? moving to self managed

[Hopelessly Hop]

Hi

I am currently with CCCS on a DMP. Whilst recognising it was a huge relief to start with I don't find them helpful at negotiating with the creditors, particularly with ones that still charge me interest and often think their bias is with the banks and just try to get every penny off me.

Has anyone experince of moving from a managed to a self managed DMP please?

Am considering self managing the ones that have stopped interest and challenging UE on the ones that are charging interest.

Any advice folks?

HHx

[Hopelessly Hop]

Re: ? moving to self managed

Thanks for replying Flower Power

How long does the whole UE process take?

Do they add interest whilst you are requesting CCA etc? That really worries me!

[Hopelessly Hop]

Re: ? moving to self managed

Thanks for that.

Any idea on liklihood of court action?

HHx

[SXGuy]

Re: ? moving to self managed

Just to add, every credit card i have challenged to be UE so far, as accepted it and i get no communication from them anymore other than perhaps a statement every few months.

But each case is different, some will argue UE, others wont be able to comply with a CCA request and CANT argue UE, but whatever the case is, providing its based on sound advise from here, pretty much all of them will reduce contact once they know you cant be bullied.

[MrsD]

Re: ? moving to self managed

well hello Petal,

I see you finally came to visit!!!

FP is right about the interest, if you have ue accounts, the interest is academical, however if most of yours have been sold on to DCAs as you've been on the DMP for some time, those that have stopped are unlikely to start again, none of mine have. No harm in send ing off the CCAs and see what transpires, even if it only gives you a bit of leverage with a certain knicker company.

Have a good read around, see how it all works and ask anything you need to know, it's a very hard paddle when they're whacking interest on the total on a DMP.

xxxx

[BBoo]

Re: ? moving to self managed

I hold the view that any good DMP provider should fight hard to freeze interest and charges on all accounts of every customer. I would expect a success rate for this of about 99.9%.

If they haven't done this, in my opinion they have not done their job properly.

Moving to self managed is dead easy and gives you the freedom to negotiate yourself. NEDCAB do a good totally self managed DMP programme. Alternatively, CASHflow is an excellent self managed one, as it has the full backing of a CFS, with all the leverage that brings. The only slight downside is that you have to be invited to join it and have your I&E signed off. I believe Niddy knows someone who does these though, so if you want self managed DMP as opposed to UE, that may be a very good route for you to take.

[PriorityOne]

Re: ? moving to self managed

My advice would be to do your own DMP while going down the UE route. Even before I started my UE journey(s), I always had a self-managed DMP and got the interest frozen on everything. IMO, this is the only way you can keep track on what's going where and to who and even now, I wouldn't touch a managed DMP with a barge pole!

I'm not sure my interpretation of self-managed is the same as Bboo's though... as my own DMPs were arranged by me and all correspondence came from me as well; there were no programmes involved.

[BBoo]

Re: ? moving to self managed

There's only one interpretation of a self managed DMP I think, and that is one where it is managed by you yourself. To this extent Cashflow cannot be truly described as being self managed, as you have to satisfy a licensed debt adviser your I&E is OK for it to be signed off. It may still be worth chatting to the person Niddy knows though.

The NEDCAB one can be found by Googling North East Derbyshire CAB and you will see an example of theirs.

There are also a myriad of I&E forms out there for use which can be used to negotiate your own DMP entirely by yourself.

All end with autonomy, but the earlier stages of some require some hoops to be jumped through, for which you get the benefit of some fairly powerful backing to persuade your creditors to accept your offer.

Personally, I'd look at all, and think carefully about UE before committing.

[SXGuy]

Re: ? moving to self managed

I see no reason why you should ever need to use a licensed DMP, before UE i managed to secure repayments with all my mothers creditors using her own I & E form, a couple argued some of the points within, but they all had no choice but to accept it.

I think one asked her to use a licensed DMP and she refused on the grounds that shes an accountant, and is quite capable of working it out for herself, they backed down then of course.

But the point remains, not one of them dismissed her own I & E because it wasnt through a DMP

[BBoo]

Re: ? moving to self managed

There's no doubt that some accept without any intervention from a formal route as you discovered. Equally a lot don't, particularly when it comes to freezing interest and charges, or stopping payments for an extended period of time due to specific circumstances etc...

There's a place for both, and, like UE, it's a case of using the right tool to do the job as well as it can be.

[SaltnVinegar]

Re: ? moving to self managed

Hi HH

The thing with a self managed DMP is it allows you to play a little more hardball with creditors.

I am on self managed, and the couple of creditors who refused to freeze interest and charges I wrote back informing them I saw little point in paying money towards an ever increasing balance, and I would cease payments.

There is obvious risk attached to this approach, but once they had defaulted me, the issue was academic.

The UE route is good to look at regardless as it gives you further leverage should you need it.

A self managed DMP is hard work, don't think it isn't, but can be immensely satisfying as you realise you can take control of the companies that have been giving you a hard time.

Good luck whatever you decide. Ultimately the right decision is the one you feel most comfortable with.

Best
SnV

[Hopelessly Hop]

Re: ? moving to self managed

Thanks so much for all your responses. Am going to reply individually now.

HHx

[Hopelessly Hop]

Re: ? moving to self managed

Just to add, every credit card i have challenged to be UE so far, as accepted it and i get no communication from them anymore other than perhaps a statement every few months.

But each case is different, some will argue UE, others wont be able to comply with a CCA request and CANT argue UE, but whatever the case is, providing its based on sound advise from here, pretty much all of them will reduce contact once they know you cant be bullied.

Good to hear thank you

HHx

[Hopelessly Hop]

Re: ? moving to self managed

well hello Petal,

I see you finally came to visit!!!

FP is right about the interest, if you have ue accounts, the interest is academical, however if most of yours have been sold on to DCAs as you've been on the DMP for some time, those that have stopped are unlikely to start again, none of mine have. No harm in sending off the CCAs and see what transpires, even if it only gives you a bit of leverage with a certain knicker company.

Have a good read around, see how it all works and ask anything you need to know, it's a very hard paddle when they're whacking interest on the total on a DMP.

xxxx

Hi Dopey

One of the dilemmas I have is that my DMP should hopefully only have two years left to run. IF I have read correctly many people spend well over a year fighting UE so am wondering whether to just suffer the pain.

Can I send for CCA whilst still on DMP?

It's only the knicker company I am especially aggitated by! That said I understand the worm could turn and all that for the others! After FOS complaint they wrote back to me and said they had reviewed my whole financial statement (they must have an 'in' via CCCS) and as I was now paying above the minimums to most of the creditors this was proof I was not in financial difficulty. Consequence was that 24.9% interest stood, and they then reinstated 25% interest on my other card where they had previously frozen interest! Grrrrrr!!!!


HHx

[Hopelessly Hop]

Re: ? moving to self managed

I hold the view that any good DMP provider should fight hard to freeze interest and charges on all accounts of every customer. I would expect a success rate for this of about 99.9%.

If they haven't done this, in my opinion they have not done their job properly.

Moving to self managed is dead easy and gives you the freedom to negotiate yourself. NEDCAB do a good totally self managed DMP programme. Alternatively, CASHflow is an excellent self managed one, as it has the full backing of a CFS, with all the leverage that brings. The only slight downside is that you have to be invited to join it and have your I&E signed off. I believe Niddy knows someone who does these though, so if you want self managed DMP as opposed to UE, that may be a very good route for you to take.

Thanks BBOO

Do you know if the ones you mentioned are as miserable in the allowance as CCCS are?

HHx