www.iva.co.uk

We're currently going through a DMP with Payplan. The dmp offer works out that we could pay all of our creditors back in 5 yrs (subject to them freezing interest). However, whilst most of them have accepted our offer, Barclays have refused. They say that the time it would take to pay back the overdafts is too long (we owe them about £5000 in overdrafts). They have therefore passed it on to their debt colloection agency. I'm really worried that we will get harrassed fopr the whole amount (which we haven't got) and then taken to court and made bankrupt. Has anybody else had any experience of this? I though everything was going fine until this letter, I now don't know what to do. thanks

Hi, I'm sorry I can't help you with this as I don't know a great deal about DMPS. Surely though Payplan should be dealing with this for you? What have they said?

Hi
You will not be made bankrupt, don't worry
The DCA, I think it may be Mercers, will accept payments, even if they say they will not, they are duty bound to bank the payments made to them and all interest should stop.
Just refer them to Payplan each time they call and do not be bullied into making any further payments
Regards

Interesting to note that a DMP with one of the creditor's favoured firms do not manage to get a major bank to cease interest and charges. I wonder how this poster would fare in the commercial marketplace?

Hi
What happens to interest and charges in a DMP really should be the debtors number one priority when considering using any fee paying or non fee paying company.
Regards

Now it has been passed to Mercers, you may be ok. Eventually they will pass it on to Max Recovery who are normally very good.

Must admit that we used a fee paying company for ours and had no problems at all.