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Hello there.

 

In short the answer is no. A DMP is a process which allows your existing creditors to be paid via affordable payments. You're not borrowing any more money.

 

Hope this helps!

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Hi

 

Ive had a look around the internet but cant seem to get a straight answer for this question:

 

Is a debt management classed as a form of credit?

 

Many thanks

 

Not absolutely sure I understand the question. DMPs dont lend you money, therefore how could it be credit ?

 

You give them money and they arrange to pay your creditors for you !

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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yeah that's great thanks for the reply.

 

So can PPI be sold on non credit products (I'm sure you can see where this is going)

 

Thanks

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You're not borrowing any more money, but you will pay out a lot more if you use one of these private companies to set up the dmp for you. If you are thinking of going down this route robnfc, then contact CCCS first as they are a charity and don't charge, all that you pay goes to pay off your creditors, not just a percentage.

 

So can PPI be sold on non credit products

 

As PPI stands for 'Payment Protection Insurance' then no it can't unless you are making regular payments to something and want protection in case you can no longer meet those payments. You can usually find a policy to cover just about anything if you are willing to pay the right premium maybe even your council tax or water bill.

Edited by Conniff
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yeah that's great thanks for the reply.

 

So can PPI be sold on non credit products (I'm sure you can see where this is going)

 

Thanks

 

Soneone is trying to sell you PPI on a DMP? Who is this?

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You're not borrowing any more money, but you will pay out a lot more if you use one of these private companies to set up the dmp for you. If you are thinking of going down this route robnfc, then contact CCCS first as they are a charity and don't charge, all that you pay goes to pay off your creditors, not just a percentage.

 

 

 

As PPI stands for 'Payment Protection Insurance' then no it can't unless you are making regular payments to something and want protection in case you can no longer meet those payments. You can usually find a policy to cover just about anything if you are willing to pay the right premium.

 

 

Ok so if I was to try and reclaim the money, it would just be a straight forward PPI reclaim?

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Only if it was mis-sold or you couldn't use it because you are exempt like self employed etc

 

Why not tell us the full story, it would help a lot in the responses.

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Well I signed up about 7 years ago, but I don't remember what the forms said or whether I agreed to PPI but I certainly didn't need or want it, like I say I didn't actually realise I was paying it until I got my final statement confirming all the account were cleared. I phoned them and they just blank refused to even discuss it saying that you were aware of the terms.

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It's up to them to show that it was explained to you at the time. Get that claim in and if it's refused, then you put it to the ombudsman for a decision. You have nothing to lose just gain.

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You could always send a Subject Access Request to GP - they should provide all the information regarding your dealings with them.

 

There is a SAR draft letter in the CAG library and the request will cost you £10.00 and GP will have 40 days to comply.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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