Contacting creditors

Younganddumb

Hi, i've just sorting out a DMP and the 'next step' is to contact my creditors - I have £104 due to go out on Monday (which I've accepted I will have to pay) and I also have £88 due to go out on the 20th to Santander for my credit card - I am about to call them but what do I say? Am I informing them that I cannot make the payment or am I offering a token payment?
I need to contact by other 5 creditors too but these are the more urgent ones.
Thanks!

fatbelly

I would do it all in writing and the letter may as well give the pro-rata amount you are going to pay if you already know what the balance of the account is.

Are you getting help from anyone or any website?

cabmoney is quite good and has all the templates

sourcrates

Younganddumb wrote: »

Hi, i've just sorting out a DMP and the 'next step' is to contact my creditors - I have £104 due to go out on Monday (which I've accepted I will have to pay) and I also have £88 due to go out on the 20th to Santander for my credit card - I am about to call them but what do I say? Am I informing them that I cannot make the payment or am I offering a token payment?
I need to contact by other 5 creditors too but these are the more urgent ones.
Thanks!

From your post, i am assuming you are "self managing" is that assumption correct ?

If so, you should cancel these credit payments coming out of your account, your bank will do this for you, all it takes is a phone call, then, if they are paid by DD, cancel future payments as well.

You should write to each creditor, do not ring them, explain you are suffering financial hardship, and are entering a debt management plan, tell them how much you are able to pay them, and on what date.

Tell them you will keep them informed of your situation, say, every six months, thank them for there patience and cooperation.

Thats it really, keep it brief and concise.

loopy.magic

Very good advise from sourcrates.

For my DMP I simply refused to pick up the phone and did everything by writing letters. Once the creditors receive and process the letters the chaser phone calls will stop.

As long as you maintain communication (via letters) and keep up any pro rata payments they will leave you alone.

Best of luck