DMP questions

A question about : DMP questions

Hi
I'm currently on a DMP and have been so for the past 5 years with another 5 to go. I currently pay Ј135 a month but have noticed on my statements that Ј32.50 of this goes to a management fee and another 10.50 to PPI. Seems a lot each month to be paying to the company (Gregory Pennington ) when I'm trying to get myself debt free. I was just wondering if anyone knows if I could swap to another company and if so any names of good free company's.
Also is PPI a necessity on a DMP???
Thanks

Best answers:

• Hi ginniemac
  All your payment should be going towards your debts so dump the financial vultures ASAP and move over to CCCS or Payplan, both of which are fee free.
  I don't know about the PPI but we certainly don't pay it on our DMP and it was never suggested by CCCS so I think that's a no.
  Good luck
• As Ttfrm says, no need to pay for a dmp..try CCCS, Payplan or CAP (Christains against Poverty - apparently you don't have to be religious to join them). CAB can also help. Please stop paying the sharks who are only after lining their pockets and not helping you and you will be debt free sooner as ALL your money will be going to paying your debts if you go for a non fee paying company. No matter what the sharks say, they will do no more for you than one of the non fee paying companies mentioned above.
  If you do get awarded PPI, it will go straight to paying your debts so unlikely you will see it but worth doing anyway, as if you are successful in your claim, it will reduce your debts.
  ETA: just re-read the post - you are not claiming ppi but being charged it - even more reason to move from GP - never heard of paying PPI on a dmp.
  Good luck.
• Definitely switch - a lot of people rate CCCS or Payplan... I haven't heard of anyone paying PPI towards DMP either - as surely if something happened, eg you lost your job, they would still expect token payments? Might be worth looking into this! Good luck!
• Your mad (sorry but in the nicest possible way), get moved to CCCS or Payplan NOW.
  (Ј43 x 12) x 5 = Ј2580 which could have (and now will when you move to CCCS) go towards your debt. So you could be free in 3 1/2 years instead of 5
  Don't let them tell you any differnt when you move, your creditors are not bothered where they get the money from.
  Go get sorted, tomorrow and don't delay.
  E2
• CCCS, switch now.
  Please do.
• Did you also sign up to the bank account that Gregory Pennington try and suggest? If so does that have any costs associated?
  I recall them suggesting one to me fortunately I was lucky in finding the forums before I went ahead with their fee paying DMP and bank account and in the end used a basic account from co-op and CCCS for my DMP.