A scary step in the right direction...

Diana_Prince

Hi all!!

I've just been on the phone and managed to cancel my DMP for which I was paying a £35 charge every month! - Boy they really don't like you leaving them tho!!

So now I'm sorting them out myself and so far its not looking too bad!! Hopefully I can manage on my own, I think I'm fairly organised so we shall see!!

Tiglet

Hi Diana,

Sounds like a good move ditching them - you've got an extra £420 a year already!

And you're not on your own anymore - we'll soon have your finances in shape, just you wait and see!

CCCS_Sarah

Hi Diana,

Good for you! That money a lot better in your pocket! Do you have everything organised? What I would recommend if you are going it alone it to make payments through payment books or standing orders rather than Direct Debits – this will give you control of how much your sending rather than the creditors taking what they want. What you must remember is a creditor can only have what you can afford to pay them so don’t feel pressured into paying them more than you can afford, stick to your guns!

If after a while if you feel that you do need the support of a dmp, go to one of the non profit organisations such as CCCS, National Debtline, CAB so you still have all the money going to your debts.

I wish you all the best and if you have any questions please give me a shout

Sarah

Diana_Prince

Thanks! I've decided to pay them with standing orders as I have an internet account so find this a lot easier! I have also worked out a snowball, hopefully get this debt cleared!!

CCCS_Sarah

Do you have any debts with you bank? If so you may want to look at changing this because if you are offering any reduced payment to a loan for example the creditor could just choose to dip into your account to bring your loan up to date and then this could leave you short for one of your priorities i.e. rent, food etc – this is just a precaution.

Diana_Prince

Nope none with my bank

Diana_Prince

Hmmm.... I've been 'accepted' for a loan with express finance - forgot I applied! Do I accept it and clear all other debt so that they can come off my credit report or not??

Tiglet

As I understand it, consolidating debts like this is generally frowned upon. Most of the people who try this end up spending on their cards again and getting into even more trouble.

If you're getting the hang of snowballing, and this seems to offer you a way out of debt, then I would say you're better off trying that first, as you keep control of the situation.

dancingfairy

I think there was a competition on one of the other threads about the number of times you consolidated before giving up and realising there was a problem . Southern Scouser was ermm 'winning' with 5 and several other people said they had lost count:eek:. See what you think but I bet 80% of people would advise against it with the motto being 'been there,done that, got the t-shirt'. RAS I think it was said 85% of people who take out consolidation loans find themselves in a worse mess after 2 years. Something to think about there.

Diana_Prince

Well the thing is I wouldnt be able to spend on the cards as they were sent to solicitors, so they are all with baliffs and stuff! Just thought it might look better on my credit report! But not sure bout interest and stuff cuz I'm not paying any at the mo!