Had a small Windfall....

macpep1

Well I am still in shock, as tomorrow, we were going to go for a Scottish Trust Deed. We are currently in a DMP but so far only 2 creditors have agreed. We have come into a bit of money which would be enough to clear of 1 c. card @ £4600, 1 @ £3600, next bill of around £800 and 2 x overdrafts totalling 2300, (this has climbed up due to charges). I would then be left with our loan which is £377 p/month and is due to finish in 3 years, we are currently paying 388 to DMP.

My question is, as we are in DMP, would the creditors now accept the full payment with no penalties or interest added and also I guess we will need to speak to bank to say can we carry on as before and ask if they could add the 3 payments we have missed onto the end of the loan?

My children have also been given some money and I was wondering if there is an account that I can open for them but we can still access as their parents, they are only young but we intend to use some of the money for essential things they need.

DarkConvict

Not full advice on the matter, but if it is the way to go. You could try and full and final offer, below the full amount and see if they accept this way you have more money to pay off the other debt.
As the debt amount will be in part interest + charges, i see no reason why a offer below the full amount would be the wrong thing to do..

macpep1

Thanks, have had a word with the debt management company and they have said the same thing so fingers crossed.