DMP

[markss]

If you go on a debt management plan does this stop creditors phoning / sending letters etc?

[aguise]

A dmp does not give you protection from creditors, so they can call and write if they wish.. Saying that if you have come to an agreed payment plan as long as you keep to it they should have no need to call.

Ang

[Adam Davies]

Hi
As Ang states this is the downside of DMPs,there is no guarantee that creditors will stop any legal action plus there is also no guarantee that they will stop interest and other charges
Regards

[Andrew Graveson]

No guarantees; but a strong likelihood if you choose a DMP company that puts the effort in for you.

DMP's tend to settle down after 4 to 6 weeks, with calls/letters subsiding, if a real effort is made to gain the buy-in of creditors.

The vast majority of creditors are surprisingly amenable to fair and equitable DMP's.

It should be remembered that for everyone who has an IVA available as an option there are many who do not. A DMP represents a relevant option for consideration for those for whom an IVA is not right or available.

[size5]

I agree. It must be stressed that the monies owed are owed to the creditors and they have evry legal right to pursue that debt as they see fit, so be prepared for some flak in the initial short term.
That said, I often ask my clients about this and almost to a man they say that after about 8 to 12 weeks, providing all relevant issues are resolved and, crucially, that regular payments have been maintained, the creditors tend to leave honest people alone as long as they are getting their money back.