CCCS or Payplan

makemedebtfreeplease

Anyone know if Natwest are likely to freeze interest/charges on loans/overdrafts/credit cards once goes onto a DMP

Thanks again :A

makemedebtfreeplease

Well, Ive decided to go down the DMP route and have plucked up the courage to press the submit button on the CCCS website, they said everything will come in the post?

Does anyone know what they send/do I still keep trying to pay creditors in the meantime or send them letters and token payments?

Thanks again all. If it wasnt for the support on these boards I wouldnt have plucked up the courage to do any of this and would still be digging a deeper hole!!!

Pott5y

Did you get your basic bank account set up and all monies transfered. I would make sure that is all in order before doing anything else.

If so then I would send them a letter explaining that you are currently seeking advise from CCCS and enclose a token payment.

You will probably then start receiving some strong letters but do not panic. This will just be them trying to scare you.

Do not speak or agree to anything over the phone. Do everything in writing. If called just say you are setting up a DMP with CCCS and nothing more.

dancingfairy

Hi - a dmp is more flexible and is an informal thing. An IVA is a form of insolvency. DOn't forget if things change you can change the amounts you pay into the dmp or you cna still consider an IVA.
I also doubt whether the dmp will take 17 years or however long it said as once you get into the swing of things you will find ways to make extra bits of money here and there and like the above OP said you can save up and offer full and final settlements and also things change and hopefully better paid jobs come along.
You can always pop along to the IVA board to get a feel of what IVA's are like and see if it would be right for you but I think a dmp is a good thing with the flexibility it affords you.
Good Luck
df