DMP Mutual Support Thread (Part 5)

Jolly2009

Hello!

I'm a newbie and on a dmp with Payplan - for about a year now. Can't beleive even being a long time lurker and recently starting my own diary that I didnt' come across this thread!!!

I hope you don't mind me joining in? Having a quick peak during work but intend on reading back on this and older threads as see this is part 4!

I just have a quick question, I am thinking of opening a savings account to save as much as possible (through cutting back, bday money, any overtime etc) towards paying off a lump sum at some point off debt - maybe settle some. However, I was wondering if this would affect my dmp in anyway? I would hate for them to see that I have some savings and then stop my dmp. I am lucky in that I may have a bit of overtime coming in the next couple of month potentially adding a few hundered to my savings but unfortunately it's not regular in that I can commit to it being in my income we have a couple of weekend and then nothing and so on.

What do you guys think? Or would I be better asking OH to keep hold of it for me?

Thanks in advance, looking forward to reading the thread fully later.

ianmak

I literally stuck a cheque (from my old bank account) in with a giro credit thing and sent it in the post. Prob not the best way, but it worked. When the phonecalls start coming in and the DMP has been setup, give them your Ref number and explain that you're on a DMP.

You could however ask them not to ring as others have done, as the creditors can be a little, er, rude. But just explain you have no money to give and after a while they get the message. In theory.

Good luck!

P.S. As soon as your DDs have gone out for this month, get them changed over to the new account. They need 10 days (tops) to process the change.

candygirl

Out of my 3 creditors MBNA/VIRGIN have been the least helpful.they wont accept token payments and keep ringing me all the time and said they will until i've had 3 clear months with no spending on the card .I haven't spent on it since mid november and have paid fully till end nov anyway:rolleyes: :rolleyes: Has a anyone else had problems with them? Both my other cc companies have been fine:rolleyes:

Althea

suziepoor wrote: »

Pay all creditors token payments of £1 for January, February and until the DMP is set up - now could you advise how to pay them as I dont want to give them my new debit card details? Sorry if it seems a bit thick of me but i dont quite understand how postal orders work and what you need to do?
Also who do i make my loan token payment out to - the name of the bank then put my loan ref. no?
Also when i send the token payment i need to send a letter explaining why etc - could anyone direct me to a template for a letter please?

I know many people pay with postal orders, but I wasn't prepared to pay the extra cost for these, so I simply sent a cheque from my new bank account for the token payment to each creditor, accompanied by a covering letter and the CCCS form you have to send. I could also have done it through online banking, but I preferred to do it this way. I actually contacted the CCCS about doing this, as others had advised me not to let creditors have my new bank details, but this made no sense to me since unless the creditors are affiliated in any way with the new bank account - and if they are, then they're going to know about your new account anyway! - then there is no way they can touch money in your new account. The CCCS confirmed this to me, and said there is no harm at all in your creditors "having" details of your new account as there is absolutely no way the money in your new account can be touched. To be honest, they can know about the existence of your account anyway, since it will be listed in your credit record

I then sent the cheque, covering letter and CCCS form to each creditor by recorded delivery, which is what you're advised to do anyway, and marked off as each cheque got cashed (checked this via my online banking) so I would know as and when each creditor had received the cheque.

That's just how I did it, you may of course prefer to use postal orders - but remember you have to pay for those!

HTH

2spicy

We did the cheques and covering letters yesterday, and were all posted today.
SPoke with PayPlan to clear a few things up, and were good to go in Feb.

Below is a samply template we created to send with our token payment.

Hope oits of some use

---

Reference :- {insert CC or loan agreement number here}

Dear Sir / Madam,


I am writing to inform you that I am seeking advice and assistance regarding my current financial difficulties.
I have sought the advice of “PayPlan” and I am in the process of working out a Debt Management Plan with them. My PayPlan DMP Case Reference is XXXXXX.

All future payments to yourselves will be administered and managed on my behalf through PayPlan. In view of my circumstances, please accept the enclosed payment of £XX in lieu of this month’s payment to yourself. To this end, I would appreciate if you would freeze all interest and other charges on the above account so my debt does not increase. Should my circumstances improve; additional payments will be made through PayPlan.

Thank you for you assistance and understanding in this matter. I would appreciate it in future if all correspondence be made in writing to me.

I look forward to hearing from you as soon as possible.

Yours Faithfully

---

debrag

how do loans work on DMPs? I've just gotten my statement for my TSB loan and almost half of what I pay each month goes back on as interest.

starlite82

hey all!

my dmp is now up and running, i was very happy to find out i can make my payment right up to the 10th of the month, as i get paid on the 7th!

So far only RBS has declined an offer, and i know that littlewoods and the loan store have agreed to theirs, as for the rest, im assuming no news is good news??

Just wanted to say, the best of luck for 09 everyone, I feel great to finally be dealing with this, and without anyone bailing me out, i can finally be independent! I may even be able to move out of my parents home this year!! :T

woop!!

suziepoor

Hi to all and thanks your replies, as always they were very helpful.
The one problem i have though is that i will need to send token payments in the last week of January, and i haven't heard from cccs yet, so may not have a reference number to put on the letter?

MurrayMint

Hi All,

Hope everyone is ok. As some may remember, we started our DMP in September 2008 and had our first review tonight... The result (as we expected) was that our payment has gone from £144 to £349. This is because we've increased our income and pulled back some bills. I'm really excited about the reduction in time, but nervous about budgeting for this. However, we did load some of the costs to give us a cushion and we didn't count fluctuating overtime, so we should be able to live ok.

So, I must concentrate on the positive... will go and change my sig now :j

Kudox

suziepoor wrote: »

Hi to all and thanks your replies, as always they were very helpful.
The one problem i have though is that i will need to send token payments in the last week of January, and i haven't heard from cccs yet, so may not have a reference number to put on the letter?

Hi, don't worry about not having a reference number yet, just say in your letter you are seeking advice from the cccs and leave it at that, and they will be in contact in due course, hope this helps.