dmp cancelation advice

[PriorityOne]

Re: dmp cancelation advice

after reading the first bit my accounts were opend after that date i e about 2007 onwards

Ok... this rules out the unenforceability route and they all seem to be with the original creditors anyway.... which brings us back to the beginning. If you want to cancel the DMP (advisable) and go it alone, write and tell them. Then cancel whatever payment arrangement you have in place with the DMP. Do not do any of this over the 'phone.... you must have a paper trail at all times.

At the same time, write to each creditor outlining what you can realistically afford to pay each month and stipulate that you want all interest frozen on each account. If your DMP company was worth anything at all, they would have doine this for you already.... which begs the question.... what are you paying them for? There is a template on this site which may need adapting to your needs but will give you some idea of what you need to say. if you have any problems, please shout.

As you are not a homeowner (according to your profile), you have nothing to fear from these companies whatsoever.....

[PlanB]

Re: dmp cancelation advice

If you want to cancel the DMP (advisable) and go it alone, write and tell them. Then cancel whatever payment arrangement you have in place with the DMP. Do not do any of this over the 'phone.... you must have a paper trail at all times.

At the same time, write to each creditor outlining what you can realistically afford to pay each month and stipulate that you want all interest frozen on each account.

If you've been in a DMP then the affordable monthly payments will already have been agreed with all your creditors who will have been sent your I & E when the plan was set up. I see no reason to write again making new offers which could expose you to the previously agreed figure being questioned and new I & E details being requested. I'd simply get each creditor's bank details and carry on paying the same as agreed direct. I doubt they'd start to add interest and charges unless you miss any payments during the transfer.

[PriorityOne]

Re: dmp cancelation advice

If you've been in a DMP then the affordable monthly payments will already have been agreed with all your creditors who will have been sent your I & E when the plan was set up. I see no reason to write again making new offers which could expose you to the previously agreed figure being questioned and new I & E details being requested. I'd simply get each creditor's bank details and carry on paying the same as agreed direct. I doubt they'd start to add interest and charges unless you miss any payments during the transfer.

The beauty of doing your own DMP is that you call the shots and know where you are at all times. I have done this myself for years and whatever you suggest will be accepted by creditors (eventually) providing those payments are maintained.

I & E details are not always necessary either. I was/am a homeowner and never forwarded those details on to anyone; they were simply listed as "housing costs".... and the rest were estimated by myself in a list. No "proof" was ever sent to anyone either.

Confirmation needs to be received in writing that all interest charges have been frozen and unless I've missed something.... this has yet to be confirmed on this thread.

[PlanB]

Re: dmp cancelation advice

i have full intention of paying my creditors what i owe them. what i am worried about is if i come of the dmp and tell the creditors directly will they hit me with extra charges or just let me pay them. as i can now pay a bit extra sometimes to clear ballance quicker or should i just put that to one side and then pay them off when i can.

^^^^ The OP is happy to pay extra to clear the balance quicker so I don't see the point in trying to negotiate the agreed payments downwards

[PriorityOne]

Re: dmp cancelation advice

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^^^^ The OP is happy to pay extra to clear the balance quicker so I don't see the point in trying to negotiate the agreed payments downwards

I'm sure the OP will decide the best way forward for himself.... based on what he can realistically afford. If he wants to pay extra, it's up to him. If he wants to reduce those payments, he can, which is also mentioned in the post you quoted. The choice to do either/or however is there.

[PlanB]

Re: dmp cancelation advice

I'm sure the OP will decide the best way forward for himself.... based on what he can realistically afford. If he wants to pay extra, it's up to him. If he wants to reduce those payments, he can, which is also mentioned in the post you quoted. The choice to do either/or however is there.

I believe he was referring to saving the money he can afford to pay extra each month with a view to making F & F offers as an alternative which would mean he will pay less overall i.e. reduce the debts.

[PriorityOne]

Re: dmp cancelation advice

I believe he was referring to saving the money he can afford to pay extra each month with a view to making F & F offers as an alternative which would mean he will pay less overall i.e. reduce the debts.

There has been no mention of F&F.... In my experience, creditors are unlikely to consider F&F unless token payments are low for some considerable time and they realise they're on a road to nowhere with the account.

[PlanB]

Re: dmp cancelation advice

i have full intention of paying my creditors what i owe them. what i am worried about is if i come of the dmp and tell the creditors directly will they hit me with extra charges or just let me pay them. as i can now pay a bit extra sometimes to clear ballance quicker or should i just put that to one side and then pay them off when i can.

I took that to mean F & F since the OP was asking the question would it be better to pay extra each month or save that available money to pay them off with a lump sum. F & F is a term we use on here but it's not necessarily one used by the average person.

[MrsD]

Re: dmp cancelation advice

as it's a fee paying DMP company and the OP is paying more than the minimum, I would bet that interest is still being applied, especially if they are still with the original OC. So MISSING a few payments wouldn't be a bad thing, to concentrate their minds a little and get that interest stopped. You need to get up to date balances before you do anything and cancel that paying DMP, it's just throwing money away.

[PlanB]

Re: dmp cancelation advice

Under OFT Guidance for DMP providers you should be getting a monthly statement to show you exactly what payments have been made on your behalf, what balances are outstanding, and what (if any) interest and charges have been applied by any of your creditors. The Guidance also tells creditors to freeze interest when in a plan. Your last statement should tell you everything you need to know

[MrsD]

Re: dmp cancelation advice

the eternal optimist PlanB!!!

[PlanB]

Re: dmp cancelation advice

the eternal optimist PlanB!!!

Yep, that's me Innocent Until Proven Guilty Although I accept that most creditors are guilty of something

[PriorityOne]

Re: dmp cancelation advice

I have recently cancelled a DMP on behalf of a friend of mine.... she'd been paying around £75 a month to different creditors through the DMP before that. The DMP was cancelled without much of a problem, payment terms were decided by her and creditors were informed (not asked). She now currently pays approx. £20 a month across all of them through a self-managed DMP (so to speak) and all interest/charges have been stopped.

During the 3 years she was with the DMP, not one single statement was sent out, interest was not frozen and another debt was in excess of 25 years old!!

Needless to say, she hasn't been pursued for that one since....

[MrsD]

Re: dmp cancelation advice

ah P1 the eternal realist!!!

[PlanB]

Re: dmp cancelation advice

It's healthy to have balance on this site