviously I want to increase my dmp payments accordingly and start clearing this debt, but, do I 'have' to give all my disposable income to the plan?
I would like to start having a life again and give myself a little something back to help my mental health.
Any advice appreciated.
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Comments
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First bit of advice is you should post here.
Debt-free wannabe — MoneySavingExpert Forum
You will be asked for much more information before we can advise you the beat way forward.If you go down to the woods today you better not go alone.0 -
As above the more information you can give the better to assist advisers
In order to make life as bearable as possible you should never have committed to giviing all your disposable incoe into a DMP as this will affect mental health and committment.
Look at how much you much debt you have outstanding and how long this will take you to pay off at current rates.
Consider how much of your new disposable income you feel free to commit to payments.whilst getting some tangible benefits for yourself.
You can of course start building up savings so that you can respond to full and final offers that you can negotiate
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Moved to more appropriate board.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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who is your DMP with and how many of your debts have been sold to debt collectors?0
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ManyWays said:who is your DMP with and how many of your debts have been sold to debt collectors?0
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universallyuncredited said:ManyWays said:who is your DMP with and how many of your debts have been sold to debt collectors?
There are free options with Stepchange and Payplan, or you can self administerIf you've have not made a mistake, you've made nothing0 -
OK Cancel your DMP NOW with the vultures who are making money at your expense, you do realise it could have possibly been cleared by now if you had used one of the charities or self managed?
Try and work out how much you have paid them in fees and you will see what I mean.If you go down to the woods today you better not go alone.1 -
RAS said:universallyuncredited said:ManyWays said:who is your DMP with and how many of your debts have been sold to debt collectors?
There are free options with Stepchange and Payplan, or you can self administer0 -
Suspicious lack of info on that on their website
https://www.financialwellnessgroup.co.uk/solutions/debt-management-plan/0 -
FWG do charge. And they charge a lot. The reason I've stuck with it is purely for an easier life. I wasn't with them to start, my plan was moved to them about a year ago when they bought out the previous company I was with. I owe about £55k on the plan, to be fair their fees are a drop in the ocean for a plan that won't complete before I die with the current payments I can afford...even on a free plan.
If my situation changes, as I'm hopeful it will, then yes, I think changing plan is a good idea as then there will be potential light at the end of this very long tunnel.
I know IVA may be a better option, but its a joint plan and my partners job is financial based and they will lose there registration with an IVA on file.0
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