It would be great to see some statistics of the success rate of DMP companies managing to get interest and charges stopped. I don't do DMPs in my practice, but I have preferred providers who I will refer cases to who claim to get this stopped in around 95% of the cases they take on. I wonder how this compares to other firms across the spectrum?
And to the original poster - surely you were getting regular statements of account in the DMP which indicated too you that the balance was not reducing in line with your expectations?
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
And to the original poster - surely you were getting regular statements of account in the DMP which indicated too you that the balance was not reducing in line with your expectations?
I've highlighted Melanie's quote as that was exactly my first thought too - I was in a DMP for 28 months prior to my IVA and I got monthly statements from the creditors on the dot!
With regard to freezing interest, my company (Debt Free Helpline) stopped the interest on my M & S Card and Nat West Loan almost from day one, and my Nat West Credit Card after a couple of months. My Nat West overdraft was the smallest amount by far and of course that was the one Nat West flatly refused to freeze, but apparently Triton suggested allocating the loan payment to the overdraft and vice versa as they were dealing with both, so the overdraft cleared quickly.
Last edited by Skeef143 on Thu Mar 15, 2012 3:10 pm, edited 1 time in total.
Final payment 1st April 2016.
Completion Certificate received 19th May 2016.
I think a problem is that you were paying £125 per month on a 6.5k debt, this is probably very close to the contractual amount and as such my understanding is that creditors will not always freeze or reduce interest in instances like this.
How much do you owe in total and how much are you paying each month ?
