DMP Mutual Support Thread (Part 5)

2spicy

just a quick note for all those who's mortgages are comming to an end with the special deals.. SVR ( Standard Variable Rate ) is good and, given the state of the markets and the economy, is unlikely ro rise for a few years ( well i rekon 2 - 3 before its anywhere like 4 or higher % )
This is a good thing as interest rates are almost zero, payments are at a minimum, thus allowing us to save on them and concentrate on paying other debts.
I cannot reasonably see any company offering fixed terms at the current rates again, so why not milk it for a while.
Dont worry about renewals etc until you have to. !

Daffykjs

Morning all,

Well done emmylou!! that's great news!

feeling quite positive today! have received card statements without the interest (and some with, tesco i think it was, gonna go through it all at the weekend and see who's accepted what) and have been doing well on my no spend day challenge and also weight loss!!

mortgage wise annoyingly we only got it in 2007 and got fixed rate interest only! oh well! it's for 5 years and with Northern Rock (and i have a loan with them) but hopefully by then the dmp will either be over (optimistic i know) or at least looking good and i'm hoping they will therefore be nice to us! fingers crossed!!

got to take hubby to the airport to go back to scotland tonight! and he won't be back til the 21st april! that's over a month away! pretty sad about that! i digress sorry!

debrag

emmylou3219 wrote: »

SORRY THIS IS TOTALLY IRRELEVANT!!!!

I have been trying to get accepted onto a proffessional body (AAT- accountants) and have been paying for my course for 7 months, They have strung me along for ages. I've carried on with the course, paying out £100 a month (that we can ill afford!) in the hope that they accepted me..if they didn't it was a total waste of money!

The reason it has taken so long is because of my debt...basically I think they want to check monetary responsibility?!? Had to go through solicitors etc.

I got an email today saying that they would accept me!!!!!!!!

I know this is pointless to you all but couldn't tell anyone else why it was such a massive problem because no-one knows about our debt!! Therefore been soooooo stressed alone!

I sat a cried with relief all morning..I just wanted to tell someone!

Sorry again!

that is good news as financial problems are usually a no no for finance/accounting careers, maybe that's just bankruptcy.

louWILL_3

Hi Everyone

This is the first that I have posted on this thread before but over the past few nights I have been reading all your threads and I think it's brilliant.

In the next few weeks I'm hoping to start a DMP with CCCS I was dealing with PAYPLAN but felt that I was getting pushed towards an IVA which I don't really want to do. It all seems great that in 5yrs time my debts will be gone if I was to do an IVA but I've done my homework and it's not for me. The lady from PAYPLAN kept on playing on my job (police officer sorry:rotfl: )saying that over 80% of their customer were in the same profession funny when I spoke to her colleague he told me it was 95% haha Then the other day I received a call off them asking if I'd sent the consent forms back I told them I hadn't because I was doing my homework first. She told me that I needed to get a move on because all the creditors are putting charging orders of ppls houses............................ I'm along way from that position so far I've only missed 3 full payments on my debts and these have been replaced by token payments.

At the moment I can afford to pay £300 per month towards clearing my £37k debt when I start my DMP so if my maths are right it will take me just over 10yrs. From reading CCCS website I believe this is a low DMP.The good news for me is that my boyfriend will be moving in with at the end the end of the summer so I'll be able to increas my payments to around £700 thats means I should be det free in 5yrs time :j :j :j :j

My creditors are:-

BARCLAYCARD
HALIFAX
HSBC
NORTHERN ROCK

Whats been everyones experience with these companies accepting a DMP????

I'm also abit scared about going into the unknown I'm dealing with the phonecalls getting quite good at hanging up ..................... I do update my creditors every 2wks so it makes me mad when they still ring and repeat themselves.

If anyone has any words of wisdom for me please feeli free to share them. If anyone has experiences on DMP whether it be good or bad please let me know. Whats usually the steps that the creditors take????

Thanks

geoffmr1

Hi LouWILL,

The advice you was given by Payplan is exactly why I believe everyone should request a copy of their CCA from creditors (if you haven't still got it). I wasn't clued up enough when HFC/Weightmans started court action against me and as a result I didn't request my CCA until after the action had been started, it meant over a year of fighting before they backed down & accepted my original offer, they knew in court the debt would be declared unenforceable & I wouldn't then have to pay a penny if I didn't want to. I'm not out to avoid my debts though which is why I continued all payments throughout the fight & also since.

It may well be that the credit agreement you receive complies & therefore they are entitled to take whatever action they deem appropriate, however if it doesn't comply then at least you can stop them from getting a CCJ against you & then a charge over your property. If it doesn't comply then you don't have to pay them anything more, although I do believe that people should try & pay whatever they can towards money they borrowed & thats why people come on sites like this because they want to deal with their debts not avoid them.

The thing I don't believe is fair at all, is that lenders give you money on an unsecured basis & then having charged you an extortionate amount of interest can secure the debt against your property. It seems they can have their cake & eat it.

bexxie90

Hi louWIll welcome to the thread!

I think you are taking every step and precaution and the end of the day from what I have read there is nothing the creditors can do other than give you defaults which is nothing really when you trash the credit rating anyway on a DMP.

Someone better than me will be here soon-I am still quite new. But didnt want to read and run.

Well done for the job you do I want to go into the police but I am profoundly deaf and sadley it wouldnt have been viable for me to do the job.

Bex..xx

CornishMaid

What does a "valid CCA agreement" actually consist of? Does it have to be signed? What about applications made online?
Sorry for all the questions but I know that someone here will be able to help me
CM, x

kissthedebtgoodbye

Hi all were now getting towards the midway of the month and still no word from my creditiors (Natwest loan/CC/OD and Aqua CC) of which im quite surprised at :rolleyes: . All token payments and such have been sent, whats the best way of tracking wether or not the token payments have been cashed?

BTW i find this board very reassuring whenever you get that slight bit of worry :A

2spicy

LouWill, well done for taking the first step.
Im no expert, but I like to do my homework before I make decisions too.
From what I have heard, IVA's are not for everyone. If you rent, have no dissernable assets, then an IVA is perfect. If you have assets in a home that you pay mortgage on, then I was advised not to even think about an IVA as there is equity in the property.
Also, given your job, I would have thought that entering into a legal financial agreement could potentially expose you to compromising situations, and I would have thought you would have to disclose that to your superiors ( I know in my line of work, working closely with organisations like the MOD, Financial checks are part of security clearance for the same reasons .. (you are a higher threat if you can be compromised))
Anyway, what im trying to say, if you feel a DMP is better for you and given what you say so far, it would seem like it, then insist that is what you wish to do. (again, play on your job and the implications of a formal legal agreement).
We have only been on here since christmas 08, and have learnt a lot in the previous 100 or so pages of this thread.
First of all, dont worry. At the end of the day the possibility of a charging order from what I have read is very small. even if one is obtained, its only really like a secure loan, with no interest ! So, unless you plan on selling your house in the near future, you can still have the charging order removed by paying the company that has secured the order back anyway.

Secondly, as you will read, most creditors use very dirty tricks when they know they are faced with not getting their money as origionally agreed and will use all sorts of scare tactics. Just stay strong and, as been quoted many times.. keep saying to them and yourself

"You / they cannot have what you havn't got "! !!!

if they get heavy, I usually just say "look, I recognise my financial obligations, and if I had the money, I would pay you, but I dont, so Ill give you what I can afford".
This usually leads to the question "what can you afford", to which my reply is "I dont know. once Ive paid my mortgage and my utilities, and put food on the table, if there is any money extra left, I will make sure it is divided up pro rata between all my creditors"

.... and leave it at that

Were all in pretty much the same boat here. No question is too stupid to be posted, we all need reassurance from time to time.

St0lli

kissthedebtgoodbye wrote: »

Hi all were now getting towards the midway of the month and still no word from my creditiors (Natwest loan/CC/OD and Aqua CC) of which im quite surprised at :rolleyes: . All token payments and such have been sent, whats the best way of tracking wether or not the token payments have been cashed?

BTW i find this board very reassuring whenever you get that slight bit of worry :A

Hiya... I'm able to view a few of my creditors online and I can see the £1 has been taken off those accounts. For the others I've just assumed they have actioned it as all the letters went on the same day by recorded post.

I've not received any statements this month though which I find very odd. Does anyone know if this is the norm?