DMP's

[Chris.z]

I have been looking at DMP's and it seems that most companies charge between 15 and 17%. Brightoak seems to be recommended alot. What I am supprised at that Payplan are never recommended yet they don't charge anything and therefore everything you pay in goes to your creditor's.

My question is what makes a good DMP company and is Brightoak the only company????

Regards

Chris

[kpw]

pay plan, cccs are organisations funded by creditors they will divide your debt level by as much as they can and thats how long i will take to clear the debt provided contributions remain the same. there are companies that do not charge % and will divise a dmp for you and look at ways to reduce your debt in the future. try debtfreeme.info

[MelanieGiles]

Brightoak are not the only DMP company - there are hundreds of them out there - but they are very good. The difference between firms that take a payment out of your payments and those that don't, is that the ones who don't are funded directly by the creditors themselves. They may therefore have stronger ties to the creditors than you the client, and therefore you have to look to see where your own interests are best served.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[sonyse2t5]

Most creditors do like CCC and Payplan including M & S and Egg.I know Egg would prefer not work with fee paying DMPs as I was told before my IVA was approved. As they all want 100% of what you can afford pay to directly to them.

You get better customer service from fee paying DMP firms, but as to whether they can do a better job in urging creditors to feeeze your interest - I doubt it.

CCC is no slouch, I was in their offices in Leeds recently to get a DMP refund. This is a big firm with large office, on the 11th floor of a modern shopping centre with a massive turnover.

I would go with them if DMP is your thing. The British Banking code on debt management makes it clear on why pay for the servive when you can get it for free!