Big Debts - Considering DMP but have assets.

Grumpelstiltskin

Have you told Stepchange about Vanquis and NCO?

fatbelly

It doesn't matter whether they accept the dmp or not. You just continue to pay them anyway. What they do is up to them.

ManyWays

Don't reply to creditor letters in a DMP unless (very unlikely) you get a Letter Before Action (this may be called something else but it has attachments including one headed REPLY FORM). Ask what to do if you do get one of these,

Unless Vanquis are being paid nearly as much by Stepchange as the minimum payment, they should stop changing interest . Whether or not they say they accept the DMP.

I suggest you look about 4 or 5 months after the DMP started to see which lenders if any are adding interest. And complain to them (not to Stepchange) if any are. Ask for a refund of the interest back to the start of the DMP.

RAS

DMPs are an informal route, so the decision of one creditor doesn't make a difference. But debt charities are supposed to make prorata payments to all the creditors. They don't like paying more to one.

The two consumer creditors most likely to take legal action are AMEX and credit unions. Talk to them about paying more if a CCJ bothers you. And then come back to discuss.

sourcrates

They may moan and say this is unacceptable, we want you to pay more, but most of the time its all bravado.

If they don`t like your offer, they will more than likely simply sell the debt on, and wash their hands of the whole thing, legal action, although possible, is quite rare, and they won`t get anymore money by doing so, as court payments are defined by the same budget, so it would be a waste of money for them to go down that route.

ManyWays

You can also look at making affordability complaints against Amex and your other lenders.

afewdollarsmore

https://forums.moneysavingexpert.com/discussion/comment/81944997#Comment_81944997

You were 100% correct, after moaning and ruffled feathers etc. things seem to have settled down nicely. AIC grudgingly accepted the payment plan for 12 months - spoiler: they won't be getting the annual "review" they hope for (keep your beaks out of my finances..).

Vanquis have gone quiet. I expect Vanquis to sell the debt on to Link Financial or similar in the near future as they don't seem to keep problem accounts on their books unless they are making relatively decent payments. Which is fine, they can have the same payment as Vanquis were getting.