Do I forewarn creditors

Artemis40

I am currently investigating the best option for me to become debt free, i.e. a DMP or IVA. When my credit card companies were calling me, I did explain that I had difficult in meeting payments and all I got was basically that's not our problem (not that I was expecting very much else).

I was going to write to each of my creditors explaining my situation and asking for assistance or advice (I find the written word usually has more chance of success than verbal conversations), but before doing so, I thought I would ask the forum your views on whether you think this would be a good idea?

My point being that if I write to my creditors this will forewarn them of the problems I am having in making payments (if the non-payment of my cards hasn't yet made them aware) and they may see this as an indication that I may opt for a DMP or IVA and put a block on any such arrangement before it's even made.

Perhaps you could let me know if anyone has had any bad experiences by giving creditors forwarning of an imminent repayment arrangement and hopefully a freezing of interest?

Kevicho

I would personally save myself the time and expense by giving the CCCs or payplan a call and let them handle all that for you.

Sea78

Hi

Unfortunately, I have not read of creditors being sympathetic and it may lead to them being off with you already. I would echo the above advice and give the CCCS a call to see if you can't have a chat to them and get some advice about what would be best for you to do?

Good luck - let us know how it goes.

Sea xxx

petetidball

You'd also possibly have the issue of any debtors you have savings etc with seizing them to try and recover some money.

Artemis40

Thanks all for your advice. I'll call CCCS today.