DMP Never ending interest charges help please

Mrs_Arcanum

Got myself into a mess financially so went for a personal DMP.

One creditor is brilliant - with no interest charged any more.

However the remaining ones still make charges which are higher than the monthly payments.

I have a joint mortgage with my husband who does not want to go down the DMP or IVA route and he is prepared continue to struggle each month with things as they are. We have considerable equity as we put down over a 50% deposit. However the remaining mortgage is now as much as we can afford on a monthly basis. The house is not excessive for our needs with 2 children, we are just fortunate or unfortunate enough to live in an area with high property prices.

Advice on what to do about the interest charging would be appreciated. Letters requesting a stop on interest fall on deaf ears.

Would it be possible or worth investigating an IVA?

dojoman

Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/

Mrs_Arcanum

dojoman wrote: »

Please contact one of the charities below, they will offer free and impartial advice.

www.nationaldebtline.co.uk/
www.citizensadvice.org.uk/
www.cccs.co.uk/

I am already with CCCS via National Debtline and the DMP was all I was offered.
They have also advised me to keep writing to my creditors and ask for interest to be frozen. This is not doing anything except wasting stamps. With the majority of my creditors I owe more now than I did 8 months ago despite making regular payments. My feeling is I would almost be better off paying nothing - forcing them to take me to court where the interest might actually be frozen.

The issue I have is that whilst we have a joint mortgage, I have an individual DMP, hence asking for advice from someone other than those I have dealt/am dealing with already.

I do not want to keep writing letters asking for the interest to stop (as per the advice given by cccs). I want a way to pay off all that I owe at least within the next ten years; not at some point a few months after I die.

dojoman

If you pay them nothing there is always the chance (albeit very small) that they will file for BR. I don`t think there is anything you can do to force them to freeze/lower their interest rates.

bluebells_2

Sadly it is only usually when they are sent to a Debt Collection Agency does the interest stop i had this for 2 years with hsbc

All you can do is just wait really and hope they stop it

tigerfeet2006

MrsA ring CCCS and talk to them about your situation and tell them you are getting hassle and they are not freezing the interest, which incedently they are not obliged to do as a DMP is not a legally binding thing. Say that you would like to talk to someone about an IVA or bankruptcy.

If you feel that you can't talk to them then ring National Debtline again and ask their advice, stressing all the hassle you are getting.