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DMP with cccs - Creditors not freezing interest
hillbilly5
Posts: 70 Forumite
Can anyone let me know their experience?
We have been to cccs for help and are starting our dmp on 1st March. Have been making token £1 to creditors as advised by cccs.
We first contacted cccs in January and are really pleased with the help they have given us - real weight off our shoulders!
Only thing is that we have only had two creditors so far contact us to say that they have accepted the dmp - these are cop-op and Next. We have had one - La Redoute (mail order catalogue) who have said our offer is not enough (the debt with them is only about£120 and the full payment that we should make is £7 per mth, on the dmp they have been offered £5 per mth and they have said this isn't enough - mean or what???)
Just wondered whether we should be concerned as although co-op have agreed to the dmp,we had a statement today for the credit card concerned and it says that our next months interest on the account will be £150 - I guesss this means that they are not freezing the interest on the a/c and so the debt will grow.
Can we expect that once they see the full dmp payments coming in then after 2 or 3 mths they may freeze the interest, or looking at some posts on this site will this happen once the debt is passed to a dca? (Although co-op have agreed to the dmp for 12 mths at which point they willreview.)
How long should we wait for other creditors get in contact with us before we should get worried?
Any experiences/advice would be helpful.
We have been to cccs for help and are starting our dmp on 1st March. Have been making token £1 to creditors as advised by cccs.
We first contacted cccs in January and are really pleased with the help they have given us - real weight off our shoulders!
Only thing is that we have only had two creditors so far contact us to say that they have accepted the dmp - these are cop-op and Next. We have had one - La Redoute (mail order catalogue) who have said our offer is not enough (the debt with them is only about£120 and the full payment that we should make is £7 per mth, on the dmp they have been offered £5 per mth and they have said this isn't enough - mean or what???)
Just wondered whether we should be concerned as although co-op have agreed to the dmp,we had a statement today for the credit card concerned and it says that our next months interest on the account will be £150 - I guesss this means that they are not freezing the interest on the a/c and so the debt will grow.
Can we expect that once they see the full dmp payments coming in then after 2 or 3 mths they may freeze the interest, or looking at some posts on this site will this happen once the debt is passed to a dca? (Although co-op have agreed to the dmp for 12 mths at which point they willreview.)
How long should we wait for other creditors get in contact with us before we should get worried?
Any experiences/advice would be helpful.
0
Comments
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There is no easy answer some will freeze interest others won't. I've had halifax take £20 payments and add £40 in interest so the account was going up not down.Barclaycard 3800
Nothing to do but hibernate till spring
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It will take time for creditors to freeze interest - I think it was about six months into my DMP before the last creditor agreed to stop interest (that was Cap One and I had to ring up and point out that they were the only creditor still adding interest - spoke to really nice chap who not only agreed to stop the interest but refunded all the interest that had charged since I started my DMP!).
Take heart - it will all settle down after a few bumpy months. Congrats, by the way, for taking a positive approach to DWD.:j :j :jDon't judge people on they way they look, the way they speak or what they're called because they can't help that.
Only judge people on what they say and what they do.0 -
Hi Hillbilly
We have been on a DMP for four months now and all creditors have stopped interest and charges except Halifax cc.0
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