Creditor Refused My Dmp Offer

cloudnine_2

Hi Everyone

Three weeks ago I wrote to my creditors ( 8 creditors , I have a £76K debt amongst them) proposing a DMP which CCCS helped me with. Up to now, one card company has accepted, and one has refused now threatening to refer to a third party for recovery. I haven't heard yet from the other six.
As I have no additional money each month to increase my offer to this card company I fear now that they will go for my jugular. Has anyone else been in this position early on in setting up a DMP and , how did things pan out when a creditor refused the DMP offer please?

Broken_hearted

If it gets passed over the DCA is more likely to accept the offer.

newlywed

Hi, I am on a DMP with CCCS. Initially one of mine immediately refused the DMP proposal saying i had used the card too recently.

After they received their second payment (exactly as was proposed) via CCCS, they then accepted and stopped interest.

A couple of mine didn't ever reply to accept or reject the DMP so they were just paid as was proposed. When mine have been transferred to third parties (two have been) the third parties have been much more ready to accept the reduced payment and no extra charges have been incurred.

It does seem to depend on the actual creditors and who is dealing with your account as to what they do.

Personally, unless you have a home that is at risk, I would pay what you offered them and see whether either they change their mind and accept, or whether the third party it is referred onto will accept.

Wildchild_2

A little more info would help.

Are these secured or unsecured loans?

Do you own a property?

rayday2

Try not to worry most companies will not accept at first, you have to remain consistant and offer the same again and keep paying it whether they accept or not and basically wear them down instead of them doing it to you.

Also it can take many months for them to finally agree stick in there its early days and offer the same again!

Broken_hearted

I don't think property makes much of a difference unless the loan is a secured one. We own our home and no-one has even mentioned it.

Gemmzie

Who is the creditor?

rayday2

Secured loans cannot be on a DMP they become a priority like a mortgage.

cloudnine_2

Hi..I'm grateful for your advice.

Just some further information:

1. Total debt = £76K
2. Eight creditors in total
3. All debts unsecured
4. Mortgage = interest only. Mortgage is £250K balance , house valued at
£280K

5. MBNA refused DMP on two cards. One I owe £9K the second £10K

Thanks again to all...What a brilliant site and new friends..

Broken_hearted

who are the other creditors

rayday2

I think MBNA are quite slow at deciding what to do.

There is a huge DMP Support thread on here which of course we all have in common we are thinking of one, starting it, on it or some even near the end of. People running there own or using CCCS or Payplan and it is really good for these type of questions as there is always someone who has been involved with a creditor you are asking about.

Also finance problems when on a DMP are a bit different to this general DFW so sometimes its nice to hear from those who have experienced one!

Jump in - don't worry about reading it all chances are a few will be paid off by the tiem you got to the end just jump in at the last page!