DMP Mutual Support Thread (Part 5)

icecube2009

WorriedMart wrote: »

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.

This is really helpful, thanks. I however my hubby does manage to get a loan from his parents for FF's how would we go about that? (sorry if this is the wrong thread) , we also had another though this morning, if his parents could lend us the £7k to pay off the car loan DH has we would then free up an additional £150 a month so have a lot more to pay off a DMP. In your opinions, what is the best option a FF or a DMP?
Thanks for your help, it really helps to 'talk' to people in the same situation x

emmylou3219

emmylou3219 wrote: »

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

Sorry, Just reposting this as it seems to have got lost...I've just spent 2 hours catching up.....

Thanx

trying_to_stay_positive_2

Hi, I have never posted before. We are thinking of starting a DMP but dont know whether to struggle on for another 9 months,till our very big loan will be finished, we pay loads a month on it and when it is finished we will be nearly even on our incommings and outgoings. Can anyone tell me if I can request CCA s now or do I have to default first, I am thinking that if I request them now I will have a clearer picture of whats what if we do go ahead with a DMP. If I request them now will that start ringing alarm bells with my lenders, I have some special transfer intrest rates with some of them and I dont want to lose them till we decide for sure what to do. I would be greatfull of any help - everything just seems so confussing.

WorriedMart

Emmy: Im no expert but I think interest and charges are usually calculalated on the ccj summons at the time?

TTSP: If you can struggle on until your loan has finished that would be the best option for you. Maybe post a thread up with your SOA, people may be able to help you cut down on some bills to make this possible. If you can't struggle on until this loan has finished then check out CCCS or Payplan to get started on a DMP or to see what they suggest. They can advise you better than me

Icecube: If you can gather enough money to offer F&F's then its worth giving it a try but Im not sure it would be accepted if you haven't missed a min payment so far. Would you be able to offer F&F's to all of your creditors? Or would it leave you with some creditors left to put in to a DMP or to continue to pay the min payments?
Its generally not a good idea to borrow more money to pay your creditors, but if it's family and they are flexible on when they would want the money back then it may be a good option to get rid of the offical loans once and for all. I personally wouldn't borrow the money from my family to pay off the car to add extra to the DMP. I would have the car as a priority bill and give what ever is left to the creditors via a DMP.

ad1jnl

The token payment also means that all creditors are getting paid the same and no one is being treated more favourably than the other. Another question, which I will ask CCCS about also. Been setting up all my essential DD's with the new account and the amount for electric on DD has now reduced from £59 to £36 - however it will be reviewed in a couple of months. Should I reduce the amount on the I & E now or wait till the first DMP review in a few months?

Jon

msc1977

Please can someone point me in the right direction of info / thread etc on requesting CCA's, and what i need to look for on them to see if they are enforceable or not? I've seen alot of people talking about them on this thread and Egg have sent me the one for my loan even though i never requested it but i really dont know what to do with them when i get them or how to know if they are as they should be??????? !!!

Any help on this would be really appreciated.

Many thanks

ianmak

This one I believe has become known as Stapeley's Thread and may come in handy.

http://forums.moneysavingexpert.com/showthread.html?t=767025&highlight=requesting+cca

ianmak

Not sure if this is the place to ask...

Has anyone whilst on a DMP purchased anything that would require a credit check? I'm thinking along the lines of changing mobile phone contracts or cable/satellite providers. Thinking of changing to Sky to save money but a little concerned as Virgin isn't really on my I&E... Will the creditors spot this and frown upon me? Will phone PP tomorrow to ask them but thought I'd query here first.

cocker100

trying_to_stay_positive wrote: »

Can anyone tell me if I can request CCA s now or do I have to default first, I am thinking that if I request them now I will have a clearer picture of whats what if we do go ahead with a DMP.

You can request a CCA at any time. You do not have to default first.

cocker100

ianmak wrote: »

Not sure if this is the place to ask...

Has anyone whilst on a DMP purchased anything that would require a credit check? I'm thinking along the lines of changing mobile phone contracts or cable/satellite providers. Thinking of changing to Sky to save money but a little concerned as Virgin isn't really on my I&E... Will the creditors spot this and frown upon me? Will phone PP tomorrow to ask them but thought I'd query here first.

Hiya,

The only thing that I have had a credit check for since the start of my DMP was when I switched car insurance companies. They did a credit check for ID purposes. I think they also use it to see if they'll let you pay monthly.

I had no problems anyway, and none of my creditors have mentioned it.

Cocker:)