I’m on an DMP, am I obliged to tell my creditor if I start earning significantly more?

TruckSteele

Up until now I’ve been allocating some of the money received from universal credit allowance to pay off my credit card balance on a DMP.

I just got offered a reasonably paying job however and I start work soon.

I assume this would be considered a change of circumstances and so I’m not in the position I was in before when the plan was agreed. 

The plan is until May, is there any advantage in letting the creditor know now or can I get away with these reduced payments for the duration of the plan?

even if I let the creditor know, will I have an obligation to pay more or can I stick to the reduced payments?

I quite like the plan and as far as I can tell no missed /late payments are currently being reported to CRAs (well they haven’t in the last four months at least). From what I can see all that’s being reported is that I’m on an arrangement with the creditor.

[Deleted User]

Advantage - avoids the DMP being revoked or further problems down the line
Can you get away - maybe, depends if they find out, no-one here would advocate doing so.

Might be better posting on something like the Debt Free Wannabe pages though rather than the credit card page

Chris_English

If you are able to, why wouldn't you want to crack on now and get it paid off? Your creditors were good enough to give you some breathing space when you needed it, and now that it's no longer needed it;s a great chance to put this behind you and get on without any debt hanging over you.