Cutting back

[winner12]

Hi all
I will have to reduce my payments to my creditors for about 3 months due to reduced income
Will they accept or should I just pay my proposal regardless of what they say
Already on a DMP self managed

[Crispybacon]

Re: Cutting back

Hi Winner

You should write to them all, explaining that due to your change in circumstances that you will be paying them x amount. Then pay your proposal whether they agree or not. I am sure that they would not refuse a proposal should your circumstances change again and it increases!

If you have provided creditors with an I/E then you should send an amended copy to support the reason why you are reducing payments.

[winner12]

Re: Cutting back

Hi Winner

You should write to them all, explaining that due to your change in circumstances that you will be paying them x amount. Then pay your proposal whether they agree or not. I am sure that they would not refuse a proposal should your circumstances change again and it increases!

If you have provided creditors with an I/E then you should send an amended copy to support the reason why you are reducing payments.

Just an update as expected none of the DCA have acknowledged my reduced payments they are sending letters by the bucket load that I should be paying them as agreed oh and I have to ring them to arrange immediate payment of the arrears (has if i`m going to do that ) otherwise we MAY take legal action
Well its nice to know after 18 months of not missing a payment (not missing now just not sending as much for a couple of months ) they still treat you with utter contempt.

[pepsie]

Re: Cutting back

Have you gone down the road of checking they don't owe you..ppi, illegal charges etc, have you asked for copies the CCA agreements etc? just keep paying them what you can afford for as long as you are paying something there is very little they can do.
pepsie

[winner12]

Re: Cutting back

Well actually I have had no problems with any of these debts (only CAP1 long story) so I have always paid them
They all sent hello goodbye letters the DCA are Wescot Lowel and Cabot

[labman]

Re: Cutting back

The letter s yu have been sent are likely ne'er to have seen a human hand. Just keep paying what you can afford as advised previously. Similarly, if your circumstances change for the better again, increase your payment accordingly.

A DMP is not a contract and not only can be, but frequently are backed out of or changed by one party, usually the creditor selling the debt on, or assigning it elsewhere equitably. As Pepsie rightly said, as long as you Are paying, there is really very little they can do.

[winner12]

Re: Cutting back

Thanks Labman
Will do I hope to be back on track by September it could be wishful thinking but I have done it before
will just cut back a little bit more.