Payplan- how long does agreements with lenders take to agree payment

banks4u

I am going via payplan on the following debt, does anyone know how long it takes for lenders to agree a lower payment?

Also how will I be notified
Natwest loan and Cc
Barclaycard Cc
Capital 1
Halifax 2 loans


Also I haven't missed anypayments so will any creditors default me?

Should I make a lower payment this month or wait till its set up?

Tixy

Its likely you will end up with defaults yes. Whilst you might not miss any payments you will be paying less than the original contracted amount.

Sometimes a lender will write quite quickly to say they have received notification of your DMP and are prepared to freeze interest. Often the won't actually state that they formally accept the DMP, sometimes they will.

Sometimes you might not hear from a creditor for a couple of months or more, and they may never formally acknowledge the DMP.

Ideally don't go a whole month with no payment, if the DMP won't be set up its best to pay something, even if its just a token payment.

banks4u

I think I will make this months payment in full. I really didn't want to do this but I have no choice. I should be able to make normal payments as soon as My brother starts working but with the economy the way it is, I doubt he will get a job any time soon.