Help with self managed DMP please

System

This discussion was created from comments split from: DMP mutual support thread part 13 !!.

SparkleStars

Hello, 

I'm taking the leap, i need to sort out my debts, i've been trying to find more information and resources on managing my own DMP but a lot of the links in various threads are not working.

Is this what i need to do to start my journey? Is there a guide to do/not do when starting a self managed DMP? I've seen some posts about opening a new unlinked bank account etc? Also about not making payments and then waiting for defaults and whilst doing this saving the money that would be paid? 

I have about £30k on several CC's, larger balances are not at 0% but i am now at a stage where i can't get anymore balance transfer cards, loans for consolidation ect. 

I can meet my min payments but my budget is not giving flexibility to save and it is a cycle

Any help would be really appreciated, thank you

fay66

Im in same situation as you same stage just started step change looked at options and not sure where to go 

13thlegion

This thread is a great place to start for info https://forums.moneysavingexpert.com/discussion/6496941/in-debt-and-wannabe-debt-free-first-steps-to-take-are-here-please-read-then-ask-questions

Sunbakedscobble

SparkleStars said:

Hello, 

I'm taking the leap, i need to sort out my debts, i've been trying to find more information and resources on managing my own DMP but a lot of the links in various threads are not working.

Is this what i need to do to start my journey? Is there a guide to do/not do when starting a self managed DMP? I've seen some posts about opening a new unlinked bank account etc? Also about not making payments and then waiting for defaults and whilst doing this saving the money that would be paid? 

I have about £30k on several CC's, larger balances are not at 0% but i am now at a stage where i can't get anymore balance transfer cards, loans for consolidation ect. 

I can meet my min payments but my budget is not giving flexibility to save and it is a cycle

Any help would be really appreciated, thank you

Hello, 

I am 5 months off paying back around 36k of credit card debt. no advice on a self managed DMP. They just sounded like added stress and a lot of work to me personally..but obviously other people might think great.

I have done a managed DMP through payplan. Absolutely hands down the best thing I could have done. They were amazing and I can never thank them enough what they have done for me.

tigergambit

SparkleStars said:

Hello, 

I'm taking the leap, i need to sort out my debts, i've been trying to find more information and resources on managing my own DMP but a lot of the links in various threads are not working.

Is this what i need to do to start my journey? Is there a guide to do/not do when starting a self managed DMP? I've seen some posts about opening a new unlinked bank account etc? Also about not making payments and then waiting for defaults and whilst doing this saving the money that would be paid? 

I have about £30k on several CC's, larger balances are not at 0% but i am now at a stage where i can't get anymore balance transfer cards, loans for consolidation ect. 

I can meet my min payments but my budget is not giving flexibility to save and it is a cycle

Any help would be really appreciated, thank you

Key to a DMP is understanding how you got into debt in the first place and how you can live without building up more. 

Follow the advice on the link above and post an SOA. You have options, but it is impossible for people to give you the correct guidance without the whole picture.