if I sell my house can I be charged back dated interest on DMP ?

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Krista
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by Krista » Fri Sep 29, 2017 1:56 am
Hello,
I have paid about half of my dmp off but I still owe a large sum of money, I am thinking of selling my house and paying off this debt, I do not currently pay any interest, can you please advise if I sell my house can my creditors charge me back dated interest on my dmp?

Kind regards
Krista
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Foggy
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by Foggy » Fri Sep 29, 2017 6:44 am
Hi Krista. A DMP is an informal solution with no complusion to stick to the agreement on either side. At the end of the day your creditors can do as they wish, but are unlikely to back date interest they have agreed to withold.
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Keith White
Industry Expert
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by Keith White » Fri Sep 29, 2017 7:04 am
I agree with Foggy
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sheraz.butt
Industry Expert
Posts: 153
by sheraz.butt » Fri Sep 29, 2017 7:12 am
I have never come across interest being back dated in a DMP. As Foggy has said, it is an informal arrangement so they can do what they want but would see that as very harsh.

If the interest has been frozen, they are normally happy to settle with what the balances stand at.
Krista
Posts: 2
by Krista » Fri Sep 29, 2017 12:50 pm
Great thanks

Regards
Krista-Marie
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