Considering DMP

[Chelle08]

I have recently considered a DMP with CCCS as I have two payday loans which I cannot afford to pay off all at once. I stupidly got myself into the payday loan rut and now have about £900 that I owe to payday express and txtloan. I know that this doesn't sound a lot but I would like to write off my debts completely so I can finally start saving properly do the future. CCCS has advised a DMP paying about £250 a month which is fine but I was wondering if anyone had any advise before I sign the paperwork etc. is this the best solution? Sorry for the long essay but Any help would be greatly appreciated.

[renegadeimp]

First step you should take is to find out if the amounts that they have stated you owe are the actual amounts. All too often PDL's add on unfair and sometimes illegal charges to a debt, and 99% of the time, debtors are too scared or lack the knowledge to do anything about it.

 

Also you don't really need a DMP for 2 pay day loan repayments. It's pretty easy to negotiate by yourself. However if you want to use a DMP to help out with any legal issues and to save stress, make sure you check for any other debts you might have, so they can be added to the DMP as well.

Edited July 8, 2012 by renegadeimp

[ihateyes]

First step you should take is to find out if the amounts that they have stated you owe are the actual amounts. All too often PDL's add on unfair and sometimes illegal charges to a debt, and 99% of the time, debtors are too scared or lack the knowledge to do anything about it.

 

Also you don't really need a DMP for 2 pay day loan repayments. It's pretty easy to negotiate by yourself. However if you want to use a DMP to help out with any legal issues and to save stress, make sure you check for any other debts you might have, so they can be added to the DMP as well.

 

 

DMP can be good as it shows your serious about tacklin your debt. payday express can be hard to deal with so going through a 3r party should be less stressful.

 

as renegade says.... put all your debts.... CCCS will do an I&E and make sure you can still live your life

[renegadeimp]

Oh i know a DMP is good. In fact they are awesome. But before anyone considers a DMP, they MUST make sure that the debt they supposdly have is legitimate and free from unfair charges/interest amounts. If you dont check, then the DMP will simply take the debt letters/statements and the word off your creditor as truth. It's why a lot of PDL's do not like dealing with DMP's, because a good dmp will inform you of the above first, and the PDL's know this.

[Bombaymix]

CCCS have advised a DMP for £900?

Strange, they wouldn't touch me with a barge pole because my debts were not above 5k.

[Chelle08]

Thanks for all your help guys. I didn't know there was a minimum amount of debt the CCCS would advise a dump for but I'm not complaining as I'd rather they just dealt with all the hassle! I will definately get a proper statement from payday express as to be honest I'm not sure where the £600 has come from as I've only ever been able to borrow a max of £300 from them!

[asmilecostsnothing]

CCCS have advised a DMP for £900?

Strange, they wouldn't touch me with a barge pole because my debts were not above 5k.

 

Same here BB - you wern't alone

 

I had just under 2k was turned away by the charities and your 'old mates' actually rescued me in the end (I know!)

 

OP - your best contesting charges yourself - NEVER leave it to someone else