DMP Questions

chris00_2

Hi,

Can anyone help, im keen and CCCS is shut !

1. I have one credit card left to pay this month, Barclaycard on the 20th August. Should I send them a DMP letter then make a token payment nearer the time ?

2. In my DMP ive quoted my overdraft on my current account as £700. Thats what Im usually at by the end of the month. If I dont pay Barclaycard ill be £250 better off i.e. £450 overdrawn instead. If I dont pay Barclaycard and put the money into an emergency fund, will I be in trouble as technically ill be drawing that £250 from my overdraft, and they could say I was borrowing money that I knew I couldnt pay back ?

3. How do I make token payments ? Is there a template letter anywhere that I can use to stick in an envelope with my postal order ?

Can anyone help out with these ?

Thanks in advance

Chris

Hannah_10

Sorry Chris, your first reply and it's more questions than answers...

1. I don't understand the question, how do you mean you have one CC left to pay this month?

2. So you want to take money from a debt to pay into an emergency fund? Not a good idea, better to clear the debt and get an emergency fund together later.

3. Do you need to make token payments? Have you done an SOA?

chris00_2

Sorry,

To clarify..

My credit cards have different pay dates. I have paid them all the minimum payments this month and have one left to come out before payday on the 25th ... should I pay it.

Youve answered my second question... thank you

and re question 3..

I have done the CCCS online remedy and now got the DMP pack and it says to send all of the creditors letters explaining that im in the process of setting up a DMP, cancel all their direct debits and send them token payments if a payment is due.

Thanks

Chris