www.iva.co.uk

hi can anynone tell me if the greditors stop intrest on pay plan if how long i know that isnt legal binding my advicer told what i what pay amonth and it would take only 4 years to pay which we are happy with only if they stop intrest advicer says they are good with creditors with getting intrest frozen this would work out for us

tahnks

hi foolish are you on the dmp of are the creditors making you sign up to a payment plan to stop all of your debts from backlogging

JOHNPAUL

if you are on the dmp as like i am creditors will pile the intrest on your debt

JOHNPAUL

Some creditors will agree to freeze the interest in a DMP, although they will often review this regularly.

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we are on pay plan they dont charge you for there service if you struggle the bank gives you there number like yorkshire bank hsbc argos and banks like pay plan because of the free service i read a man on the forum had his intrest stop for 5 years and he was on pay plan areyou on dmp with a company charging a %for the service they are doing for you

thanks

if will take you longer on a pay plan and i think you will be still paying interst all a pay plan does is stops the debt from building up arears

JOHNPAUL

Hi
I would think that your payplan advisor is correct,but ask the question.
If you can pay your debts in full in four years then you are going down the correct route.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

thanks andy

my advisor says we are paying what the bank thinks we can afford so we paying what they want will the bank look at the situation we are in and think well there pay what we want to there debt lets help them get out of debt and will my advisor tell the banks that if you do freeze the intrest you will get all of the money back in 4 years time so it is like a big loan if you want over 4 years because ive being told they do stop intrest for a good while. when the y see the payments coming in

thanks foolish

lloyds tsb tryed to put me on this pay plan to stop arears from building up my manager said no to it as it would take a long time to pay it of its a good idea will they put a default on your credit file for taking part in this pay plan foolish

JOHNPAUL