Thinking of reducing my monthly payment on my DMP!

Bargin_Betty79

Can anyone help put my mind at rest.

I'm currently in a DMP with Payplan, who I would strongly recommend to anyone worrying about debt, and I need to reduce the payment I make to them each month due to the cost of living increasing but my wages not!
The big worry is I have a loan of £19,000 with HSBC among the creditors, who gave me lots of problems when I originally entered into the DMP, I'm just worried they might not accept a further reduced payment!
Has anyone been in a similar situation? :eek:

poppyg_2

Sorry I can't help with your query but am sure Payplan would understand your reasons behind the need to reduce payments. How long have you been on the DMP? Sure this would just be a temporary reduction in payment anyway until you get perhaps a cost of living rise or something

Bargin_Betty79

I've had the original DMP since August 07 when I lived with my parents, I've now branched out on my own and obviously its costing me a lot more.
Payplan have been great, I've redone my budget with them and they are looking into reallocating the funds. I just recall having a few nasty run-ins with HSBC last time and I'm not looking forward to going through it again and wondered if anyone else had gone through something similar.

p.s I've recently been introduced to this site and can't even begin to tell you how much better I feel about my situation since reading some of the threads, it really helps to know your not the only one! x

bowz25

hi
i have had my dmp for nearly a year next month with cccs.
I have just had to decrease my payment by about £60 a month due to mortgage and cost of living increase. I am waiting to see what creditors do now as my loan has decreased by about £10 per month. This should be temporary until next 6 months when i should start getting child tax again. Not had any for 2 years due to overpayment.
I have been getting calls all week about my loan saying they renew every 6 months i have told them cccs have sent new proposal, but still they are calling everyday wasting their time and effort. staff are okay though but not keen when they ring on sundays!!!!. cccs said they sent details on 29//4/08 but i forgot that they have to go all around the world before they get to the right dept!!!!
anyway take care i will let you know what response i get from lowering my payment.
bye for now.

Leixlip1

I'm doing a self-managed dmp and have had to reduce payments (having taken the advice of National Debtline) due to above inflation rises for power/fuel/food etc increases and below inflation wage rise - to date none of my creditors have declined the new payments offered or queried my reasons.Luckily I don't have HSBC as a creditor.

mummytofour

Same here and Im starting to worry about it all.

SarahNeedle1872

Betty, take no notice of the a***hole poster above!

I have no experience with Payplan, but I would suggest you give them a call and talk to someone - I'm sure they will not ask you to keep up payments you can't afford to make.

good luck

Sarah x

Bargin_Betty79

Thanks to all for some helpful replies, it seems that due to mortgage payments and utility bills increasing, I'm not the only one in this position. Hopefully this should help the bank be a bit more understanding of my situation this time round.
I'll keep you all posted on how it goes.