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Entering own DMP with creditors
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SLK10
Posts: 3 Newbie
Hello all...I spoke to Barclaycard and MBNA about financial difficulties I am experiencing and the anxiety its causing me. Barclaycard said they could take some financial details and would consider freezing interest, but that this is something I should take some advise on as it could effect my credit score. I am not looking to get further credit, but do want to get basic credit such as mobile phones etc in the future. I am desperate to get on top of my debt and clear it, but the interest on top is slowing my progress massively. I am so anxious and stressed by it.
My question is that should I call my individual lenders and tell them of my problems or will they just all freeze my cards and never offer me 0% ever again still demanding the interest? Has anyone done this? I have called Step Change and registered with them too, so will get their advise tomorrow. I would rather try and negotiate something with my lenders directly opposed to a DMP with Stepchange, I think. Can anyone give me advice if you've been in a similar situation. I have lots of cards, some charge interest, some don't (but will in the future). Desperate to resolve and be free again.
Thank you.
My question is that should I call my individual lenders and tell them of my problems or will they just all freeze my cards and never offer me 0% ever again still demanding the interest? Has anyone done this? I have called Step Change and registered with them too, so will get their advise tomorrow. I would rather try and negotiate something with my lenders directly opposed to a DMP with Stepchange, I think. Can anyone give me advice if you've been in a similar situation. I have lots of cards, some charge interest, some don't (but will in the future). Desperate to resolve and be free again.
Thank you.
0
Comments
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Hi,
Individual arrangements between you and your creditors, are only ever temporary measures that last for 6 months or so.
If you want interest and charges stopping permanently then you must go about it the correct way, usually via a DMP with one of the free debt charities.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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