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Formal DMP or snowballing?
SuzySu
Posts: 3,478 Forumite
Hi
We jointly owe around £18,000 and wonder whether we need to do an 'official' DMP with someone like Payplan, or whether we could do it ourselves by using the snowballer (on www.whatsthecost.com)?
I can see the advantages of going through Payplan - creditors not hassling us directly, more 'clout' of a respected name, seen to be more committed to clearing our debts.
However, are there any disadvantages to having a formal DMP. Does it go on our credit record? We are committed to clearing this debt and have worked out our repayments by using the calculator.
If you went with someone like Payplan, why. If you decided to deal with this on your own, why did you go it alone? Is it better/worse...? Would you make the same decision again?
Thanks (as always).
We jointly owe around £18,000 and wonder whether we need to do an 'official' DMP with someone like Payplan, or whether we could do it ourselves by using the snowballer (on www.whatsthecost.com)?
I can see the advantages of going through Payplan - creditors not hassling us directly, more 'clout' of a respected name, seen to be more committed to clearing our debts.
However, are there any disadvantages to having a formal DMP. Does it go on our credit record? We are committed to clearing this debt and have worked out our repayments by using the calculator.
If you went with someone like Payplan, why. If you decided to deal with this on your own, why did you go it alone? Is it better/worse...? Would you make the same decision again?
Thanks (as always).
YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T
really....it's not hard to understand :T
0
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