Taking the leap

gottostop

Hi Everyone - I'm about to embark on a self managed DMP as I have 3 credit cards that are crippling me. I haven't defaulted on any payments until this month when I simply had no money left so I sent each one £10 and cancelled the Direct Debits. I am about to send letters of explanation and an on-going offer of £10 each until further notice The 3 creditors are Capital One, Aqua and Vanquis - does anyone have experience of any of these companies? How likely is it that they'll just accept the payments and freeze the charges/interest? If they don't accept then hopefully they will send them to a DCA (external) quite quickly so at least the charges and interest will stop. If anyone has had success in offering reduced payments to these companies I would love to hear it.

Playing_with_Fire_2

Good luck, take some time to search this board for other's experiences and give National Debtline a call. You don't need to follow their advice, but it could be useful to get a second opinion.

sourcrates

If your struggling and can't afford to pay these accounts, then don't.
The best way to hurry there sale to a 3rd party DCA is to cease all payments completely.
Making token payments may lead to them agreeing a payment arrangement where they may, or may not, stop or reduce interest.