DMP, if some creditors don't acept but some do, then?

Galeeno

If considering a DMP (Stepchange) and some creditors accept the monthly payment offered,

but other creditors don't accept it, then what happens?

can it still go ahead? or it is considered Void, (as the plain is only a semi accepted plan).

and do the creditors consider 'reaccepting' the debt on negotiation, by stepchange ?

or once, 1 out of many creditors reject the plan, then it doesn't go through ?

or do Stepchange take weeks/months to negotiate with this 1 creditor ? to persuade them.

In other words, what determines whether a DMP is set up, (considering the income left over is substantial) - but..in terms of All creditors accepting it ?

if one rejects, is the whole plan rejected ?

(or is there a % of the Total debt) that must agree to a yes ? like wth an IVA ?

Deep_In_Debt

If some accept and some decline...it will still go ahead. Some creditors will take a while to accept, but Stepchange will still keep paying them the agreed amount regardless. Creditors will eventually accept when they realise you are paying all you can...they will just jump up and down for a while and blow a lot of hot air.

Creditors are not legally obliged to accept your repayments on a dmp; that said, they do eventually as they realise that taking you to court is pointless as the courts are likely to rule in your favour if you are paying what you can afford.

I was with Stepchange or CCCS as it was then, for a long time and had a bit of a roller coaster with the creditors when my dmp was being set up and for a few months after...it all settled down eventually though.

Stepchange will just continue to pay them what you can afford.

Deep_In_Debt

It might also be worth posting on the Debt Free Wannabe forum as the lovely peeps over there will probably help you more than I have.

dojoman

Thought you were going BR, so why the questions about a DMP especially posted on the BR forum?

longtermplanner

A DMP is nothing like an IVA. You make an offer to your individual creditors and they decide whether to accept and whether to freeze interest. And if so, for how long. So if 4 accept and 2 don't, Stepchange will just make the offered payments to all 6 but 2 will still be charging you interest.