Payment plans - how long for?

Lodge

Evening everyone.

In the last year or so I've got into trouble with around 6 or 7 credit cards - usual thing, used one to pay the other etc etc until I had not credit left and no means to make even the minimum payments.

In total I have around 30K of UNSECURED credit card debt.

During the last year I've come to repayment arrangements with all of them (2 were passed to a DCA - and I've made arrangements with them) so it all seems positive and slowly but surely I'm getting somewhere.

The worry I have is this though - the payment plans are all in place for between 6 and 12 months - so what happens after this time? Will they consider increasing the length of time OR will they take court action against me?

Please, Please share your own experiences with me as the not knowing is very very worrying.

Some of you here must have had similar arrangements in place so did they increase them for you or were you chased through the courts.

Thanks in advance guys.

D.

Lodge

Just wanted to bump this one to the top - please help guys!

doodledo_2

Hi and welcome to the forum.

I am afraid I am not in the same position as you so can't offer any advice.

I am sure someone will be along soon who will be able to help.

MrsTinks

I think if you are already at a point of having not been able to meet minimum repayments then you would be better of with entering into something like a DMP using one of the free charities in my signature. If later on the creditors decide to get difficult then they will handle it for you Give them a call and ask their advice

HHH_2

It sounds like you are doing a self administered dmp. i have a dmp with CCCS and it is reviewed every 6 months and the DCAs expect this. I have recently had a review and was able to up my payments by a short amount. I would imagine that with your own dmp the same thing will happen i.e. that after 6 months your creditors will ask for your income and outgoings again and base your payments on this. CCCS are worth a ring to put your mind at rest.

Runnybabbit

Hi, had the same scenario with Moorcroft some years ago. Every 6 months they asked for an Income and Expenditure sheet. Throughout the term of repayment the amount stayed the same as my circumstances never changed. I have now paid all this back but it took a while. Good luck, give CCCS a ring like HHH says just to put your mind at rest.

Leixlip1

I do my own dmp and most creditors ask for an update every 6 months - some don't e.g. Lloyds-TSB credit cards and unbelievably the big bad wolf MBNA only ask for an update if circumstances have changed otherwise keep paying as per original agreement.
What with energy prices increasing, petrol etc I actually had less to put to my dmp at a recent review period and, touch wood, none of creditors objected to slightly lower payments.
Be upfront, be honest and pay what you can realistically afford. I use National Debtline for support/advice and quote my client number in all letters to creditors.
Good luck..

andrewman

Evening all hope alls well. about 2 months ago with the help of citizens advice, we did a deal with moorcroft to pay £1.00 per month, towards my outstanding debt. I have been making regular payments via standing order,since the weekend i have been getting phone calls from them every day,i am sick and tired of it and i refuse to answer the phone and wait for it to goto answer machine,so i then check the number by ringing it to find out who it was calling. after dialling number i got the recorded message saying moorcroft group,i then hung up. Citizens advice said as long as i keep making payments the court would look favourable on me if moorcroft took me to court. I hope they do take me to court as i am in serious financial difficulty and can only see a way out by going bankcrupt, i am also unemployed. I intend to write to moorcroft and complain about the phone calls and to inform them again that i will only deal with them in writing. That way i will have written evidence of what is said. Do not let people like these walk all over us or it will continue.

Lodge

just wanted to bump this one up - any other experiences?

Lodge

Can anyone else help me please?

Lodge

Anyone please?