Where to go now!

smcshane

Hi Guys,

I'm interested in your thoughts on a bit of a dilemma I have after having some F&Fs accepted and how I move forward.

I was fortunate to get a bit of money which has been used to offer F&Fs. I have phoned all creditors over the last week and the majority have said they would not even consider an offer because I am near to finishing off the DMP (18 mnths!), not really near and this also means I am near min payments or above on a number.

I was offered a settlement figure for my two loans and overdraft which make up 52% of the overall outstanding debt. This has been paid and still leave me with a bit of breathing space emergency fund.

Where the dilemma comes in is do I now cancel the DMP as I will definitly be making above min payments on all cards and look to snowball so I can get this all paid of in the quickest and most cost effective way.

I'm just not sure how the creditors would suddenly react because the support of the CCCS has given me lots of courage to get this sorted!

The aim would be for all debt to be paid off in 2012, two years earlier than I was expecting.:j

Thoughts appreciated.

Sx

MusicalLawyer

I assume both debts you paid off were in your DMP - can you not just ask CCCS to split that money towards your other creditors? Or ask them to up your payments?

I think this way, if you have interest frozen / reduced etc it'll say reduced rather than if you come off your DMP, where creditors might start charging interest again.

smcshane

Cccs are Happy to continue with my payments and will just pro rats my monthly amount between the remaining creditors.
The difficulty is only two of the remaining accounts have interest frozen, the rest have monthly interest payable. I keep writing to explain I'm still in a financial mess but they don't seem to believe me now that I'm making above min payments.
I guess this is always a a problem as the end of the Dmp is approached. I just don't know if it will be better to snowball so minimise the interest.
Sx