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Typhoo
Starting Member

2 Posts

Posted - 06 Oct 2010 :  10:40:39  Show Profile  Reply with Quote
I'm not really sure that my dmp company are doing a good job for me. After 7 months of making the payments on time every month I'm still getting loads of debt collection calls and sometimes I'm getting told that my payments are being sent out too late. Is it possible to change dmp company and what are the downsides if I do.

Beverley Budsworth
Debt Management Expert



251 Posts

Posted - 06 Oct 2010 :  12:19:38  Show Profile  Reply with Quote
Hi Typhoo,

It is possible to change Debt Management Company. The major downside to this would be that you are likely to have to pay set up fees again, which would mean that there would be another gap in payments to your creditors, resulting in further calls and letters.

It would be a good idea for you to speak to your Debt Management Company, and ask that they negotiate with your creditors to amend the payment due dates to coincide with when they are sending your payments out, and to also make sure the payments offered are in fact being accepted as a reduced payment arrangement.

I would also advise that you ask for statement showing activity on your account which show exctly when your Debt Management Company are making your payments. Payments should go out to your creditors within 5 days of clearing your DM company's bank account.

I am a Insolvency Practitioner and Managing Director of The Debt Advisor. To contact me about Debt Management Plans, IVA's or general debt advice please click here:
   
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Phil Corfield
Debt Management Expert



897 Posts

Posted - 06 Oct 2010 :  12:27:59  Show Profile  Reply with Quote
Hello Typhoo and welcome to the forum

If you feel that you are not receiving an acceptable service then you should in the first instance, if you have not already done so, speak to your debt management plan provider and air your findings and thoughts to them. This gives them the opportunity to correct their side of the operation.

Is your debt management plan with a company where you pay a fee? If so, then it stands to reason that you should be receiving a service that you are happy and comfortable with, as the company is working for you.

If you are already considering changing debt management company, then it is worth either a) seeking out a recommended company, either by reading through sites such as a debt management plan forum like this one, or b) going with one that someone can recommend. Some of the good debt management companies offer a ‘«£switching debt management plan‘«ō service where you can provide them with all of your current information and they will take over the plan straight away. Some won‘«÷t even charge you the first fee again so as to not interrupt your monthly payments. To stop using your current provider, cancel your standing order to your old company and you will be invited to set up a new one with your new debt management company.

If you find a company you think are worth considering, please let us know how you got on. For a full breakdown on what you should be receiving, there is a list under "Debt Management Services" to the left of this page.


I am a CertDR qualified Debt Advisor and a Director of Bright Oak.
To contact me about a debt management plan or general debt advice please here:
   
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Typhoo
Starting Member

2 Posts

Posted - 08 Oct 2010 :  12:34:03  Show Profile  Reply with Quote
Thank you for the information Phil and Beverley.

Can you tell me the names of any companies that will take over my debt management plan without charging a set-up fee. I don't want payments to my creditors to stop.
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Phil Corfield
Debt Management Expert



897 Posts

Posted - 08 Oct 2010 :  13:17:31  Show Profile  Reply with Quote
Hello Typhoo

Although I'm not in a position to release names of companies on the debt management plan forum, due to being biased (naturally!), I would suggest you do a little reserach and see what company(s) would offer this service.

Best of luck.

I am a CertDR qualified Debt Advisor and a Director of Bright Oak.
To contact me about a debt management plan or general debt advice please here:
   
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