how to make token payments

pistelman

hi. i am about to start organizing a DMP through step-change and have already canceled the direct debits to 3 loans. I will be having my wages paid into partners a/c as overdraft is maxed out.
I'm of work on Wednesday so will be making all phone calls then. How do i go about making token payments to these loans in the mean time (thinking a card payment online with partners card would be easiest if poss) as this is how i will make token payment to credit card and overdraft.

sourcrates

Wouldn't bother until your DMP starts, makes no difference if you do or you don't to be honest.

pistelman

thanks sourcrates. is it still best to ring them to tell them i have canceled payments whilst i set up a dmp.

ive heard they would be more likely to accept a dmp if im making token payments

HappyMJ

pistelman wrote: »

thanks sourcrates. is it still best to ring them to tell them i have canceled payments whilst i set up a dmp.

ive heard they would be more likely to accept a dmp if im making token payments

Makes no difference. You will be defaulting so it doesn't matter how much you pay.

You can renegotiate payments without defaulting. That's not called a DMP though.

sourcrates

pistelman wrote: »

thanks sourcrates. is it still best to ring them to tell them i have canceled payments whilst i set up a dmp.

ive heard they would be more likely to accept a dmp if im making token payments

Assuming your using stepchange or are you going self managed ?

If the former, they will contact your creditors for you, you don't need to do anything, however, if your doing this all yourself, then yes, write and tell them your intentions by all means.

Creditors have a duty to treat you fairly, even if one or more don't accept the DMP, you still continue to pay them, all they will do is possibly sell on the debt, you would then pay the new owner.

In the end, you pay what you can afford, to whoever owns the debt, so it's imiterial weather the OC accepts your DMP or not.

National_Debtline

Hi

There are various template letters here you can use to contact creditors. You could use the ‘Hold Action’ letter to ask them to cease collection until your DMP starts. Alternatively there’s a letter you can use to make a token payment offer.

www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx#

James
@natdebtline

pistelman

thanks sourcrates. im going with stepchange so will see what they advise. just feeling very anxious at the minute. ringing then tomorrow after ive got all a/c details together.

wish all well

Stewart_78

Better to be defaulted sooner than later. You will regret trying to be good in the long term. Get them all to default you, then start talking about money. This will make sense later on.