Credit cards DMP - What are they likely to accept?

NoMoreTears

Hello all,

I will soon be setting up a DMP via CCCS to try and get my many credit card companies to be nice to me and wait for their money!

My situation is that although I owe a huge amount of money on cards, I would be able to pay all or most of them if I could sell my home for a reasonable amount.

In the current climate my home is not selling unless I reduce the price by a silly amount, which defeats the object really.

My work (self employed) is not going great (bl**dy credit crunch) so I cannot afford to keep paying the standard minimum amount.

So I need the cards to chill for a while, well quite a while actually, until the housing market sorts itself out, which could of course be several years.

So ideally I would like the cards to stop interest, and reduce the min amount to say 10% of normal, on the promise that when I can sell the house I will, and pay them off.

This may be too much to ask, so maybe I should go for asking them to reduce their interest to, say, 5%, and set the min monthly payment equal to this interest, so at least the debt does not get bigger.

Does anyone have any idea of what is a likely compromise the card companies will accept, bearing in mind whatever is agreed I need them to stick to for a few years?

Thanks,
Martin

Hopeful1

I've not been on a plan, but CCCS will help you with this when you do an income / expenditure sheet. They will advise you of what you can afford.

Do you have any charges you can reclaim on any of the cards?

NoMoreTears

No charges, as I have always kept up with at least the min payment.