Cannot pay DMP

[ghillie]

Hi. I have been paying a DMP for about a year now. I arranged this myself with my creditors - RBS, Tesco Bank and Sainsburys Bank. I have managed to keep up payments but it is very tight. Unfortunately I have an unexpected expenditure that means I will be unable to meet my DMP for 2-3 months. Anyone any experience on how to approach my creditors

[maroondevo52]

Hello and Welcome,

 

Who is your DMP with, as you are not in a position to pay your dmp I'd advise you to take some kind of action. Think you might have to contact your existing debt management company or it might mean contacting a new debt adviser or company.( the free to use one's)

 

Phoning, and going through the new situation with them, will enable you to assess your options.

 

Regards.

 

Scott.

[ghillie]

Thanks for reply Scott. The plan was actually a personal one I set up myself using the tools available on CCCS. What I was wondering is if anyone has been in this situation before are creditors likely to allow breathing space for a few months. I have been paying it for a year now. I could off course as you suggest try and set up another plan with one of the free DMPs out there

[ukaviator]

Have you claimed any charges back on these accounts?

[ghillie]

No charges reclaimed

[ukaviator]

There will be late payment charges, what sort of accounts are they store cards?

 

You could send an S.A.R and claim back these charges. With interest there maybe a lump sum there to claim back. . .

[ghillie]

Thanks Aviator. They are credit cards and personal loans. Will look into SAR

[maroondevo52]

Charges on Loans and Credit Cards are re-claimable, come back when you've got your SAR requests complied with.

[veryweary]

Tesco finance is also RBS. I've had to cut my reduced repayments to RBS + Tesco several times over the years, and haven't had any problems so far. If you don't have the money , you don't have it. but would try to send them something even if it's just £5 or £1 to keep a monthly payment going. I used to send creditors a new income/expenditure sheet when I reduced the payments but now I just reduce the payments, and ignore the automated letters asking me to phone them unless they're beginning to look serious.

[ghillie]

Thanks Very WearyThanks for the info on your approach to these companies. I will make a token payment as you suggest. I'm not particularly worried about dealing with them but was interested in how others had fared in a similar position. Your information is very helpful. Thank you