DMP- How long to arrange

charleysmummy25

Hello everyone,

I lurk more than post more tor ead all the advice you guys give each other as it helps me out loads!!

After thinking about it for a while and waying up the pro's n cons i have decided that a DMP is the best for me-

Im considerably in debt and i am struggling to keep up, i have a baby due in a couple of months and i really think doing a dmp would sort it out- i dont have much of a credit file left anyway thanks to a dispute with seven trent water that i lost and ended up with a bloody ccj..

when i go on mat leave my icome will change and i really think its the best way for me to sort it out, it would only take a couple of years and i would have the people off my backs to.

What i need to know is either cccs or payplan betetr than the other and how long does it take to set up?

Thank you

Bargin_Betty79

Hi,
I've got my DMP set up with Payplan, who have given me so great advice and been really helpful.
After you have had an interview on the telephone and they've taken details of your budget and debts, they will send out offer letters to your creditors almost straight away, the first payment thats usually sent to Payplan comes out of your bank on your nominated day. Regardless of whether thay have received a response from your creditors they will send them the amount you have offered to show that you are serious about settleing the debt. Some creditors respond directly to Payplan but others will still contact you, if this does happen refer them to your Payplan advisor, all in all it takes a good month or so to sort out, but is well worth it. I've been in my DMP for over a year now and not longer receive any contact from my creditors and hope to be debt free in about 3 years, which is much sooner than if I had tried to sort it out myself.
Hope this answers some of your queries.