DMP Mutual Support Thread (Part 5)

rcpbiggles

Hello
Still in the process of setting up our DMP, we are gathering the info together. One of our loans is with AA finance and I have phoned them twice now for a statement but nothing has arrived. It's delaying everything. I have a letter with my account number and total amount owing, but this includes the interest on the loan so is far more than I put in my DMP budget. (loan of £9000 but full amount inc interest is £14,xxx ).
I am a) worrying I will not qualitfy for the DMP as the amount shows £5k more than I thought
b) if the interest is not included, what can I do - it's stopping us getting the DMP up and running

Fed up and depressed

Toffee_Penny

rcpbiggles wrote: »

Hello
Still in the process of setting up our DMP, we are gathering the info together. One of our loans is with AA finance and I have phoned them twice now for a statement but nothing has arrived. It's delaying everything. I have a letter with my account number and total amount owing, but this includes the interest on the loan so is far more than I put in my DMP budget. (loan of £9000 but full amount inc interest is £14,xxx ).
I am a) worrying I will not qualitfy for the DMP as the amount shows £5k more than I thought
b) if the interest is not included, what can I do - it's stopping us getting the DMP up and running

Fed up and depressed

Hi first of all DON'T WORRY and don't delay just send a copy of the loan letter to the DMP company, all they want is proof of balance, account numbers etc for them to work out the pro rata'd bits and payments.

The DMP company will not 'boot you off' just because you estimated your balance wrong, we did for OH loan and we had to change it to £3000 higher as we thought it was lower than what it actually was. It made no difference to the DMP payments so please don't worry and don't hang around for AA, they messing you around, once your DMP company have the right details they will contact your creditors anyway.

marfan_not_martian

dlb wrote: »

The bit that i find hard..is my eldest(13) walks around absolutly wetting his self with laughter everytime i put in value items, he knows they are better value but normal it ends up in me crying with laughing with him everytime he says `Value Queen` and people looking at us like we are all bonkers!!! pml

He knows it winds me up but he is just so funny with it i just end up joining in!! Not much of a role model am i !!!!! lol

Iv already hear them whilst they are getting ready saying im having this sweet or that sweets er dont think sooooooooo...lol the sweets are mine!!!!

Not much of a role model - :cool: Dont think I agree with this as - you are a definte role model to all of us on here and I think one day your kids will be old enough to take you shopping and wont it be a great buzz when you see them carrying on your habits of being frugal and not getting deep in debt - you are a definite role model to everyone including your kids :beer:


ALD65 I hope I am still getting a buzz out of my DMP payments when I reach my 2nd year. I am sure I still will be buzzing - cannot wait for my debts to start coming down but I know that in$ the short term they may increase until interest etc gets frozen so I am not going to worry about it for now.

Hope everyone is well

Sorry tunathecat I cannot help but I am sure someone will be along with some advice soon - maybe its best like Althea says to phone someone and get some advice. Best wishes


MNM xx

marfan_not_martian

rcpbiggles wrote: »

Hello
Still in the process of setting up our DMP, we are gathering the info together. One of our loans is with AA finance and I have phoned them twice now for a statement but nothing has arrived. It's delaying everything. I have a letter with my account number and total amount owing, but this includes the interest on the loan so is far more than I put in my DMP budget. (loan of £9000 but full amount inc interest is £14,xxx ).
I am a) worrying I will not qualitfy for the DMP as the amount shows £5k more than I thought
b) if the interest is not included, what can I do - it's stopping us getting the DMP up and running

Fed up and depressed

I agree with toffeepenny - dont delay rcpbiggles. Sometimes we bog ourselves down with worry about little things that seem like such a moutain we get ourselves all tangled up - Send CCCS the paperwork or info you have and I am sure that all will be ok. let us know how you get on

Best wishes

MNM xx

2spicy

Dont worry about now "qualifying" for a DMP, if you have debts and, can make some payments in some shape or form, I donot see that you have a problem.

We didnt really have a debt problem (Honest Gov!)( we still dont really if were honest ), we have debts, and we are paying them. Our problem and, lightbulb moment was back in November when we realised that we paid out each month what we earnt, and then spent on our credit cards. The net downward spiral would have in the end been tears and sorrow, but we realised if we default a month spayments and moved to a DMP we would financially bet in a better longer term position, and would take the credit score hit in the short term. In all honesty if we look long and hard at our finaces, we could have defaulted one one or two for a month or two and used the cash to settle up smaller debts. Then, just appologised and returned to paying the other debts and live with the defaults, but ....... the DMP seemed so much fairer. why should be sacrifice food and essentials. then we relaised the DMP is structured to help you life and settle your debts. So .... First months payments have been made, were still being hassled by Aegis on behalf of MBNA and also Egg have sent a calling card (we need to make 3 clear payments on another MBNA underwritten CC before we can move it to the DMP).

Toffee_Penny

One of the most frustrating things of all whilst being on a DMP is still seeing the creditors charging interest and charges and that bloody total never seems to go down :mad: but I sent this letter hoping to appeal to one or two of our creditors better nature :rolleyes:

I hope it helps someone else .....you never know it could get opened by a really nice Customer Services person at the card company and your wish will be granted

Your address

Date

Creditor address

Dear Sir or Madam,

Account number:


I have been on a debt management plan with the Credit Consumer Counselling Service since ******* and I have continued to make reduced payments to you. I notice that you are still charging interest and charges for late payments and overlimit fees on my account.

All my other creditors have acknowledged my financial situation and have accepted that to continue to charge interest would not assist me in my present financial difficulty and would only serve to increase my total debt.

As you are aware I have already paid considerable sums of interest on my account and if interest and charges continue, the monthly payment I make to you will not even cover the added charges. The co-operation of other creditors who have agreed to stop interest already would be put at risk also.

I would therefore like to ask for you to reconsider to freeze any interest and charges on my account. This would mean that any future payments I make will actually reduce the outstanding debt to *********.

I hope ********** will be sympathetic to my request at this time and I look forward to hearing from you.

Yours faithfully

Your name

Toffee_Penny

2spicy wrote: »

Dont worry about now "qualifying" for a DMP, if you have debts and, can make some payments in some shape or form, I donot see that you have a problem.

We didnt really have a debt problem (Honest Gov!)( we still dont really if were honest ), we have debts, and we are paying them. Our problem and, lightbulb moment was back in November when we realised that we paid out each month what we earnt, and then spent on our credit cards. The net downward spiral would have in the end been tears and sorrow, but we realised if we default a month spayments and moved to a DMP we would financially bet in a better longer term position, and would take the credit score hit in the short term. In all honesty if we look long and hard at our finaces, we could have defaulted one one or two for a month or two and used the cash to settle up smaller debts. Then, just appologised and returned to paying the other debts and live with the defaults, but ....... the DMP seemed so much fairer. why should be sacrifice food and essentials. then we relaised the DMP is structured to help you life and settle your debts. So .... First months payments have been made, were still being hassled by Aegis on behalf of MBNA and also Egg have sent a calling card (we need to make 3 clear payments on another MBNA underwritten CC before we can move it to the DMP).

I totally agree with what you said here, truth when it dawns on you that you are deeply in the brown stuff it really is scary and I would not have the courage to miss payments back then I was too scared and worried. Now I couldn't care, well I do I take that back, but I don't worry as much as I did because I have found out what creditors can and can't do.

But I would have liked to have missed a few payments to go to Gran Canaria before my DMP though:rotfl:

bexxie90

There was a fab template letter on this thread a couple of dats ago regarding sending token pauments before DMP up and running,do you think I can find it. Going mad here been looking an hour! Anyone know where it is?
thanks in advance
bex.xx

bexxie90

Not to worry found it at last!
Bex.xx

rcpbiggles

marfan_not_martian wrote: »

I agree with toffeepenny - dont delay rcpbiggles. Sometimes we bog ourselves down with worry about little things that seem like such a moutain we get ourselves all tangled up - Send CCCS the paperwork or info you have and I am sure that all will be ok. let us know how you get on

Best wishes

MNM xx

Thank you MNM and Toffeepenny.
I will send the information I have - you can bet as soon as I do both the requested statements will arrive!
Looking forward to getting it sorted.
Thanks again