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payments on dmp
pagsgraham1
Posts: 28 Forumite
started dmp in oct 2009.was £25000 now down to £17500.due to some ppi and charges claims.my question is i am making reduced payments now and interest is frozen.i have cleared some of my creditors .what happens if i clear some more and am able to meet normal payments again do they start charging interest again ,or do i just stay on the dmp thanks for any help in advance.
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Comments
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Well the interest is only stopped if you are in financial difficulty, so if you can meet the standard payments then yes I interest would be charged again:beer: If I say something you like....Please hit the thanks button :beer:0
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well I'm not expert by any means but can you save the money you would use to make the normal repayments and start offering full and finals??0
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well I'm not expert by any means but can you save the money you would use to make the normal repayments and start offering full and finals??
Not quite. The whole idea of these DMP's is to treat all creditors the same. Offering to pay one off, in preference to others, would put the whole plan at risk.
Personally I would just stash the cash. The interest is frozen. You are on a plan!!!Ask me no questions, and I'll tell you no lies0 -
Not quite. The whole idea of these DMP's is to treat all creditors the same. Offering to pay one off, in preference to others, would put the whole plan at risk.
Personally I would just stash the cash. The interest is frozen. You are on a plan!!!
Well thats totally thrown me as the CCCS have advised me to do that?!0 -
Well thats totally thrown me as the CCCS have advised me to do that?!
Welcome to the fun of informal agreements (DMPs). Some will say F&F is a good idea, others will say it is not as it is giving preference and not all funds are been put in the DMP.
Personally i would do F&F offers, preference or not they got get a proportion of the debt value in return so i think it balances it out, early payment but not full amount.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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