Debt Management Plan

An update on my Debt Management Plan

I recently wrote about the fact I am changing my job and I am having to effectively set up my debt management plan again. I thought I would write a quick update about the progress I am making.

I have sent off all the repayment offer letters now in order to update my creditors on what is happening with my finances. I have also sent a new income and expenditure form along with the amended repayment amount I am offering.

Progress on updating my Debt Management Plan

So far so good. Around 70% of my creditors have now written back to confirm their acceptance of my arrangement to pay. I have been busy amending the standing order details with my first payments scheduled to leave my account on the 1st May 2013.

There are still a few of my creditors where I am waiting to hear back from them. However based on what has happened so far I would assume there shouldn’t be any problems. You never know though so we will see what happens. I am sure at least one of them could be difficult.

By having to reset my Debt Management Plan, I have also got all my repayments to go out on the same day, rather than be scattered throughout the month which should make things easier. All of my payments will now be sent via a Standing Order, instead of a couple of the payments which used my debit card or a direct debit.

Making my Debt Management Plan more manageable

I do realise though that I have some smaller debts that I need to pay back. Managing this number of debts has been a challenge and so I need to start getting rid as many of the smaller ones as I can.

I mentioned in an earlier post that my plans for this year are effectively out of the window due to my changing jobs. However I will still need to work on a plan to sort out settling some of my smaller debts which I will do. I will of course update you all with a post on this blog detailing my revised plans at some point in the future.

For now though, things are starting to settle down once again and I am looking forward to making some further progress paying back my mountain of debt.

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