Your views and questions.

Moderators: TalbotWoods, JaneClack

By rikw
#286693 Ive been managing my own DMP for a year now and everything has generally settled down with my other creditors, Ive been sending this lot around £13.60 a month which is the pro rata rate with my other creditors, in total approx £46k and will take me until the next millenium to settle. Now have received a statement showing that theyve added nearly £400 in interest,totally wiping out any reduction of the debt and only further increasing the time it would take to clear. I have asked them nicely to stop adding interest to give me th echance of reduciung the debt, but have refused, and told me send what I can afford. In light of this I have now reduced my payment to £1 a month (any boffins out there who can calculate the date I clear?) My question is although I follow the stance of the great Chandjay regarding interest, has anyone had similar situation with this lot and will they either sell on or go for a CCJ?
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By JaneClack
#286713 It does not matter really which they do - if you have no assets then you are in pole position. Your credit rating has already been affected and unless the creditor specifically stated in the initial agreement and again in the county court claim form that they would be adding interest then they cannot do it!!
By nomlas
#286753 I do remember a post on here many months ago where someone with no assets was taken to court by Santandar, it made no sense at all to me. I do have a debt with A&L but they have passed it on to a DCA and there has been no problem.

I am very much like you as I will never pay it all off, there is, as you know, nothing they will acheive financially even if they go for a CCJ. Regards.
By rikw
#286833 I quite agree I cant see the point of throwing good money after bad either, if they want to waste more money pursuing for CCJ they are welcome to do so. From now on I'm carrying on with the £1 a month, the extra £12 will come in handy especially at this time of year, I see Morrisons are selling Champagne at 1/2 price