£55K in debt, need advice?

sourcrates

Non payment will trigger calls and letters automatically (all computer generated) I would simply write to each creditor, explaining your financial situation, tell them your taking advice from stepchange, and a DMP is looking likely, say you will be in touch in due course with your repayment proposals, but for now you need time to evaluate your position.


30 days is the normal breathing space (MSE trying to get that extended to 6 months) but you can take as long as is necessary as long as you keep creditors informed of what your doing.

thetoffeeshadow

sourcrates wrote: »

Non payment will trigger calls and letters automatically (all computer generated) I would simply write to each creditor, explaining your financial situation, tell them your taking advice from stepchange, and a DMP is looking likely, say you will be in touch in due course with your repayment proposals, but for now you need time to evaluate your position.


30 days is the normal breathing space (MSE trying to get that extended to 6 months) but you can take as long as is necessary as long as you keep creditors informed of what your doing.

So would advise sending these letters before the next payment is due?

Deep_In_Debt

When I was in a DMP with Stepchange, they sent me a template letter to send to the creditors to advise them I was going on a DMP and they would be contacted directly by Stepchange.

Might be worth asking if they have such a template letter that they can send you.

Good Luck.