Some positive DMP news!!!

Lisa982

Spoke to Payplan who explained that everyone had agreed (including Halifax) except for MBNA who had declined & after hearing how awful they can be I wasn't surprised & was prepared for a long battle with them.

Got a letter from MBNA to say that they were temporarily suppressing fees, interest and charges but were NOT going to agree to an arrangement with Payplan and unless we increased the offer of payment would sell the debt on etc..... anyway, I sent them a letter on my husbands behalf (He's in the forces and away for 6 months) saying that we really appreciated them suppressing the fees etc but the offer from payplan was all that could be realistically afforded and that please could they reconsider our offer? Didn't expect it would work but got a letter from them today saying they had reconsidered and agreed to the original offer for a 12 month period with no interest or charges!! I am so pleased and they have even said that if 3 payment are made with no hasle - they will consider removing the arrears and showing the account as up to date!! Woohoo..... finally some good news!!

For all those of you in the early stages of a DMP - stick with it!!! These first few months have seemed like it wasn't worth it - still getting calls, charges etc.... but its getting easier and now the calls have almost stopped completely.

Can highly recommend payplan.

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jillie1974

Thats great news!!
they did the same with me so i'm not paying any additional interest. still long way to go till i'm under the limit but i feel good that i've done somthing bout it!

topsy1973

What is DMP???

I am looking on a thread/chat topic about sending the CC companies an offer of a final settlement but cannot see any on here...

I have just inherited but not enough to clear all my debts...:mad:

Can any1 help?

Sharon

in_over_my_head_2

That's great news - I've just started with PayPlan and am hoping for similar results. I think the worst creditor I have is GE Money, who I hear can be quite difficult?

in_over_my_head_2

topsy1973 wrote:

What is DMP???

I am looking on a thread/chat topic about sending the CC companies an offer of a final settlement but cannot see any on here...

I have just inherited but not enough to clear all my debts...:mad:

Can any1 help?

Sharon

DMP is a debt management plan. Payplan is a (fee-free) company that negotiates with creditors to allow people like me to pay a reduced amount and hopefully freeze interest on the outstanding amount - this may take me 24 years to pay, but it's better than being in the HUGE hole i found myself in.

Sorry, I can't help with the settlement advice but good luck!

makingendsmeet_2

I too am with Payplan. Best thing that can happen is for MBNA to sell your debt on or take you to court for it. Then at least the amount you owe to them is final. A DCA are more likely to accept your offer too. My contractual payment to MBNA is £65, in DMP they are getting £6 or summut like that. Shame you have to include all your debts in a DMP as I would just love to not pay MBNA anything. What really winds me up is that I only owe them £2500 which in real term isnt much money at all.