DMP Advice

A question about : DMP Advice

Hi,

If I setup a DMP with StepChange Will my creditors accept the payment offers they make. Also does anyone know if the creditors below will freeze interest on my account.

Barclaycard
Capital One
Littlewoods
Natwest Loan
O2
Santander Overdraft
Vanquis
Very
Woolworths

Thanks

Best answers:

• Hopefully your creditors will accept the repayment proposals. Some may write to accept them, but others may just accept them by not taking further action.
  In terms of freezing interest, most people find most of their creditors will agree to freeze interest.
  But is hard to be more precise than that, e.g. barclaycard may freeze interest for one customer in a DMP but not another. They will consider various factors when making their decision such as how much the DMP pro rata payment is compared to the outstanding balance and compared to the contractual minimum, period of time the debt was incurred over, any reasons given by stepchange for entering the DMP etc.
  Good luck, I know this stage can be worrying but within a couple of months you should get a clearer picture and feel a lot less worried.
• Hi D2014 and welcome to the forum.
  All those you list appear to be "ordinary" credit debts. As such there is no reason that interest should not be frozen, providing that they feel any payment offers received are reasonable. Stepchange will be doing their best to ensure this is the case, but it may well take longer with some creditors than with others. As Tixy says, there is no hard and fast rule.
  Good luck
  Dennis
  @natdebtline