Doing your own DMP?

Broken_hearted

I wouldn't as you will be paying out money you don't need to. I've found its the creditors who you owe the least who scream the most.Who are the debts with?. some companies are much better than others to deal with M&S for instance wouldn't let us up our payments when we paid off another creeditor as they were more concerned about us coping as a family than getting their money. Halifax on the other hand started charging interest and ignoring our DMP.

SuzySu

Sorry, but why would you pay a company a fee to manage your DMP when there are people like CCCS, National Debtline, Payplan to name but a few who don't charge anything. They are very reputable and well-respected companies who are there to help you.

We are also thinking about managing our own DMP, but would never consider paying someone to do it for us.

missyp123

SuzySu wrote: »

Sorry, but why would you pay a company a fee to manage your DMP when there are people like CCCS, National Debtline, Payplan to name but a few who don't charge anything. They are very reputable and well-respected companies who are there to help you.

We are also thinking about managing our own DMP, but would never consider paying someone to do it for us.

Please read my above posts.... i know and i HATE the idea of knowing this money in fees could go towards the debts.
Another option that has also been suggested above was to continue on monthly token payments untill i find another job, then go with ccc's. (I will also call them to see if this is an option first thing in the morning)

missyp123

If we were to manage our own dmp would our bext step be to send all creditors our budget and offers? with this would we send the payments we want to offer or can we not pay the amounts untill they agree?

Also what would you suggest is the best way for us to pay them (eg would we be safe paying them by s/s from our new bank account?

I am about to write to Lloyds Tsb again as they still have not yet credited our account with the £5 token payment and contibue to call us EVERY DAY at least 5 times a day! :mad:

Gemmzie

Yes that would be the next step. Standing order is the best method

Do NOT go with a fee paying company, they cannot offer you a solid DMP if you have no income - they are just after your money!

tatiepot

Hi there, I made the mistake years ago of becoming involved with who I thought were CCCs (it tells you on this site to be very careful as therre is another DM Co with similar initials).My husband literally ended up in a Mental Institution following an infection from swimming abroad.He is now seriously ill and really not of this world.Everything came crashing down, he couldn't work, he had a good job etc etc.Anyway I rang these people when I realised the the amount of debt on cc's etc and they took £350 per month which we could not afford.I rang CCCS (the real Company), I stopped paying the DM sent all their letters off (CCCS) with minimun payments and to this day, they have all been, dare I say supportive. I get the occasional phone call for an update. This has been going on for 6 years. My OH does not comprehend or understands very little of the jam we are in, he is quite child-like actually but believe me I worry my self stupid. Knowing full well that none of the debt will be ever paid off, I no longer work as he needs constant care.But there is always at the back of my mind, something has got to give.But to your question, can you do your own DMP, yes, I guess at this moment, after 6 years, with all the understanding in the world from these companies (in fact 10 of them) they have done well by me.I just don't know what happens next. But good luck, I do know they were pleased I gor rid of the DM Co because at that time it meant more money for them. CCCS were really wonderful.I really wish everyone well.

tatiepot

Sorry but I should have mentioned, all my payments on Via Online banking so they are always on time. I have on occasion been moved to DCA and then to another one and sometimes back to the CC Co, but even the DCA have been sensitive to the situation(touch wood).They have never had any contact with my husband , ever, solely deal with me have had all information, doctors reports etc. To be honest I don't know even if they will bankrupt us or anything, , just waiting.But for those of you who have light at the end of the tunnel, maybe they will be understanding as they have been with me and give you some time to get organized. Like I said, I can't complain, yet anyway!!

missyp123

Yes after much thought we will NOT use this company!
We will do this alone (with the advice of NDAL and CC'S) untill i find a new job.
Feeling much more positive and i have taken on the phrase i see on here allot 'THEY CAN'T HAVE WHAT WE HAVE'NT GOT!' I love it.
Thnks for all the support guys xxx

missyp123

Juat had a call from hsbc (overdraft £2000)

They have received our intial letter informing them of our intention to enter a DMP and our payment of £5 has been creditied to our account.

He said as our account is currently under it £2k limit we have not yet breached our agreement with them and they will await details of our finaincial situation.

All well and good i suppose but i think they are failing to reckognise that we WILL soon be over the limit once they charge us the next lot of debit interest.
Hey Ho, guess thats just the way is, no help offered except the mention of extra borrowing facilities to 'help us out'!!!!:mad:

frazzmunch

Hi, well done on getting this far :beer: !!! Just thought i'd let you know about my situation....i have 13 creditors, the lowest sum i owe is about £90 now and the highest £24k :eek:

i got into financial trouble in 2003 when dh had to leave a very well paid job and our income plummeted to the depths of the earth!!!

with every one of our creditors, we have managed to give token payments and get the interest/charges stopped....we have had two charges put on our property, both from Nationwide but as they are the £24k debt and another one of about £3.5k it wasn't a surprise!! however, i have been informed that they will not put any interest on the charge and have no intention of ever forcing the sale of the house, so i am not concerned about that!

all our creditors were sent a budget sheet and a standard letter from www.nationaldebtline.co.uk and approx. every six months we will receive either a phone call or a letter from one creditor or another (generally the smaller debts!!) to check our circumstances. obviously recently the only thing that has happened is that the cost of living has risen rapidly but we are still making the payments promised...in fact, one of our creditors has reduced the payments as a result of the new budget we sent!!

our budget states the pro-rata offers for our creditors, but that is not the way we pay it....we just came up with the figure we could afford to pay and then negotiated with each creditor. What this means is that some of our smaller debts are receiving a payment of £10 per month where some of the larger are still receiving £5 per month ....doesn't seem to make a lot of sense but with the payments like this it feels like we are reducing the amount of people we have to pay if not the amount of debt :rotfl: !!!

anyway, good luck with it...if you can just ask for a couple of months leeway while you get yourself another job and then increase payments, i am sure most creditors will be happy !!