DMP Mutual Support Thread (Part 5)

icecube2009

Parsley wrote: »

:T

The other two cards (£11500 & £15000) they have not accepted the DMP but have defaulted both of them and stopped all interest.


what does this mean?

WorriedMart

icecube2009 wrote: »

what is a token payment, I assume it is a small payment that you offer rather than the fulll amount, but why would you do this rather then continue to pay the full amount until the payment plan is set up?

Those starting a DMP probably wouldn't have the full amount to pay, so send a small £1 to £5 payment to show the creditors that they are paying at least something.

Even if you could afford to pay the full amount before your DMP starts its better to pay the token payment and put the difference away somewhere so that you have some emergency money when you need it.

dlb

WorriedMart wrote: »

Those starting a DMP probably wouldn't have the full amount to pay, so send a small £1 to £5 payment to show the creditors that they are paying at least something.

Even if you could afford to pay the full amount before your DMP starts its better to pay the token payment and put the difference away somewhere so that you have some emergency money when you need it.

This is so true, it gets money stashed away ready for you starting the dmp plan, also it shows you are struggling to maintain min payments, so crediotrs realise you can no longer pay this amount.

Had letter from cabot agreeing to new payment and knocked all interest off account reducing debt by £200 !! So a good day here.
Hope everyone is ok
Donna
x

icecube2009

WorriedMart wrote: »

Those starting a DMP probably wouldn't have the full amount to pay, so send a small £1 to £5 payment to show the creditors that they are paying at least something.

Even if you could afford to pay the full amount before your DMP starts its better to pay the token payment and put the difference away somewhere so that you have some emergency money when you need it.

OK thanks, we have been struggling with our debt for years but only since last May when DH had a £400 per month pay drop has it been really bad, we pay out every penny we have on paying off the debt & often take cash off one card to pay another, then 'live' (food and whatever else is needed) totally off the cards, so although we have been paying the minimum payments every month we are really struggling to do so & of course interest is adding up & making the debt escalate! so would it improve our chances of getting the creditors to accept the offers from the DMP (when we start one) if we were in fact not paying the minimum each month?

icecube2009

dlb wrote: »

This is so true, it gets money stashed away ready for you starting the dmp plan, also it shows you are struggling to maintain min payments, so crediotrs realise you can no longer pay this amount.

Had letter from cabot agreeing to new payment and knocked all interest off account reducing debt by £200 !! So a good day here.
Hope everyone is ok
Donna
x

what do you mean by knocking all interest off? interest you had been charged before you started the DMP? or just agreeing not to charge you any more?

icecube2009

My hubby has bitten the bullet (so to speak) and told his brother of our situation & asked if he thinks their parents would help , his brother went mad, told him he would beat the S**t out of him is he was here! but at the same time said he is worried about us & said its worth asking parents but he doesnt think they are in a position to help (even though we know they are, but I dont think they will anyway!) so he is making a 2 hour journey tomorrow to visit them & ask them face to face, he is terrified of upsetting them though!!

ianmak

icecube2009 wrote: »

OK thanks, we have been struggling with our debt for years but only since last May when DH had a £400 per month pay drop has it been really bad, we pay out every penny we have on paying off the debt & often take cash off one card to pay another, then 'live' (food and whatever else is needed) totally off the cards, so although we have been paying the minimum payments every month we are really struggling to do so & of course interest is adding up & making the debt escalate! so would it improve our chances of getting the creditors to accept the offers from the DMP (when we start one) if we were in fact not paying the minimum each month?

The problem with paying minimum payments before setting up a DMP, is that if you do that, then your DMP says you should pay less per month to those creditors, they will wonder why? I'm a bit tiddled when writing this so I apologise.

Bit the gist of it is, if you pay say £1 token payments, rather than minimum payments, then they may get the idea that you can't pay the necessary payments per month. Make sense?

ianmak

Welcome Parsley. Your number as requested is: 284.

WorriedMart

icecube2009 wrote: »

My hubby has bitten the bullet (so to speak) and told his brother of our situation & asked if he thinks their parents would help , his brother went mad, told him he would beat the S**t out of him is he was here! but at the same time said he is worried about us & said its worth asking parents but he doesn’t think they are in a position to help (even though we know they are, but I don’t think they will anyway!) so he is making a 2 hour journey tomorrow to visit them & ask them face to face, he is terrified of upsetting them though!!

Brotherly Love lol

When you are sure that you are going for a DMP then, stop paying the minimum payments. Fill out a debt remedy from the CCCS Site and finalise online or give them a call if you prefer. Make sure you submit a budget that you can actually comfortably live on.. Don’t make it too tight or you will struggle further down the line and have to have a review to decrease your payments with CCCS.

Send a letter to each of your creditors stating that you are entering in to a DMP with CCCS, give them your CCCS reference number (I think if you apply online you get this straight away) and attach a £1-£5 postal order. Tell them that CCCS will be in touch with them soon with an Income and Expenditure list and a pro rata payment amount for them.

Cancel your Direct Debits to creditors, and open a new bank account asap if your current bank is connected with any of your creditors.

2spicy

Well this is the last straw.
Barclays called at 08@17 yesterday, after calling every day last week.
Now, Mrs Spicy works Nights and after getting the baby up, fed and happily playing inhis room, came to bed. then, 09:10 this morning, Barclays call. She answers after 2 rings, and the phone call goes silent.
Redialled the nuber only to be told "Your Bank called, and we will call again later" - Googled the number to find out it Belongs to Barclays, so Formal complaint now going to them and to OFTEL for harassment.