DMP & Mutual Support Thread - Part 8

Tigsmom · 14 July 2012 at 9:00PM

Yeah we're the same. no arrears yet but o/d maxed and using money needed to pay off catalogue to buy food. Catalogue payment not due yet but need to clear it before DMP. Basically it's got to this month and the money has just run out. DMP now is only option.

Lady1982 · 14 July 2012 at 9:01PM

pretty much the same here

Tigsmom wrote: »

Yeah we're the same. no arrears yet but o/d maxed and using money needed to pay off catalogue to buy food. Catalogue payment not due yet but need to clear it before DMP. Basically it's got to this month and the money has just run out. DMP now is only option.

Tigsmom · 14 July 2012 at 9:11PM

Looks like we're in it together then!

I've done with worrying about it all tbh. We have been struggling for about 2 years now and just about managed to keep the wolves from the door but can't do it anymore. I feel a bit nervous about the DMP but things can only get better.

Growurown · 14 July 2012 at 9:13PM

matty2712 wrote: »

Do you think this is a good idea or not, when the DMP is finally over I would be financially secure, an will be able to pay my Bro in law back

It is an option. If your brother in law is happy to do this and you are OK with it too then it would seem to solve the problem.

Tigsmom wrote: »

I just want to get the ball rolling so may be a little impatient!

Lady1982 wrote: »

same here- i just want it all sorted if u know what i mean?

Hi Tigsmom and Lady. It will take a little while to set up. There's a lot to do, but once you have your new bank accounts set up you can get on with the process. I was worried about the phone calls too but actually it wasn't any where near as bad as I thought it was going to be.

Tigsmom · 14 July 2012 at 9:19PM

Thanks growurown. Actually DH said this morning "won't it be about 3 months before they start chasing up payments?" and I thought back to many years ago before I paid by DD and was a bit lapsadaisy with my gas and electric payments and yes, sometimes it was a couple of months before I got around to paying the 'red' bill and never got a default.

Lady1982 · 14 July 2012 at 10:00PM

pleased we are- all the "alone" thing makes it so much worse!!
onwards and upwards for us both x

Tigsmom wrote: »

Looks like we're in it together then!

I've done with worrying about it all tbh. We have been struggling for about 2 years now and just about managed to keep the wolves from the door but can't do it anymore. I feel a bit nervous about the DMP but things can only get better.

BlushingRose · 15 July 2012 at 12:19AM

Re: Token payments, I would send anything between £1 and £5 (we sent everyone £1 with a covering letter and they were all fine)

matty2712 · 15 July 2012 at 7:57AM

Tigsmom, Lady1982,

Hi Both, Its great to see that we are about to set up the DMP, roughly the same time

Just an update from me,

Awaiting new bank account details should be with us some time next week, we then have to sign and send back for them to confirm everything, then our cards, acc number and everything be sorted. My next step then would be to get our Pay into the new account. Then the ball would be starting to roll.

Letters to creditors will then be sent out with token payments, this then allowing us to save 1 month earnings, obviously paying our priority debts.

My only worry though is whether to defer the DMP for another month, by doing this I could pay quite a bit off my Secured debt and save some money for an emergency fund.

So Tigsmom, Lady1982, if you like maybe we could keep up to date with this together. As we are not alone then... we could keep on track together and if any probs report back to see how we getting on.

Good luck lets get DF ASAP

Matty2712

cbsoton87 · 15 July 2012 at 10:43AM

Hi all,

I just wanted to post a message to give a little bit of hope to anyone out there really struggling with their DMP's....

I started my DMP with CCCS in January and my estimated amount of debt was a whopping £5,811.88 - this mostly consisted of overdue payday loans (I have 10!!!)

With the help of this site and CCCS I have managed to cut my debt down to £4,558.37 in just 6/7 months. This is based on my partner and I only living off of my wage and a basic student loan as he was studying full time. On top of this, we are paying a mortgage AND saving for a wedding next April!!

The reason for being able to cut down my debt much quicker than I thought possible was by using this site and its amazing template letters to complain to the payday loan companies with regards to their extreme and unfair charging structures.

So far, CashGenie have written my loan off as have Quid24. I also have cases with (the very nasty) Minicredit and Capital Finance One - these are being dealt with by the FOS. My calculations suggest that I am owed £800+ which should hopefully write these both off and any surplus can be paid towards my other loans.

Anyways, my rambling is over. I just wanted to share my tiny victory with you all so as to encourage anyone who is wanting to give up, to carry on! And always reclaim, reclaim, reclaim! I was shocked when I sat down and looked at how much payday companies had taken from me. The average amount was about £600+ in interest and late charges for a £100 loan!!

Lady1982 · 15 July 2012 at 1:09PM

Hiya

My update- sending dmp back tomorrow hoping for it to start August.
Havent sent any token payments yet but i will to all creditors before the end of month with a letter to explain the situation.
new bank set up and online details are all up and running so im hoping ive covered everyting

matty2712 wrote: »

Tigsmom, Lady1982,

Hi Both, Its great to see that we are about to set up the DMP, roughly the same time

Just an update from me,

Awaiting new bank account details should be with us some time next week, we then have to sign and send back for them to confirm everything, then our cards, acc number and everything be sorted. My next step then would be to get our Pay into the new account. Then the ball would be starting to roll.

Letters to creditors will then be sent out with token payments, this then allowing us to save 1 month earnings, obviously paying our priority debts.

My only worry though is whether to defer the DMP for another month, by doing this I could pay quite a bit off my Secured debt and save some money for an emergency fund.

So Tigsmom, Lady1982, if you like maybe we could keep up to date with this together. As we are not alone then... we could keep on track together and if any probs report back to see how we getting on.

Good luck lets get DF ASAP

Matty2712

DMP & Mutual Support Thread - Part 8

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