DMP advice

A question about : DMP advice

Hello,

Could I please ask what is involved in setting up a DMP and how intrusive the process is (do I have to give people bank statements or bill demands etc before it is set up).

I'm just considering options and wanting to know what I may be setting myself up for. I had to take on a job recently that is much less money than my previous one so my previously manageable debts are now very difficult and I want to take the bull by the horns and get things sorted sooner rather than later.

Thanks.

Best answers:

• Cool. I much appreciate your help. Just want to face this full on quickly before it escalates
• Hi
  Information on Debt Management Plans from Citizens Advice CABmoney includes providers & self managing
  https://nedcab.cabmoney.org.uk/remedy_4.asp
  https://nedcab.cabmoney.org.uk/dmp.a
  https://nedcab.cabmoney.org.uk/dmptour.asp
  Always make sure understand all your options before making any decisions
  https://nedcab.cabmoney.org.uk/debtremedy.asp
  Get full advice if you are in any doubt preferably from one of the charities such as National Debtline & Stepchange
  Maybe put up your SOA as it may assist the good people on here in helping you further
  https://www.stoozing.com/calculator/soa.php
  Hope this helps some
  Best Wishes
  DC
• I was with pay plan and they never asked for a wage slip
• The dmp mutual support thread is worth reading, lots of information and feel free to ask any questions.
  Puzz
• Thanks everyone. I won't be posting up a SOA but appreciate the support
• Hi melysion,
  We've just set up our DMP with StepChange - they wanted either a wage slip from the last 3 months or a bank statement showing wages being paid in. They also wanted proof of any benefits that you claim - either a copy of the benefit award letter or again shown via a recent bank statement.
  Did not take much collecting for us - the process was really straight forward and set up very quickly.
  I agree with Puzz that you should read the DMP mutual support thread - great advice on there from people at all stages of their DMP
  Good luck!
  BDFSH x
• Great! Thanks. I just have the three creditors but one is for quite a lot (Ј16k personal loan). The others are credit cards. I was coping perfectly well but then had to change jobs with a significant drop in salary. It's probably a DMP or walking down soho with a red handbag. Lol
• Lol!! I think I'd go for the DMP!!
  We can now see an end to our spiral of debt with a debt free date in sight instead of struggling month to month and increasing the debt by having to pay for fuel/shopping/etc on a credit card because we had no money left.
  Our DFD may be a long while off but it is a target to work to and I never want a credit card or loan ever again!!
  BDFSH x
• Hello,
  Thank you again for being so supportive. So, in the end I called the bank with the loan and they went though my finances with me. Off shoot is, although its tight, i can still meet my outgoings (they gave me Ј390 allowance for living expenses and went though my other outgoings - one assumes this is normal?). so, anyway, it was very reassuring to know that all i need to do is a little belt tightening rather than anything else more drastic. Baked beans anyone?
  But i do appreciate all the advice and will stay around. As I say, i wont be posting up my SAO (but am currently cutting back on all sorts of things so no worries there) but if anyone has tips on general money saving i would appreciate it.
  My loan has 45 months to go - so its not forever
• I think long term tightening my belt is the better option. It would be paid off more quickly and wouldn't make such an impact on my credit score (not that I want any more credit - god no ..). The loan is almost 4 years long but a DMP would be longer. I just want everything cleared and avoid all credit in the future!
  I'm single. All I have dependant wise is a large ginger tom cat.
  Anyway I am going to see how it goes. I know the DMP is an option if need be. At least I do feel better about it all now and I am glad this place is so supportive. Thanks for the link I shall have a look.