Can I change my DMP company?
Written by Payplan Ryan on 27 July 2011
People call us for several reasons: it may be that they realise they can no longer afford to manage their debt, they know their situation is about to change so they are planning ahead, or they simply decide that they can no longer ignore their debts and they must deal with them. However for some people they have already gone through this trigger point and have successfully set up a Debt Management Plan (DMP). These people may have reached a certain point in their plan and have decided that they are not happy with the service that they are receiving, feel it is time to change or realise that they are being charged a fee for the current service they are receiving.
People that come to us after being with another debt management company often have a lot of questions so hopefully I can try and answer a lot of them.
Can I change my DMP?
The simple answer is yes. Just because you are already in a DMP it doesn’t mean you have to stick with that plan that you are in. Many DMP providers will require you to give them notice to your cancellation but that shouldn’t stop you.
How do I change my DMP?
If you decide that you are not happy with your debt management company and you want to change, you need to do your research and find a company that you are happy with and one that you feel has your best interests at heart. You should then call them and go through the initial process of setting up a plan with them.
When should I stop paying into my current plan?
For this next part, everyone has different opinions as to what you should do, at Payplan we would say that you should stop paying into your DMP as soon as you can and set up payments direct with your creditors whilst your DMP is being set up. The reason why we say this is if you are currently paying a fee to the company then this should be going to your creditors. You can therefore split the fee between your creditors while your new plan is being set up and then once it is they will start receiving more funds from you.
If you would like to speak to one of our debt specialists about a DMP then please call 0800 280 2816.
Filed under Living in Debt