Cancel DMP before first payment?

ybrad7

Hi

I recently agreed to a DMP with a credit card company, however my financial situation has change, and I could now pay the arrears I was in to bring my account up to date

Is it possible to cancel this DMP before first payment is due (21st) and for it to be removed from credit file?

Has anyone done something like this before?

Thanks

Willing2Learn

What do you mean when you say 'DMP'? Is it just the one account? Is it just one month late?

Assuming it is just the one month late then:

• You must pay the account statement, so it brings it up-to-date.
• You will have to pay your late payment fee.
• And your credit file will have a late payment marker against it

ybrad7

Willing2Learn wrote: »

What do you mean when you say 'DMP'? Is it just the one account? Is it just one month late?

Assuming it is just the one month late then:

• You must pay the account statement, so it brings it up-to-date.
• You will have to pay your late payment fee.
• And your credit file will have a late payment marker against it

I am a few months behind that’s why I agreed to a debt management plan, but if I pay the fees, bring it up to date, can the fact my credit report is set to change next mo th could it be reversed and removed before I make any payment on a DMP

I Understand that I will have a late payment marked on it that I accept

Willing2Learn

You will have to ring your credit card company. You need to ask them how they are going to mark your credit file. Hopefully it will just be late payment markers or possibly Arrangement to Pay markers. Just a 'few' months late may not necessarily mean a default...

Ring them up. See what they say. Then come back to update us so that we can answer more precisely.