DMP Advice please

jellybean08

tishywish is right they can't magically stop charges and interest, only the creditor can do that and most of mine did to be honest. the only one who didn't was barclaycard but they dropped it to a pound a month. the debt charities can give you just as much advice and i'm sure creditors see them as more credible than the fee-charging companies because all your spare money is going on your dmp not on the fees they charge. they're working on commission i'm sure so will say anything they can to reel you in.

ScrybSprite

Well, I think that's pretty unanimous then. Thanks everyone!

The next question then is CCCS or PayPlan? Is there much difference between the two? Is it worth talking to them both just in case, or should I just plump for one?

podge21

hi this is my first post on mse.so here i go i have unsecured debts of £36000 on credit cards and loans.which up to now i have been managing to pay in full every month but now my overtime payments have all but dried up i will not be able to make my full monthly repayments on the credit cards ,i have already spoke to one of the cc companies(cap1) but there idea of helping me was to suggest increaseing my monthly payments???. i am going to speak to mint and lloydds tsb tomorrow to see if i can get any help of them and i am still waiting for a reply to a letter i sent to mbna,so any suggestions about how i can try to sort things out would be much appreciated.i do have secured debt mortgage and secured loan that i can still manage to keep paying ok it is just the cc that are the problem.

Miss_Piggy_2

podge21 wrote: »

hi this is my first post on mse.so here i go i have unsecured debts of £36000 on credit cards and loans.which up to now i have been managing to pay in full every month but now my overtime payments have all but dried up i will not be able to make my full monthly repayments on the credit cards ,i have already spoke to one of the cc companies(cap1) but there idea of helping me was to suggest increaseing my monthly payments???. i am going to speak to mint and lloydds tsb tomorrow to see if i can get any help of them and i am still waiting for a reply to a letter i sent to mbna,so any suggestions about how i can try to sort things out would be much appreciated.i do have secured debt mortgage and secured loan that i can still manage to keep paying ok it is just the cc that are the problem.

Hi Podge21 and welcome to the site
I would recommend posting your questions as a new thread, that way you will get more people looking at it and, hopefully, some good advice
Miss P
xx

skintandscared_2

ScrybSprite wrote: »

Well, I think that's pretty unanimous then. Thanks everyone!

The next question then is CCCS or PayPlan? Is there much difference between the two? Is it worth talking to them both just in case, or should I just plump for one?

I think they are pretty much the same. I went with CCCS because it was the first one I tried, and I could fill in the whole form online (but you can probably do that with PayPlan too).

Feefee_4

Hi

I'm with CCCS & they have been great. I supect both companies will be very busy at the moment so please keep trying to get through. I just went with CCCS as they were the first in the Yellow pages but i hear payplan are as good.

All the best

feefee

ScrybSprite

Okay. One last question then. Whilst talking through the DMP with both ADS and DFH, they both told me the first step would be to change banks. Whilst I'd be perfectly happy to keep my account with its overdraft facility (once that's back into order at the end of Jan) they both told me that paying off the overdraft in full would have to be a consideration of the DMP, as I can't give prefferential treatment to one of my creditors. Is this the case, and as I've got all afternoon free, should I go into town and sort out a new account now?

skintandscared_2

ScrybSprite wrote: »

Okay. One last question then. Whilst talking through the DMP with both ADS and DFH, they both told me the first step would be to change banks. Whilst I'd be perfectly happy to keep my account with its overdraft facility (once that's back into order at the end of Jan) they both told me that paying off the overdraft in full would have to be a consideration of the DMP, as I can't give prefferential treatment to one of my creditors. Is this the case, and as I've got all afternoon free, should I go into town and sort out a new account now?

Your overdraft will have to be included in your DMP I'm afraid. I was in the same boat. The problem is that as soon as you enter a DMP your bank could withhold your salary payment to cover their overdraft and then you are well and truly stuck!

Just bear in mind, when looking for a new account that you are NOT allowed to have an overdraft, so don't bother applying for one, and you need to find a bank that isn't associated with any of your creditors. For instance, if you have a debt with Halifax, avoid opening an account with Lloyds!

I got my new account open and had all my salary payments/direct debits switched before I sent out my CCCS form to all my creditors. It gave me peace of mind to know that my salary and essential utilities were all safe!

ScrybSprite

That's what I was thinking, though it didn't occur to me to avoid banks associated with my creditors. I currently owe money to Barclays (and Barclaycard), Vanquis, GE Capital, plus being behind on my council tax. ANyone out there know who it'll by safe to apply to for an account?

Barkes

what is 12+2 default letter ?