Reduced payments info???

spurs501_2

Hi Everyone!!

I've set up agreed monthly payments with my creditors (6 in total) for between 6 & 12 months. My question is this.... After the six or twelve month period is up will they let me make a new arrangement OR do they push for payment of the full balance?

Would be really gratefull to hear your experiences......

Thanks guys.
S.

Leixlip1

So far I've had few problems with my creditors re-newing agrreements for a further 6 or 12 month period. Capital One, Citi, M&S all agreed virtually by return of post. The Co-Op bank always says no initially and then (so far) has agreed to an extension.
I'm doing a self managed dmp and send off an updated soa, detail who has accepted my offers, highlighted that I am favouring no one creditor etc when I have to re-new my arrangements. Time consuming but at least I'm in control of my own destiny.

TightTone

Please can anyone help us with this?

Any long time DMPers - what is it like when it comes towards the end of the agreement period?

Will most creditors extend the plan or do they take you to court?

Please share any epxeriences of being ina debt management plan above 12 months

Donedoingdebt

Been doing my own DMP with 4 DMCs since 2001 after being with Baines & Ernst for a year.
None of them have ever tried to push for full payment of the balance owing, although some have offered a partial settlement which I have always declined as once my debts are repaid in full, then there can't possibly be any comebacks on me.
Approximately once a year, some will contact me & ask for a higher payment which I've usually been in a position to agree to after some negotiation (around £5 monthly). This has always been accepted without any further need for a SOA. Perhaps, if I'd refused any further increase, then maybe they would have required further proof.
My golden rule has always been to agree to pay ONLY WHAT I CAN AFFORD & no more, however much they push. This way, I've managed to not miss any payments in all that time & all stays quiet.

spurs501_2

Thanks... Anyone else?

I_was_a_fool

We had a 6 month arrangement with Northern Rock expire recently & when we said we could not increase the payment, they started to get persistant, phoning & writing. Eventually we agreed an increase of £10 a month & they went away happy with that. Not sure if I could increase every 6 months though...Other creditors have not asked for any increase at all....