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A good starting point for DMP questions
By CantKeepUp
#30493
Hi. Where can I find living expenses guide for singles who wish to set up a dmp? I have been searching the net but do not seem to be able to find anything.....
By Melissa S
#30502
Hi there CantkeepUp and welcome

I have attached a link below which will help you, it is the living expense guide from the Beat my debt website. It is only a guide but it is very useful and you may find expenses that you did not realise you could include in your budget. It is very important to get your living expenses correct when entering into any debt solution as this can really make or break the solution.

Please ask for anything else you need along the way.

https://www.beatmydebt.com/debt-managem ... nses-guide
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By Hayden
#30511
The link posted by Melissa is what you need to look at CantKeepUp. This will give you all the info you need to help you put together your living expenses budget for your debt management plan. Are you planning to implement the DMP yourself?
By CantKeepUp
#30564
Many thanks for the link Melissa Really useful and just what I was looking for.

I am going to set up the DMP myself. I only have 3 creditors and I am pretty confident of being able to discuss things with them directly. Just to give me a guide how long does it normally take for the creditors to agree to the payment offers if they are reasonable?
By Melissa S
#30567
Hi CantKeepUp

I am glad you found the guide useful. Once you have started making Your DMP payments it can take up to 3 months for your creditors to stop chasing and freeze any interest or late payment charges.

This period of time allows your creditors to see that you are serious about the regular payments and build confidence in you. If they are still adding interest etc after this time you should call them and negotiate with them. do not be tempted to pay one creditor extra if they are hassling you still as this will put your whole DMP at risk of failure, just hang on in there.

Take a look at the article I have linked below, this will give you just very useful advice and please remember to keep asking for help on the form if you need it, good luck :)

https://www.debtmanagementforyou.com/st ... urself.htm
By Melissa S
#30649
Hi CantKeepUp

Have you managed to start a DMP with your 3 creditors? I hope you found the article I linked for you helpful but please let us know how you are getting on and if you need any further advice.

Did you mange to get your interest frozen and have the creditors all agreed with your offer?

You may also find this article helpful

how will a DMP affect my bank account