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Re: A guide to self managed DMP's - going it alone
Hi,
I have been signed up to gregson and brookes dmp for the last 2 months which i thought would help reduce my debt. I have now realised that they arent the best company to use as most of my monthly payment is actually going into their pockets.
I am currently paying them £300 a month and only have 12 creditors who are getting £1 payments at the moment so the company are making quite a hefty profit. I have nearly completed my own payment plans with all my creditors and they were all brilliant and agreed to putting me on a plan for the next few months until i get out of my mess. I am not in a massive amount of debt, i just got myself into a bit of trouble recently and 4 payday loans later its spirilling a bit out of control. In a few months i should be back on my feet and be able to come off the payment plan and start paying off the debts. My questions are: 1. how do i go about cancelling gregson and brooke? will they expect me to pay them anymore money? any help in the wording of my letter would be appreciated? 2. If i come of the payment plans after say 4 months and then pay of all the balances over the next 6 months, how likely are the companies going to remove any defaults from my credit file if i send a grovelling letter?
I still live at home but when i get out of this mess that i am in and have a couple of years saving i will be looking at getting a mortgage but am worried that this mess is going to ruin it all in the future. any advice would be appreciated, thanks
Hi,
I have been signed up to gregson and brookes dmp for the last 2 months which i thought would help reduce my debt. I have now realised that they arent the best company to use as most of my monthly payment is actually going into their pockets.
I am currently paying them £300 a month and only have 12 creditors who are getting £1 payments at the moment so the company are making quite a hefty profit. I have nearly completed my own payment plans with all my creditors and they were all brilliant and agreed to putting me on a plan for the next few months until i get out of my mess. I am not in a massive amount of debt, i just got myself into a bit of trouble recently and 4 payday loans later its spirilling a bit out of control. In a few months i should be back on my feet and be able to come off the payment plan and start paying off the debts. My questions are: 1. how do i go about cancelling gregson and brooke? will they expect me to pay them anymore money? any help in the wording of my letter would be appreciated? 2. If i come of the payment plans after say 4 months and then pay of all the balances over the next 6 months, how likely are the companies going to remove any defaults from my credit file if i send a grovelling letter?
I still live at home but when i get out of this mess that i am in and have a couple of years saving i will be looking at getting a mortgage but am worried that this mess is going to ruin it all in the future. any advice would be appreciated, thanks
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