{"id":1364,"date":"2013-12-17T12:22:46","date_gmt":"2013-12-17T12:22:46","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=1364"},"modified":"2019-02-12T16:07:44","modified_gmt":"2019-02-12T16:07:44","slug":"do-my-own-dmp","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/do-my-own-dmp\/","title":{"rendered":"Do my own Debt Management Plan"},"content":{"rendered":"\n

Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services. <\/p>\n\n\n\n\n\n\n\n

The commercial providers charge a fee for their debt management advice<\/a>. Charities such as CCCS do not charge the debtor directly but since they are funded by the creditors, then the creditors are arguably no better off since they do not fully benefit from the contributions made by the debtor to the Debt Management Plan.<\/p>\n\n\n\n

What about doing a Debt Management Plan on your own?<\/h3>\n\n\n\n
\"DIY<\/figure><\/div>\n\n\n\n

There is no reason why a self administered Debt Management Plan<\/strong>\n should not work in theory. Since the debtor puts the plan together and \nis responsible for ensuring compliance with the plan and since there are\n no third party service providers to pay, then it would seem that such a\n Debt Management Plan would be attractive to creditors. From the \ndebtor\u2019s point of view, the debt is repaid more quickly since all of the\n funds are going towards reducing the balances with no \u2018fees\u2019 deduction.<\/p>\n\n\n\n

So why is this not a growth industry, so to speak? From the point of \nview of creditors, there is the \u2018hassle\u2019 factor. The approach of debtors\n would differ from person to person. With commercial Debt Management \nPlan providers and CCCS for example, simple systems can be put in place \nto manage the process in a uniform way. The policy of the creditor in \nregard to freezing interest, penalties and other charges can be applied \nin a systemic consistent way. If creditors have to deal with individual \ncustomers then the workload and efficiency of their systems would be \nchallenged. Nevertheless, the DIY Debt Management Plan can be done. The \nsurprising thing is that creditors have not been more proactive in \npromulgating their receptiveness to the self administered Debt \nManagement Plan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Debtors considering entering a Debt Management Plan will usually do it with the advice and assistance of a service provider such as the CCCS, CAB and Payplan or a commercial provider of insolvency services. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-1364","post","type-post","status-publish","format-standard","hentry","category-debt-management-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=1364"}],"version-history":[{"count":6,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1364\/revisions"}],"predecessor-version":[{"id":1998,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/1364\/revisions\/1998"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=1364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=1364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=1364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}