My own DMP - Collection letter

getting_there_slowly_4

Hi all,

I've arranged my own dmp with my creditors, been in place for 12 months now.

Just received a letter from one creditor, for an overdraft of £5k with Halifax stating that my agreement for reduced payments has ended, and to pay up in full. I managed to get them to freeze charges and interest on it.

I'm going to write back proposing the agreement is implemented for a further 12 months, with a view for me increasing payments when I can (trying to shuffle money to do this)

Is this likely to work? I do get worried when letters threatening legal action and the like land.

thanks

ciderwithrosie_2

Write to them again and send your SOA, state that you have stuck to your word over the last 12 months and paid them on time what you could afford and have distributed available funds pro rata to be fair. I think it's pretty standard for them to do a review after 6 or 12 months, but if you stand firm and insist you are doing all you can to pay them, a court wouldn't look to kindly on them for wasting their time. I sent loads of letters like this when I was managing my own DMP.

regards CWR