I have setup this blog to hopefully record our progress through our Debt Management Plan (DMP) and our journey from debt to debt-free.

If you have any questions then please let me know however if they are financial questions then can I suggest you speak directly with a free debt management company.

I am recommending the Consumer Credit Counselling Service (CCCS) as I have found numerous forum posts and success stories from people who have been where we are - all the information I could find about the CCCS was excellent and they come highly recommended.

I shall be updating this blog regularly with any information/letters/phone calls I receive from both the CCCS and/or my creditors to hopefully give you some idea of the process involved in a DMP.

I hope this site proves helpful.

Wednesday, December 30, 2009

Our DMP has been setup!

We received our DMP welcome pack yesterday.  The covering letter explained that we could setup the payment via Direct Debit and I just had to give the CCCS a call to let them have my bank details.

The first payment will need to be made via Trans Cash at a post office (this is standard for all DMP's setup via CCCS) so I'm going off to the post office shortly.

Included were details of my creditors and how much they would be paid under the DMP.  Our DMP is due to be £549 per month.

I also realised that we haven't sent the letter to our mortgage provider (Northernrock) who are also one of our credtiors as we have the Together mortgage product which allows for a unsecured personal loan.

I need to write to them to instruct them to take any payments from us and and assign them to our mortgage/secured loans and that they will receive a separate payment via the CCCS.

I hope everyone had a good christmas?  Ours was ok although we were very restricted on spending this year so most family got photo's of our children as presents - a good cheap present!