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Debt Management Plan and interest freeze request


calshan
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Hi,

 

I am currently on a DMP with Payplan and over the past 3 1/2 years, i have reviewed my statements from the various creditors and have noticed that on and off, interest has been frozen then unfrozen.

When i queried this with Payplan, they simply said they cannot guarentee interest will be frozen.

 

The implications of the interest not being frozen is that the debts will not be reduced at all, and in some cases, the payment i am making does not cover the cost of the interest charge resulting in increased debt.

 

Can anyone advise if there is a way in which i can write to the creditors requesting that the interest be frozen? If there is any case law i can quote etc to assist my case?

 

Payplan have been great in general but i feel they could be doing more to assist. At the end of the day, they are in this game to make money too so i feel the need to make efforts myself too!

 

Any help appreciated!

 

Calshan

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Hi Matthu,

 

Welcome to the forum, any issues, feel free to start a new thread and post you issue on there for people to assist, there are many experienced people on this site who can help you and you will find all the templates and guidance you need!

Calshan

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Have you checked to see whether these a/cs are enforceable?

Anthrax alert at debt collectors caused by box of doughnuts

 

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17 Port & Maritime Regiment RCT

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I think the best thing is to concentrate on checking the validity of the agreements for the time being, those that aren't you don't have to worry about too much and you can stop paying anyway. Any that are enforceable can then get your full attention so to speak, although some creditors can be a pain when you try to get the interest frozen.

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

[sIGPIC][/sIGPIC]

17 Port & Maritime Regiment RCT

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Thanks for that! I will follow you advice.

It is important that i cover all aspects thoroughly before action as i have a condition of contract with my job that states i have to pay all debts owed, though will take further legal advice at work should any agreement be unenforceable!

 

Cheers!

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