dmp

[brunswick]

hi everyone
just wondering if anyone can offer any advice. my partner is just in the process of entering into a dmp with pay plan..........all his creditors have excepted except lloyds tsb which excepted for the credit card but refused the payment from pay plan for his overdraft.
pay plan have so far said they are not sure why they refused as offer of payment was good.
They do not seem to be keeping him in the loop however about what is happening and he keeps getting pestered by phone calls from the bank!
What are his options now if they continue to refuse his offers for dmp?

thanks.

[Cybus]

What is the level of his debts in total?

If Payplan are not keeping him in the loop, has he tried asking around elsewhere? There's nothing to lose by getting second opinions and shopping around.

Has he tried to contact the bank himself to ask them why they are happy to accept Debt Management payments on his card but not on his overdraft?

Payplan would have advised him of all his available options prior to recommending debt management.

[Andrew Graveson]

Hello brunswick,

To be frank if he has made his best offer then what can he do or his creditors do to change the situation?

Best to keep making the offered payment so that it's clear to all that he is doing all that he can to repay his debts as quickly as he can.

Sometimes, within major financial institutions, debts get passed through different departments with increasing discretion to accept reduced payment offers. It may well (and often does) turn out that an offer rejected by one team within a bank is subsequently accepted by another.

As you state the DMP is new it might be worth retaining patience with Payplan to see how this develops.