DMP Mutual Support Thread (Part 5)

newlywed

icecube2009 wrote: »

Hi, I am looking into a DMP & wondered if anyone can tell me if CCCS or Payplan are the best ? thanks

I think their budget allowances vary a bit from what I've heard.

But I chose CCCS soley on the basis I could do all the DMP figures etc online instead of over the phone - as I didn't want to talk to anyone about all the debt I was in

Payplan insisted on a telephone call.

WorriedofSurrey

Hello again

I have finally got everything together and done the Debt Remedy thing online with CCCS and am awaiting the paperwork from them. I have set up a new bank account and cancelled all my cc/loan standing orders. Feel very nervous!!!:eek:

Anyhow, I need to pay a token to payment to Next - can you please have a look at the following letter and let me know if you think this is OK to send or if I have missed anything out?

Thanks for your help. Feeling very positive today and am so looking forward to getting the whole thing going.

This is a great board and is already helping me feel so much better.

WoS

Dear Sirs

It is with regret that I have to advise you that I am unable to make the minimum payments on my above account. I am in the process of setting up a Debt Management Plan with CCCS.

Please find enclosed a token payment in the sum of £1.

I believe CCCS will be in touch with you shortly to advise the amount that I will be in a position to pay on a monthly basis until the account is cleared.

If you have any queries regarding this, I would be grateful if you could write to me instead of telephoning as I am hard of hearing.

Thank you for your understanding.

Yours faithfully

icecube2009

newlywed wrote: »

I think their budget allowances vary a bit from what I've heard.

But I chose CCCS soley on the basis I could do all the DMP figures etc online instead of over the phone - as I didn't want to talk to anyone about all the debt I was in

Payplan insisted on a telephone call.

OK thanks. I did notice that I couldnt do much on line on the payplan site! but also noticed that on Payplan it said something about any threatening letters from debtors should be forwarded to them, whereas the CCCs one gave advice about deling with it yourself, so wondered if i had read this right as I wouldnt have a clue how to deal with it myself! Thats the thing that really scares me, harassing letters!

icecube2009

WorriedofSurrey wrote: »

Hello again

I have finally got everything together and done the Debt Remedy thing online with CCCS and am awaiting the paperwork from them. I have set up a new bank account and cancelled all my cc/loan standing orders. Feel very nervous!!!:eek:

Anyhow, I need to pay a token to payment to Next - can you please have a look at the following letter and let me know if you think this is OK to send or if I have missed anything out?

Thanks for your help. Feeling very positive today and am so looking forward to getting the whole thing going.

This is a great board and is already helping me feel so much better.

WoS

Dear Sirs

It is with regret that I have to advise you that I am unable to make the minimum payments on my above account. I am in the process of setting up a Debt Management Plan with CCCS.

Please find enclosed a token payment in the sum of £1.

I believe CCCS will be in touch with you shortly to advise the amount that I will be in a position to pay on a monthly basis until the account is cleared.

If you have any queries regarding this, I would be grateful if you could write to me instead of telephoning as I am hard of hearing.

Thank you for your understanding.

Yours faithfully

I am also looking at setting up a DMP with CCCS & assumed there would be a template of some sort for this type of letter?

newlywed

You don't really have to deal with the letters on your own - you can email CCCS and they give you advice on whether to ignore the letter or not. And failing that...

Post here and ask!!!!!

Worried of Surrey - that look absolutely fine.

newlywed

icecube2009 wrote: »

I am also looking at setting up a DMP with CCCS & assumed there would be a template of some sort for this type of letter?

They don't give you a template for token payments but they do give you a template letter to photocopy and send to all creditors to say why you got into the problem, giving your CCCS reference number and notifying creditors that they are allowed to discuss your file with CCCs.

icecube2009

newlywed wrote: »

You don't really have to deal with the letters on your own - you can email CCCS and they give you advice on whether to ignore the letter or not. And failing that...

Post here and ask!!!!!

Worried of Surrey - that look absolutely fine.

Thanks. I am really new to all this, and keep thinking of things I am not really sure about! want to make sure I know exactly what I am doing before I start!
Have a couple of friends who did DIY DMP's (dodnt go through any company just did everything themselves) and told me to do it like that, but I would rather have some sort of support!

icecube2009

I have another question, if you are on a DMP & get some spare cash (not a regular income thing or anything, but maybe a gift or sell something and make some money etc) can you pay a lump sum off?

newlywed

icecube2009 wrote: »

I have another question, if you are on a DMP & get some spare cash (not a regular income thing or anything, but maybe a gift or sell something and make some money etc) can you pay a lump sum off?

Yes you can indeed give it to the DMP company and ask them to distribute it fairly between creditors.... but if it happens too regularly your creditors may start asking for a regular increased payment as you would seem to have "excess" money

Or you can save it for an emergency fund just in case.... this would be my choice

Or you can save it and add to it so that towards the end of your DMP you are able to offer Full and Final settlements (a reduced figure) to clear individual debts off. this will be my preferred choice when I get over half way through my debt

cocker100

icecube2009 wrote: »

I have another question, if you are on a DMP & get some spare cash (not a regular income thing or anything, but maybe a gift or sell something and make some money etc) can you pay a lump sum off?

Any spare cash you aquire can be used to add to your emergency fund in case of any unexpected bills etc not budgeted for in your normal monthly budget.

You could also save it to offer one of your creditors a full and final offer to settle the account.

Using it just to clear so much of the balance to one particular creditor may be seen as favouritism towards one creditor. If any of the others found out about it, they may kick up a fuss.

At this early stage of your DMP, I would probably just keep hold of it for now.

Cocker:)