0800 077 6180
Calls from mobiles may be charged
A good starting point for DMP questions
#29983
If considering a DMP (Stepchange) and some creditors accept the monthly payment offered but other creditors don't accept it, then what happens? can it still go ahead? or it is considered Void, (as the plain is only a semi accepted plan).

And do the creditors consider 'reaccepting' the debt on negotiation, by stepchange ? or once 1 out of many creditors reject the plan then it doesn't go through ? or do Stepchange take weeks/months to negotiate with this 1 creditor ? to persuade them

In other words, what determines whether a DMP is set up, (considering the income left over is substantial) - but..in terms of All creditors accepting it ? if one rejects, is the whole plan rejected ? (or is there a % of the Total debt) that must agree to a yes ? like wth an IVA ?
#29986
Hi flamingate

You can still go ahead with your DMP even if one or more creditors do not agree with the reduced payment offer.

However, you should not try to pay them any more but stick to the reduced amount. They may continue to chase you and send threatening letters, after a few months of regular payments to them if you or your DM Company can talk to them again and ask if they will accept your DMP they may now agree.

If they are still refusing and continuing to add more and more charges you may need to consider an alternative solution such as an IVA.
#30012
Hello flamingate

If you are thinking about a DMP you need t remember that it is not a formal agreement like an IVA. It is actually simply a collection of agreements with each of your creditors.

This means that it is quite normal for some creditors to accept your DMP payment proposal and others to reject initially. When this happens the plan is not void. It still goes head and you continue making your proposed payments. The creditors who do not agree can not refuse to take the payment but they will probably maintain their protest by refusing to freeze interest.

Hopefully over 2-3 months as they see you are making regular payments they will then agree to freeze their interest charges however it is very important to keep an eye on this. A DMP company should continue to ask them to stop these charges but if they continue to refuse to help you then that is the time to review whether continuing with your DMP is the right thing or not.