DMP Mutual Support Thread (Part 5)

2spicy

candygirl wrote: »

Have had yet another threatneing letter off MBNA today about court, ccjs etc.They know I can't afford to pay them anything at all, they've gpt my budget and still keep threatening.Have tried to ring them and CCCS but both are busy, can they realy send bailiffs round to get my stuff or is it just a threat?

Just a threat. No one can come to your house and legally sieze anything without a court order.
If they do, they are trespassing and you have the right to have them removed.
They also have no right of access or implied access (postman, emergency services).
However if they can gain access to yoru property by being invited in or via an open / unlocked door / window... you may have a fight on your hands.
Keep your doors / windows secure and if in doubt about a caller, ask for their intentions / ID. tell them they are not welcome IF they do send anyone (this costs a lot of money and without a court order, would be a waste of time and money).
There is a thread that mentions unwanted visitors. its related to MBNA / AEGIS
http://forums.moneysavingexpert.com/showthread.html?t=1418489

newlywed

For them to send Bailiffs:

1. They need to have a CCJ against you
2. Then they have to prove you have missed payments on the CCJ

If you do get a CCJ (and often it is just empty threats) then CCCS will adjust your budget to take this debt out of your DMP and make sure you have enough left to pay the CCJ every month - so extremely unlikely to have Bailiffs turn up

massivedebts

Hello

We have 3 credit cards with MBNA totalling £11000, I'm not holding out much hope!!:( .

I think I've been thinking too much again!?!

When I did my budget online with CCCS I had £498 surplus balance to pay my 9 creditors. My actual contractual payments for the month are just under £1k, so I thought not too bad as will be paying 50% of the contractual payments. However, after speaking with CCCS and reviewing my budget I now only have £310 surplus which equates to just under 30%:eek: .

Would anyone mind letting me know what kind of % of their contractual payments they will be / are making on their DMP?

MD xx

thenightporter

Massivedebts, ours is 37% (!) just worked it out - but it looks increasingly likely that we won't be starting until May which means two more months of token payments & I expect the creditors will get nasty during that time.

newlywed

oooh never worked that one out.... almost exactly 50%

massivedebts

Thanks NP.

Isn't it daft, one minute I'm fine and the next worrying about anything and everything!

MD xx

massivedebts

Thanks too Newlywed. :beer:
Shall I go with the bigger budget to start with and see how I get on?

Surely it must be better to start offering a lower amount and then be in a position to increase payments rather than the other way round!

Am I looking into things too much!?!:(

MD xx

newlywed

Well, I decreased my DMP payments after about 18 months and not one peep out of anyone

But I would say if you think the higher payments might be a struggle then definitely go for the lower one and then increase - creditors won't moan about that one

If you're with CCCS they do a review after the first few months to check you are ok, didn't forget anything in your budget etc so you could always increase at that point?

Me, I'd work out roughly how many months difference it would make to your debt free date, and then decide.

Dropping £70 a month in DMP payments only made a few months difference to my long term DFD and the stress it relieved by having an extra £70 in the budget made a huge different to me

dlb

You will be suprise at how many creditors except very low payment offers
eg
1-Natwest loan contractual payment £450 a month- getting £149 and are happy.
2-Halifax credit card payment wanted £85 a month- getting £22 and have stopped interest and are happy.
3-Argos store card- wanted £30 a month- getting £8 and no interest and happy.
The list goes on.
I am paying approx 45% of what they want.
Many of you just starting out will think that there is no way they will accept these reduced payments...they will with your finacial statments to back up your offer the creditors are happy to get anything a month.
Its best to stick to your budget even if it seem high to start with and then a few months down the line you will know better if you can manage to raise the dmp payment..there is alwasy something you may have overlooked and may find you need that `extra` amountof the budget and in the meantime your creditors will hopefully all be onside and then the worry of will they wont they will be gone.
Donna
x

massivedebts

newlywed wrote: »

Well, I decreased my DMP payments after about 18 months and not one peep out of anyone

But I would say if you think the higher payments might be a struggle then definitely go for the lower one and then increase - creditors won't moan about that one

If you're with CCCS they do a review after the first few months to check you are ok, didn't forget anything in your budget etc so you could always increase at that point?

Me, I'd work out roughly how many months difference it would make to your debt free date, and then decide.

Dropping £70 a month in DMP payments only made a few months difference to my long term DFD and the stress it relieved by having an extra £70 in the budget made a huge different to me

Hi

The increase in budget is so big (almost £218) per month that it has almost doubled the term!! Having said that, would I rather be watching EVERY penny for the next 10 years with NO life, or would I prefer a better quality of life, but be paying for another 9 years. It's a bit of a toss up between 10 years of struggling and I mean struggling and then it all be over or 19 years of coasting along fairly comfortably.

I don't know what to do!