DMP Mutual Support Thread (Part 5)

ad1jnl

Right. Got my stuff throught from the CCCS today and its paying £425 back over 5 years 9 months - so debt free day will be 1st Feb 2015 if all goes to plan. Hopefully can get this down quite a bit though - already looking into ways. Couple of questions though.
1) It says reason for circumstances changing since entering agreement with creditor - a big reason for me is having to start paying a student loan that I wasn't expecting, bad budgeting and depression. Are any of these exceptable?
2) If you have a surplus after you've got to the end of the month how do creditors view setting up a savings account or payments to a credit union? Are you then expected to make one-off payments to them to be distributed amongst them? The budget seems quite sizeable compared to the one I wasn't managing on - suppose thats why I ended up using the CC's and got myself in this mess
3) Who decides the date of starting the DMP? I presume it will be in May now as by the time I get everything sent off it'll be too late for this month - coupled with the fact I need to make an extra payment on the mortgage next month and get the electric and water bills up-to-date.
4) I've decided to go with the £1 token payment - is this sensible?
Other good news is I got the info regarding setting up my new account - in plenty of time for payday - phew!!!

Lastly, I'm now going to look at claiming some bank charges back to see if I can get the balances reduced

Jon

emmylou3219

Hi Guys,

Need to ask a question, If a creditor takes you to court and you agree on an amount, should they be charging interest?

Just recieved a loan statement and despite going to court in Jan, there has been interest added on every month...I thought this would stop or have I mis-interpreted something somewhere?

Also what are the insurance premium charges? as £6000 was added when the loan was taken but not sure if I was supposed to cancel it when I started DMP

Very confused at the moment, I have heard nothing from this creditor since we went to court, tbh had forgotton that I hadn't heard:o , should I have heard anything?

Someone needs to write a manual for this!!!!!

On a more positive note....thinking of splurging on some new shoes for my interview...seen them in the sale!!:j :j

emmylou3219

ad1jnl wrote: »

Right. Got my stuff throught from the CCCS today and its paying £425 back over 5 years 9 months - so debt free day will be 1st Feb 2015 if all goes to plan. Hopefully can get this down quite a bit though - already looking into ways. Couple of questions though.
1) It says reason for circumstances changing since entering agreement with creditor - a big reason for me is having to start paying a student loan that I wasn't expecting, bad budgeting and depression. Are any of these exceptable?
2) If you have a surplus after you've got to the end of the month how do creditors view setting up a savings account or payments to a credit union? Are you then expected to make one-off payments to them to be distributed amongst them? The budget seems quite sizeable compared to the one I wasn't managing on - suppose thats why I ended up using the CC's and got myself in this mess
3) Who decides the date of starting the DMP? I presume it will be in May now as by the time I get everything sent off it'll be too late for this month - coupled with the fact I need to make an extra payment on the mortgage next month and get the electric and water bills up-to-date.
4) I've decided to go with the £1 token payment - is this sensible?
Other good news is I got the info regarding setting up my new account - in plenty of time for payday - phew!!!

Lastly, I'm now going to look at claiming some bank charges back to see if I can get the balances reduced

Jon

Hey Jon,

I put my reasons down as 'over-commited on credit and bank account problems' they were happy with that!

Just keep putting your surplus to one side...you lucky thing!!!..Then you can use it if you have an emergency or you can get a good amount together and try to offer full and finals on some creditors, it may well work and that is the advice that seems to be the norm.

Hope this helps,

ad1jnl

Hi Emmylou,

I may be kidding myself with the surplus I think ; ) Its just the budget I was trying to stick to before was much lower and stressful to get by on. I've been doing a spending diary for the past few months which I'm going to keep up and see if I can get a proper handle on things and get rid of the debt quicker.

Next step will probably be the worst - creditors view of things!!

Jon

msc1977

Hi Everyone - not had chance to catch up on posts since last night yet but while i do can i ask a question?

Natwest who we have had no telephone contact from and have refused DMP amounts have started the ' we'll take you to court in 28 days blah blah blah' letters, i understand that even if they do its likly i will still only have to pay the DMP amount we have already agreed to pay (1st payment 01/04) but OH is convinced that if you go to court for anything inc getting a CCJ etc then it will be in the papers...i was sure only bankruptcies went into the paper bit OH thinks differently and is now convinced that family and friens etc will find out.....please can someone set us straight????

thanks msc

off to catch up on the last two pages now:-) xxxx

Kudox

ad1jnl wrote: »

Right. Got my stuff throught from the CCCS today and its paying £425 back over 5 years 9 months - so debt free day will be 1st Feb 2015 if all goes to plan. Hopefully can get this down quite a bit though - already looking into ways. Couple of questions though.
1) It says reason for circumstances changing since entering agreement with creditor - a big reason for me is having to start paying a student loan that I wasn't expecting, bad budgeting and depression. Are any of these exceptable?
2) If you have a surplus after you've got to the end of the month how do creditors view setting up a savings account or payments to a credit union? Are you then expected to make one-off payments to them to be distributed amongst them? The budget seems quite sizeable compared to the one I wasn't managing on - suppose thats why I ended up using the CC's and got myself in this mess
3) Who decides the date of starting the DMP? I presume it will be in May now as by the time I get everything sent off it'll be too late for this month - coupled with the fact I need to make an extra payment on the mortgage next month and get the electric and water bills up-to-date.
4) I've decided to go with the £1 token payment - is this sensible?
Other good news is I got the info regarding setting up my new account - in plenty of time for payday - phew!!!

Lastly, I'm now going to look at claiming some bank charges back to see if I can get the balances reduced

Jon

Hi Jon
To try to answer some of your questions
1 Putting "overstretched on credit" is fine you don't need to go into detail.
2 Definately keep the surplus back to build up an emergency fund,something always comes up you're not expecting
3 You decide the date you want to start, and its a good idea to sort out your priority payments first
4 £1 token payments are fine, thats exactly what they are, tokens, to show you are taking things seriously no-one will expect any more
Good luck with it all, hope that helps, it gets easier as you go on.

geoffmr1

msc1977 wrote: »

Hi Everyone - not had chance to catch up on posts since last night yet but while i do can i ask a question?

Natwest who we have had no telephone contact from and have refused DMP amounts have started the ' we'll take you to court in 28 days blah blah blah' letters, i understand that even if they do its likly i will still only have to pay the DMP amount we have already agreed to pay (1st payment 01/04) but OH is convinced that if you go to court for anything inc getting a CCJ etc then it will be in the papers...i was sure only bankruptcies went into the paper bit OH thinks differently and is now convinced that family and friens etc will find out.....please can someone set us straight????

thanks msc

off to catch up on the last two pages now:-) xxxx

Hi msc,

Tell your OH to stop worrying, as you thought only bankruptcies go in the local paper, CCJ's do not.

With regards court action it is most likely the Judge will only agree to the amount you're already paying but it may well be that Natwest are going to go for a charge over your house (if you own one that is). It seems unlikely they'd go the court route unless they felt they had something to gain from it.

geoffmr1

msc1977,

Can I just ask if you have requested your CCA from Natwest for any loan or credit cards you have with them?? If not then you should do so before any court action is started.

msc1977

geoffmr1 wrote: »

Hi msc,

Tell your OH to stop worrying, as you thought only bankruptcies go in the local paper, CCJ's do not.

With regards court action it is most likely the Judge will only agree to the amount you're already paying but it may well be that Natwest are going to go for a charge over your house (if you own one that is). It seems unlikely they'd go the court route unless they felt they had something to gain from it.

Thanks - as i thought:rolleyes: !!!
At the moment i think it is just idle threats as although we do own our own home they have not placed a CCJ yet ..and TBH even if they went for a charge on the house we have little or no equity and have no plans to move...well not before we are debt free.

Thank you again xx

msc1977

geoffmr1 wrote: »

msc1977,

Can I just ask if you have requested your CCA from Natwest for any loan or credit cards you have with them?? If not then you should do so before any court action is started.

no i havent - the CC i have had for donkey's years and the loan about 3 years.....i'm not sure why i would need to request them? I havent really followed the CCA threads?