Anyone self managing their own DMP?

[krysp]

I'm considering managing my own DMP and would like to get some info from others that have made the leap:

 

1. Do creditors accept self-managed DMP's?
   
2. Is there any real difference between self-managing vs managed DMPs?
   
3. Are there any templates anywhere that will help me in creating communications with creditors for self managed DMPs?
   
4. Will DMP related direct communications with my existing creditors jeopardise suspending future payments to creditors for unenforceable CCA's?
   

I've decided to suspend payments to Lloyds TSB (lack of enforceable CCA), unfortunately, CCCS won't sanction the removal of a single creditor from the DMP - so it looks like I'll have to go it alone.

[PriorityOne]

I'm considering managing my own DMP and would like to get some info from others that have made the leap:

 

1. Do creditors accept self-managed DMP's? Yes they do, but some accept it more willingly than others.
   
2. Is there any real difference between self-managing vs managed DMPs? The fact that you know where you stand at all times.... because you know where your payments have gone.
   
3. Are there any templates anywhere that will help me in creating communications with creditors for self managed DMPs? I've got one somewhere, but if you type one up on here... I can edit it for you just the same.
   
4. Will DMP related direct communications with my existing creditors jeopardise suspending future payments to creditors for unenforceable CCA's? No....I paid several accounts for years before making CCA requests. None were able to produce an enforceable Agreement, so all payments stopped.
   

I've decided to suspend payments to Lloyds TSB (lack of enforceable CCA), unfortunately, CCCS won't sanction the removal of a single creditor from the DMP - so it looks like I'll have to go it alone.

 

CCCS are funded by the finance industry, so although many people find them very good.... you have to wonder who's interests they really serve. I've always handled my own DMP and wouldn't have it any other way.

 

It's a personal choice though.

 

[diskmandave]

I too managed my own DMP armed with the information given

to me by the CCCS in the first place.

 

The Consumer Credit Counselling Service;

CCCS - Free Debt Advice from the UK's Leading Debt Charity

Are a fantastic organisation, but sadly are often

a victim of their own success in that they can be

inflexible when dealing with an individuals unique

circumstances.

 

Armed with initial help from the CCCS and the endless

knowledge available here, managing your own DMP

should be straight forward as long as you stick to your

guns and don't allow yourself to be pushed into

anything you don't agree with.

 

Good luck with it, Dave.

[IdaInFife]

template letters for you to use

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

ida x

[loadsofdosh]

Hello I have been trying to self manage my DMP plan since earlier on in the year - I have big big debts! and here is what I have found.

1. Do creditors accept self-managed DMP's?
   

Yes they do I owe loads all on credit cards. Worked out my own plan with the help of national debtline and CCCS. It has been an awful lot of work though for me - I spend hours scanning all my documents and keep them on on my computer then shred the paper ones. CCCS are great when I have a problem and respond quickly. I would like to say that I have not threatened anyone with unenforceable CCAs though and perhaps that is why I am successful. (Well only MBNA but only because I don't owe them anything now so I decided to get even with them from the past!). I pay a pro rata amount monthly to various, and at the moment have found most of them okay as they know I do want to pay. I pay a regular amount each month.

1. Is there any real difference between self-managing vs managed DMPs?
   

I think you can stay in control more. Because sometimes the managed DMPs say don't pay etc but I don't like to get behind with payments - even small pro rata ones.

1. Are there any templates anywhere that will help me in creating communications with creditors for self managed DMPs?
   

Yes. On this Forum and all the other useful ones national debtline; CCCS and Martin Lewis.

1. Will DMP related direct communications with my existing creditors jeopardise suspending future payments to creditors for unenforceable CCA's?
   

Possibly I think - but I am not very experienced about this. As most of them (for the moment) have been okay with me I don't want to rock the boat because I have now got to the stage after a good few months of most of them freezing all interest and charges. Most of this will be for 6 months though and who knows what will happen after then. I am usually nice to them but am firm with them at the same time. Although i must admit I do get frightened sometimes.

 

Ones who I have found good but others may beg to differ:

Capital One, more or less froze interest and charges as soon as I admitted financial difficulty; Natwest - sympathetic - interest frozen after three months; Lloyds - I though would be difficult but has been okay not much correspondence with them but interest is not frozen but low - a third what it was. Tesco - same as Natwest. Marks and Spencer - allow a reduced payment for a couple of months but dont freeze interest but then you have to renegotiate which I'm doing now.

 

My bank HSBC was horrible and aggressive, refused to refund bank charges and passed my debt to a debt collector who was agressive to begin with but then I wrote to their head office and financial ombudsman and copied them all in, then the debt collector accepted my pro rata payment and informed me that provided I kept up regular payment there would be no interested charged or anything until the debt has been paid (which will be a long time - so not sure I believe that or not)

 

But the worst of the lot is EGG they are awful refuse to reply to my letters and have put me in the hands of their awful debt collectors who phone all the time. I'm sticking to my guns but they frighten me sometimes. Because the thing that worries me is those awful charging orders - I havent been threatened with those yet but if I do I'm not sure how I would feel. Managing your own plan is good ecause it toughens you up and if you have problems the forums are very good for support and you can always email CCCS for help although they always try to get you to sign up with them. I hope this helps but if you want to know anything else please ask - I am not an expert though and others will no doubt disagree with some of the stuff I have said but I'm just saying what works for me.

[PriorityOne]

There's no need to scan and send creditors copies of documents to prove your outgoings. I've never done this, despite many "demands" to do so. The pro rata payments have always been decided by me and interest has always been frozen from the very start as well.....

 

None of mine have ever had more than £5-10 a month.... which is what I decided was reasonable, although I would have paid £1 if that was all I could afford and I would have been within my rights to do so. If they get nasty, I CCA.... if they involve debt collectors, I CCA.... but if they co-operate with me, then I co-operate with them.

 

Charging Orders can only follow a delinquent CCJ and any thoughts of a CCJ can be stopped in their tracks by making a CCA request in the first place.... as a creditor/DCA can't get one without this document. Once they realise that you know this as well, they normally back off. I've been threatened with a Charging Order twice, but in the first scenario their solicitors dropped all action.... and in the 2nd scenario, it didn't even reach that stage; they just sold the account on to a muppet DCA.... who were soon informed that the account was in dispute and they'd made a duff purchase. To date, I've never been taken to court either.

 

[Dotty50]

Hi Krysp,

 

Now subbing to your thread.

 

I have had written confirmation from the Halifax that they will accept 'Self help packs' but I have not yet looked into it.

 

All the best

 

D50

[Fred Bassett]

I am, sort of, except that I am not paying all of my creditors. Like you, I found the CCCS quite intransigent when it came to withholding payment from certain creditors - they actually said to me "well you do owe the money, don't you".

 

Anyway, here's something that might help: http://www.humyo.com/F/5931267-1514530795

 

It's a spreadsheet I created that helps you set out everything you need to consider, then divvy up the rest between your creditors. I've based it on the way the CCCS construct a DMP. Don't forget that the CCCS use 'triggers' to assess your expenditure, i.e. anything above a certain amount. I put the trigger figures in the spreadsheet but they may be out of date. There is a link in the 'triggers' sheet to the latest figures.

 

Hope you find this useful. If you do and need some help, just shout.

 

Regards.

 

Fred

Edited September 30, 2009 by Fred Bassett

[IdaInFife]

fred,

 

your link is for log in details

[Fred Bassett]

Whoops. I've just amended it.

 

Regards.

 

Fred

[noogie]

I had a DMC who completely mucked everything up and charged me £80 per month for the privelage. I sacked them and am doing my own with the help of this site. keep good files and records of each company reference numbers. I also keep an indexed book which I note down dates of letters etc so I can see at a glane. I have better records than the companie now and can tie them up in knots butI still need this site

[Fred Bassett]

I had a DMC who completely mucked everything up and charged me £80 per month for the privelage. I sacked them and am doing my own with the help of this site. keep good files and records of each company reference numbers. I also keep an indexed book which I note down dates of letters etc so I can see at a glane. I have better records than the companie now and can tie them up in knots butI still need this site

 

That's diabolical - to charge someone £80 per month when the only reason they are there is because they are skint in the first place is really taking the p*ss.

 

Fred

[veryweary]

I've managed my own DMP now for a year having left CCCS after 4 years as they refused to stop payments to a new DCA (guess who) who had refused my CCS offer, were threatening me with a court case to obtain an CCJ, but who couldn't provide a CCA copy when I requested it.

 

Everything has worked fine for a large number of creditors. But I've just

recieived a letter from Barclaycard saying they had asked CCCS for my new repayment plan offer. Went on to say if I was no longer with CCCs they would assume I could return to normal interest and repayments.

 

Sent them my detailed I&E and new offer, now they've responded they can't consider my offer until I confirm I'm no longer with CCCS. Seems a bit suspicious, and feel they'll likely refuse my independent offer, so they'll now be getting a CCA request.

 

When you leave CCCS they'll give you a list of all your creditors,a contact phone number and your account numbers. All I did was phone them up for their sort code and bank account number and set up direct standing order repayents each month. They'll ask you to confirm this in writing but I never did.

 

CCCS are very helpful to start with, but not much use if a DCA gets stroppy as they just expect you to accept DCA penalty charges. Theywill also increase your outstanding balance if requested by a DCA or creditor without telling you. when I queried this with CCCA thety said a creditor or DCA was more likely to have the correct information ., .

 

Resulted in me overpaying a DCA , had to involve the FOS to get my overpayment back. I also found the fact CCCS changed the format of their monthly statements on a regular basis very difficult to understand , so much prefer doing it by myself.

 

good Luck:)

[krysp]

Really helpful information and guidance, thanks all, I've checked out the various templates and spreadsheets and will amend to suit.

 

Like Priority said, as 'creditors got nasty' they were CCA'd quicker than you can say unenforceable agreement. The creditors that accepted the DMP and reduced payments, did not get CCA letters.

 

I've got another payment due via CCCS imminently, after which, I'll say farewell to CCCS and hello to my own DMP.

 

What is the most effective method of payment, DD or Standing Order?

 

I don't have a cheque book and I don't really want to use over the counter paying in slips from creditors as I know I'll forget to pay sooner or later.

[PriorityOne]

Never pay by Direct Debit.... a creditor/DCA can adjust the amount on these and can take whatever it likes (in theory). You then have a headache on your hands getting it refunded (unlikely) and/or juggling your remaining finances for that month.

 

With a Standing Order, only YOU can change the amount going out.

[krysp]

Hi Kids,

 

Been with CCCS for about a year and I've decided to set up and manage my own DMP. My question is:

 

What is the best payment method to use? I don't have a cheque book so that method is out, don't want the expense of postal orders, so that leaves some type of electronic payment.

 

Any advice would be gratefully received.

 

Ta

[dx100uk]

SO or plain internet transfer.

never do DD or give these people a card number!

 

dx

[krysp]

That's great, thanks.

 

I always get confused between a SO and DD.

[IainHL]

krysp,

 

I did something similar myself 3 years ago. I sacked Promise Debt Solutions, who had set up my DMP in October 2006, mainly because I would pay them by SO on the 1st of each month, and they wouldn't send out the money until the 22nd. Then for some of my creditors they weren't paying electronically, but were sending cheques! This meant some creditors didn't get their payment in the month and would start phoning me.

 

All my creditors were prepared to give me their bank account details, so I set up multiple Standing Orders to each of them on the 1st from my account. Not a problem for me to have the same amount of money going out on 8 SOs each month as there was on one, and they are happy because they are getting their money quicker.

 

If you really need the certainty that the money is in your account and the SOs are not going to bounce, resulting in charges, you could set them up as Faster Payment Transfers, if they are available on internet banking with your bank. Then you just need to be disciplined in ensuring the payments are made each month.

 

Finally, you will need to be prepared to do the renegotiation with your creditors, normally once every 6 months or so. Most of mine these days accept a letter stating what I will do, I have not filled in a financial statement for over 2 years. It might be best to insist they contact you in writing, I find it easier to deal with in this way, otherwise they keep on trying to phone until you answer. Then when you do they will try to push your payments up, and can be a right pain in the a***. I find the process by letter far more amenable.

Edited May 25, 2010 by IainHL
Added a bit.