DMP - The cheek of Churchwood

katyw

I've just had the most bizarre phonecall with Churchwood Financial who manage my DMP.......for a fee!!! I called them to tell them that I will be moving my DMP to one of the free charities, namely Payplan, and asked what they need from me so I can get all the info out of them. Straight forward enough, or so I thought!

They proceeded to tell me ..... 'Was I aware that they are funded by the financial industry'......'er yes!'.........'Well then they aren't working in your best interests, more in the interest of the creditor'......'er, that's not quite true is it'......'Yes, and are you aware that creditors will start to contact you and any agreement with them is now invalid'.......'Again, not quite true, as the agreement is with me and not you, and surely they'll be more happy that I will be paying them more, rather than paying your fee!'.........'er'.......'Do I need to write to you to request current details of my creditors'...........'er yes'

Sorry, but I felt like I had another creditor then. Talk about putting the pressure on. I'm just glad that I found MSE and all the other DFW's, so I could stay stong and stand my ground.

Thanks guys, you're all brilliant :T

cat4772

Katy

they must really want your money is all i can say. Good luck with your payplan dmp.

Cat.x

katyw

Thanks Cat.

I have had a wobbly moment after posting this as I haven't had any experience with switching DMP 'providers' and I don't want to upset any creditors. But then I came to my senses and realised that any problems I face, I can share them here and ask for advice......plus they should be pleased I'm going to pay them more :T

rayday2

Several people in the DMP support thread have changed from fee paying managers so you are doing nothing unusual but something very wise!

Well done!

thepinkladez_2

i have no experience changing dmp companies, but had a thought while reading this, maybe you should write to each of your creditors explaining your dmp company to a free one which will hopefully provide you with more money pcm ( wouldn't suggest saying how much you would have at this stage just incase payplan budget diff)to pay your debts. least then they stay in the loop and you wouldn't pee them off!just a thought, dunno if it's a good idea though as have no experience!

katyw

thepinkladez wrote: »

i have no experience changing dmp companies, but had a thought while reading this, maybe you should write to each of your creditors explaining your dmp company to a free one which will hopefully provide you with more money pcm ( wouldn't suggest saying how much you would have at this stage just incase payplan budget diff)to pay your debts. least then they stay in the loop and you wouldn't pee them off!just a thought, dunno if it's a good idea though as have no experience!

I did think about this, but I'm hoping that there won't be any delay in changing (I've just paid them this month) so 4 weeks should be okay.....I'll review in 3 weeks just in case.

thank you :beer:

rayday2

Some people have even experienced credit companies advising people to swop to one of the charities as yes the debt will be paid off quicker and that is in everyones interests bar a fee charging debt management company! So if you do have to write that letter and send a cheque payment for a month do not worry they will not think it strange.

katyw

It did make me a little mad that in the 3 years with Churchwood they've not done one review of my SOA. It's only because I'm now addicted to MSE that I did my own and realised I could double my payments and be debt free in less than 2 years (apart from the mortgage, but that's next!).

Creditors used to scare me, but not anymore.........might change that to be my new signature :j

rayday2

That is because knowledge is power and you have both now!

Good sig!

Deep_In_Debt

Payplan and CCCS may be funded by the finance industry, that's why all my creditors recommended I speak with them to sort a DMP as they trusted the advice and even said they would freeze interest if if went with either one - I'm with CCCS - both companies will offer you advice in your interests and are not out to make money out of you. I've not heard from my creditors since! CCCS were horrified when Churchwood suggested an IVA to me - I nearly went for it, glad I didn't.

katyw

Deep_In_Debt wrote: »

CCCS were horrified when Churchwood suggested an IVA to me - I nearly went for it, glad I didn't.

Churchwood kept offering me an IVA too.......I owe just over £9,000, but my understanding is you need to owe at least £15K before an IVA is even considered. Just goes to show they don't really know what they are talking about. According to their website, they have over £245m under management :eek: .....how do we contact these people and set them free!