Should I run my own DMP?

churchrat

hi
we run our own dmp and have done for about 6yrs. HFC were without doubt the worst of our creditors to deal with and we ended up owing tons more thanks to the interest and charges they added. That said, once everything was in place they have all kept to their side of the agreements, although we have NEVER missed a payment, I think they can be very difficult if you do. I like runnning it ourselves, I feel in control and know where everything is, one piece of advice to give you---change your phone number and never deal with any of them on the phone. Always have everything inwriting. If you do speak to them, say that that it will only be agreed once you have writen confirmation of thier expectations.
good luck with it, it can be harder this way at first, but I think worth it in the long run.
cr

debrag

yep I never talk to them on the phone. HFC want me to fill in their own form so I'm just working out my correct pro-rata payments, I own about £500 more than is down with PP.

I shall keep my payment going to PP till everything is sorted hopefully before 21st March.

EDIT my latest reply from PP:

Please be advised that if any of your creditors need a financial statement we can send it. You don’t have to send anything to them.

Unfortunately we are not able to make extra payments to HFC mentioned creditors nor are we able to increase the payments to them.
The reason behind this is that this would be treating them preferentially above your other creditors. We must not be seen to be doing this as
this can cause your other creditors to instigate legal action. We must pay these creditors on a fair pro rata basis, as this is the footing we take
with the Debt management programme that you are on.

Please bear in mind that Payplan have no control over creditors charging their clients interests and fees. They are within their rights to do this.
If the interest is not frozen, then nearer the end of the arrangement we will request that all interest that has been added onto your account is written off. From experience, we find creditors will do this.

Should I just stay with PP, paying interest to HFC and hope that they will write off any interest at the end of my DMP - July 2011?

rayday2

You don't have to fill in their own forms there is some information on the National Debt Helpline website and they have a budget that you can download which you put all your expences into, the debts and it works out how much to pay everyone, all you need some them is that when its completed.

debrag

but they want a payslip before anything is done.

If I sent them a standard form (which is the same as theirs) the monthly payments would be different than what PP would be sending.

None of my balances are correct due to possible interest at the beginning, if I sent out a form to everyone would they come back asking me to change the balances? meaning a longer DFD & new payments

rayday2

They are not allowed to ask to see your payslips even courts don't always ask for those. It is to prevent them from bothering you at work.

You cannot keep changing balances if that is the only reason you are leaving Payplan I would think twice. The reason they tend to keep them the same is that if one company charges interest and the others don't it is not fair that there balance keeps going up as they will get more of the pie. Usually near the end of a DMP that blance for the company that keeps charging will be higher and the DMP people will say that because you charged interest and negotiate for it to come down.

debrag

so what do I do about HFC and the interest? continue to pay it and wait & see what happens in the end?

Cleosmum

Have you done a CCA request to HFC?

debrag

is that needed they are my OC they aren't likely to not have it.

Cleosmum

Might be worth considering. My dh had a loan with them, we sent off a CCA request, and it looks as though they only retained his application for the loan, which means its unenforceable. We have sent off CCA request for all ours, so far we have 2 which cant provide an agreement, and 2 others where the agreement they have is incorrect.

rayday2

I personally would if that is the main problem stick with Payplan for a while longer and see how things pan out.

You probably know I run my own DMP and its not hard but if you have one playing hard ball I would rather leave it to a DMP company you can always later on when its running smoothly opt out and do your own.

There is no way if its the HFC balance that is too low that they deserve to get more money if all they are going to do is keep charging interest if it ran for a few years they would end up getting more and more money and the whole point of a DMP is fairness to you, you can afford to live and fairness to each creditor that they get the same treatment, yoru other companies who have stopped interest should not be penalised for the sake of HFC greed!