DMP Mutual Support Thread - Part 12

Thanks Stopit. Hopefully MBNA and Halifax will be thinking along the same lines. 3-4 months ago I would have been like:eek: now I'm like bring it on

Liv101 wrote: »

Good evening all, I would welcome some advice and guidance please - I am currently with Payplan but am not happy with their service and would like to change. My DMP is apparently according to them not due to end until 2022 I would like to complete it sooner. not sure what to do and whom to approach - can anybody help��Thank you in advance for your assistance.

As Sourcrates said we need more detail to assist further.


However, the DMP is set to complete by 2022 because based on your current debts and payments, you wont finish paying them off until then.


To complete it sooner takes one of the following:


1: Paying more per month.
2: Making sure creditors are not charging you interest. Have you checked this, and if any are charging interest write to them stating this is causing further hardship and ask to cancel interest immediately.
3: Get the debts checked for enforceability. For credit cards and loans, CCA regulations state that at any time you're allowed to ask for proof of the debt. This thread has lots of posts with details on how to do this. Any unenforceable debts effectively can be written off.
4: Get settlement offers from your creditors. While original creditors (Like Barclaycard, for example) rarely offer discounts for settling accounts, DCAs who buy the debt on the cheap can be more receptive.


If you post your details of your debts etc, we can assist with more specifics.

motivated wrote: »

Hi vaper

To be honest I'm not even sure the token payments are worth it. I've sent only 1 token payment so far to all creditors. We have 3 creditors with 2 x debt on each. Our token payments are not even showing on any CC account. (Maybe they are still laughing at my cheek )

So far I made 2 payments via SC this was April and May (although I don't think I've paid them properly since Feb/March. I then wrote to them all saying I am going self managed and my plans of dealing with my debt etc. I have only payed them £1.00 each since. All have been ok so far. Not much else they can do. I do feel more in control doing it myself too. I have more I&E forms printed and ready to send to any DCAs should they be needed.
I no longer worry about the timescale either, I hope to be able to knock them off with F&Fs along the way.

How are things coming along with your DMP, are you self managing?
M

Hi
Yes I have decided to go self managed, I never got around to actually signing up with stepchange as it seems lots of people which did so ended up self managed anyway. I have printed more letters informing of self management but yet to send them! I seem to change my mind on a daily basis:rotfl:
Not changed my mind about self managing, but about the order to do things. I intend to CCA 8 out of the 9 and had intended to send token payments from this month but again I'm dithering.
we have received loads of letters from creditors threatening the usual stuff, and asking for I&E forms to be filled in but I have decided against that as I don't think I want them knowing all about our finances as it gives them the power to dictate what and when we should be paying them so for now basically I'm still where I was two months ago lol
I really need to get my !!!! in gear though, I don't actually know what it is I'm waiting for.
I keep reading the forums and checking on everyone else's progress, hopefully I will have something useful to add to it myself soon.

motivated wrote: »

Well done on getting this far vaper. The way I played it was by using the NEDCAB site. I generated letters to each creditor explaining the situation and how much they would be getting but I added some information myself and told them I would be paying token payments for the next x amount of months. It also worked out for me how much I should be paying them monthly according to my I&E forms. I may have exaggerated my budget a little until I got to a point that the payments would be ok for us.
I sent each creditor their letter and enclosed a copy of my I&E. So far none of them have disputed it and none of them have dictated anything to us. I want them to see that I am trying to sort myself out and deal with it all. Up to this point I have only made 1 token payment and am thinking of just stopping until they default us. I also intend to keep writing to them keeping them updated on how things are at our end and I don't want them to think I'm ignoring it and they start to add interest again. Have yours all stopped interest and charges?
M

Hi
Nope, all interest and charges are still being added every month. I'm not worrying about it anymore though, I just see it as another amount they will have to wait for, if they keep adding charges on I won't be alive long enough to pay it back.:cool:
I'm trying to look at the bigger picture so whenever another letter comes through, instead of worrying about the charges I try and focus on the amount we have saved up so far by not paying them, I should really write to them and ask that they stop adding interest, they did do for the first 28 days but now are all chucking it back on again as they said they would.