VETERAN DMPers! Tell us newbies your Story

newlywed

TotallyBrassic wrote: »

Any experience of mint cc anyone?

Yeah they don't reply to any letter - ever! Then after 4 months they issue you with a big fat default notice and then quietly and magically the interest and charges all stop

They haven't transferred the debt anywhere so all has been fine after getting a default.

climbingoutoftheabyss

Inspirational stories for Churchrat and Kandi. They certainly give me hope and I hope they do the same for anyone on a DMP.

I'm working so hard to pay as much as I can off my DMP and get it clear as quickly as I can. One thing is for certain, when I'm clear I won't make the same mistakes as I did then.

Hindsight is a wonderful thing, but when I think of my spending 5 years ago and the waste it does make me cringe.

TotallyBrassic

Thanks newlywed, hoping and praying it goes smoothly, like all of us new dmpers!!!! lol
Yeah me too abyss, no more silly money frittering for us..it may be a hard way to learn, but at least we are learning, that has to count for something
xx

cho8925873

am just in the process of setting up a dmp with payplan almost have my very very large debt is with lloyds through overdraft credit card and loan we also have a business account with them how will dmp affect that are lloyds really that bad really worried now all my accounts with lloyds

telboy99

Hi Totallybrassic,
An excellent thread and one which i am only too pleased to contribute to.
I have been on a DMP with CCCS for 18 months now and they have been so supportive and totally NON JUDGEMENTAL-just what someone in our position wants.
I started with a huge debt of £198k(long story) which i have reduced to £170k as at this month.Its going to take me another 7 years to pay all my creditors but at least i can now sleep at night .
Most of my creditors have been supportive of my situation and have stopped interest or at least reduced it dramatically.
The hardest part for me has been telling my dear wife about the debt but fortunately she has been very supportive (thank god).
I no longer have any Credit cards(all cut up into little bits) and use 1 debit card for use with my current account.
I deeply regret the situation i got in to and are so lucky that my family have been so supportive.
One thing i have realised though is their love is far more important than any money.We are tackling the situation together,roll on 7 years,i know we can get out of this mess.
Will keep you all posted as i work through this DMP.
Good luck totallybrassic and everyone else who is working through a DMP.

bowz25

hi all
I am 16 months into dmp with cccs.
Most creditors freezing interest, only one that is still charging more interest per month then we are paying, despite calls to them and requests by cccs they are still doing this. We owe £1.00 more to them they when we started dmp.!!! I feel a strong letter is on its way to them.
On a positive note we do have lot of creditors and the good ones we found were,
Capital one great staff and no heavy letters or phonecalls.
Ge capital - passed us to dca i think cl finance no interest charges.
M&s accepted no interest.
Barclaycard still charging interest but accepted? (obviously want us as a customer forever!!!!)
Lloyds - accepted no interest but load of hassle!!! and communication problems but you need lots of patience to deal with this company.
Egg - accepted payment no interest.
Rbs - accepted no interest.
Goldfish passed me to dca cabot no interest.
The first few months are strange and upsetting because of the phone calls and strong demand letters and all the late payment fees and interest was still charged for a good 3-4 months.
It is a struggle but we know where we are with money and our debts have reduced by £6,000 in a year. We still have a long way to go but are determind. We will not be debt free until about 15 years possibly less as when mortgage is paid we can throw more at debt.
If one thing does come out of this it will be to teach my children to not make same mistakes.
good luck all and take care on you dmp journey.
bye for now.

TotallyBrassic

It's a huge learning curve I think for anyone involved in a dmp, but it really makes you analyse every purchase you make.
I used to know I shouldn't be buying something, but justify it by saying 'oh well it's only £12 a month' or whatever...I will ebay something to find the money!
In reality it just adds up to a point where there is no answer to why. I by the way am not a compulsive shopper or anything, it was all stuff to do the house up or things for the kids. And the old get a loan to pay some cc's, then spend all cc's again!!!!!!
Seeing what you all are going through is a salutory lesson, and I just hope my dmp runs fairly smoothly...
Good luck to everyone just beginning, and once again thanks to all the contributors to this thread...you are diamonds!

TotallyBrassic

I just wanted to add, I read alot about people worrying how a DMP will affect their credit rating, well my moochings on here lead me to believe that a credit rating will be shredded during a dmp and for 6 yrs after last default.

One of my biggest reservations over admitting defeat and doing dmp was our 'FAB' credit rating...yes for 4 yrs now we have had every single application for credit accepted, no fuss, no waiting, just got whatever we wanted!!!!

Finally it has hit home that a 'good' credit rating is not what we need right now. We could have done with a few more lenders saying no to us...but we wanted it, we got it, and we spent the money...so no point going on about it.

I don't care if our 'credit rating' is shot for a few years, we plan to change our lives anyway through this, we aren't planning a move anytime soon, and it would seem we are in very good company.. ie half the country...
So my advice is don't let worry about dmp ruining credit rating put you off doing it, if we miss payments that affects it anyway...ok I am rambling now

lol

Miss_Piggy_2

You're right about the credit ratings. I couldn't care less if my credit rating NEVER improves. It was having a good credit raiting that enabled me to get the damned cards!!! I'm quite happy to save for whatever I want in future!

Miss P
xx

TotallyBrassic

Me too MissPiggy!
Saving is the new spending...teehee....wish I'd thought of that 4 years ago!
xx