DMP - should i send a letter asking for interest freezing?

pinkie_pie

I've got the template letter from StepChange to send creditors asking that they can handle the accounts, but should I not ask them to freeze interest too? I remember reading that somewhere.

Thanks

Suseka

Hi P-P,

You may well have to send a letter asking for interest to be frozen at some point, but for now - just send the template letter (or one of your own based on that) to advise your creditors that you are entering into a DMP and giving them authorisation to speak with SC who will act on your behalf.

I'm just about to start our DMP and from what I've read - some creditors might play ball from the outset, whilst others might add interest for a month or two and some will try to continue regardless.

So my advice, for what its worth, is just wait and see and deal with the latter if it proves necessary.

Good luck

Deep_In_Debt

Good advice from Suseka.

Just wait and see. Normally StepChange will try and negotiate on your behalf to start with. Give it a few months and if interest doesn't get frozen then National Debtline website has a good template letter you can use asking creditors to freeze interest or you could let SC know and ask them to try and negotiate again.

DMP's take a while to settle down.

Good luck.