DMP and car repairs

PM22

Hi,
I am 18 months into a DMP with PayPlan.
I have just borrowed a substantial amount of money from my son to pay a car repair bill.
I need the car for work.

I have emailed PayPlan and told them I have cancelled my DMP for 3 months and will make token payments in this 3 months.

Will this be acceptable? There was no room in the budget for car repairs to be fair....please advise.

Will the creditors make me bankrupt or kick off. I owe approx 8k.....all unsecured credit cards.

Thanks.

fatbelly

It may be.

I like the way that you told them rather than asked them. It's your money and if it's not there, it's not there.

Your creditors won't even realise there's a problem

RAS

PM22, glad you've got support to sort the car, and have taken action to repay quickly.

Am concerned that you haven't got enough in your budget allowance for car maintenance or your emergency fund. You may need to rejig your budget to ensure you have some savings to cover this sort of eventuality.

How much do you set aside each month for house maintenance and stuff like boiler repairs?

sourcrates

PM22 said:

Will the creditors make me bankrupt or kick off. I owe approx 8k.....all unsecured credit cards.

Thanks.

I really hope this comment was meant to be tongue in cheek, as fatbelly says, they won`t hardly notice your not making payment.

If you stop paying, all that happens is collection activity restarts, letters/calls etc.

Token payments are a waste of everyone's time, they cost more to process than there face value.

Look again at your budget, make it favour you rather than them, you should budget for everything, and consider going self managed, its much simpler.

Lastly, do some research on the debt collection process, it may avoid worst case scenario assumptions.

EssexHebridean

Echoing the comments above about your budget needing working through and resetting - you must make sure your DMP payments allow for you to build an emergency fund, and also for things like car maintenance to be covered. Thankfully this time you were able to borrow the money but I'd suggest considering taking a slightly longer break front he DMP to allow you to build a basic EF - then when you restart it again be sure to be setting aside the relevant amounts to add to that going forwards.