Good news on my DMP

dazla

Hi

Just wanted to provide an update on my DMP. Its been going for 4 months now and all creditors have accepted the reduced payments...even Barclaycard. Everything has gone so smoothly I;m amazed. I kept all creditors in the loop from the outset and didn't have one nasty phone call from any of them. Payplan have been brilliant. I only wished I had done this years ago instead of burying my head in the sand. I accept my credit rating will be shot to bits for 6 yrs but that doesnt bother me as i will never use credit again. Over the past 4 months I have paid of £2000. I would never have been able to do this if i wasn't on a DMP.

Daz

Bettingmad

Well done Daz, your post is almost a mirror image of the path I am treading along. I too am with Payplan and have made my first payment for the same amount as what you are making. I also spoke regularly on the phone to my creditors keeping them updated as to my situation. same as you no nasty phone calls,in fact I have hardly had any phone calls at all. Barclays also froze interest and didn't impose default fees whilst I was paying token payments. In fact all companies seem to have been understanding so far.
Like you I know my credit rating will be trashed however I think it's a positive as I want to clear everything and start enjoying my money without watching it disappear in interest payments. Well done.

Deep_In_Debt

Well done.

Keep an eye on Barclaycard though. They'd accept my dmp for a few months and then start lumping on interest and it was a fight each time to get them to stop. I'm 3 years into my dmp and can't fight Barclaycard any more...although the interest I'm paying is very little and that's the best I could do.

DrSqueeze

Well done Daz for tackling this head on - and good luck :beer: