DMP Mutual Support Thread (Part 5)

[Deleted User]

Hey!

I'm new and in the process of getting a DMP with PayPlan.

I would like some advice of PayPlan and also what the likely hood is that my creditors will freeze the interest? I'm really relying on this and I'm worried they're not going to do it and I'll be in the same situation. The main creditors are my bank.

I've also never missed a payment, nor ever been late and I'm a little worried about my credit rating.


I'd really appreciate some advice.

Thank you in advance.
Hx

Toffee_Penny

St0lli wrote: »

Laptop, headphones, you tube?? Oh you are so down wit da yung tings!:rotfl::rotfl:

:rotfl: :rotfl: :rotfl:

I haven't yet mastered the art of downloading and bored of the songs on my little rubbishy MP3 player, so you tube it is!

It is isn't often I get the laptop this early cause daughter usually hogs it for msn but she has homework so I'm allowed on! :T

Toffee_Penny

HylyJn wrote: »

Hey!

I'm new and in the process of getting a DMP with PayPlan.

I would like some advice of PayPlan and also what the likely hood is that my creditors will freeze the interest? I'm really relying on this and I'm worried they're not going to do it and I'll be in the same situation. The main creditors are my bank.

I've also never missed a payment, nor ever been late and I'm a little worried about my credit rating.


I'd really appreciate some advice.

Thank you in advance.
Hx

Hi and welcome to the gang! :beer:

To be honest I wouldn't worry about your credit rating because as soon as you start your DMP it will be shot to pieces (for at least 6 years anyway)

A DMP isn't legally binding like an IVA or bankruptcy so creditors have no legal obligation to freeze anything, eventually things do settle down though but it sometimes takes a while which can take its toll and be very frustrating.

Setting up a DMP is pretty straight forward; you pass all your debt details to Payplan and they contact them on your behalf explaining that you are now in difficulty and will be paying only x amount to them a month.

Your creditors will write to you or telephone you, they want their money after all! But this can be dealt with so don't worry about that for now!

Owing money to the bank will be treated the same as any debt; so if you owe an overdraft it will just be the same as paying a catalogue debt.

My advice would be to open up a new account as soon as possible and transfer any priority debits over e.g gas, electric etc (DON'T WORRY about missing loan payments etc)

take care and ask away on here, you have come to the right place you won't believe how many people are in similar situations and you realise you are not alone

Good luck on breaking the vicious circle of debt and joining all of us to become debt free one day xx

ianmak

HylyJn wrote: »

Hey!

I'm new and in the process of getting a DMP with PayPlan.

I would like some advice of PayPlan and also what the likely hood is that my creditors will freeze the interest? I'm really relying on this and I'm worried they're not going to do it and I'll be in the same situation. The main creditors are my bank.

I've also never missed a payment, nor ever been late and I'm a little worried about my credit rating.


I'd really appreciate some advice.

Thank you in advance.
Hx

Ok...

PayPlan are fine, not bad to deal with...

Can't say if creditors will freeze interest. Seems to be hit and miss as to whether they will. All but one of mine have. And most have defaulted.

If you go on a DMP, then the chances are you credit rating will be in ruins by the end. Due to defaults (defaulting on your agreement with the creditor) staying on your credit file for 6 years.

I need to run some errands, but someone should be along soon to provide more advice, but I will say that it's the best thing I've done in years, but neither should it be taken lightly. It's not a 'get out clause' from your debt...

ianmak

TP you beat me to it again...

Toffee_Penny

ianmak wrote: »

TP you beat me to it again...

Sorry ............ but the race is on for a medal! :rotfl:

WorriedMart

Todays post for me is...

A Mobile Bill, a Jack Daniels Keyring (No idea why!!) and a letter from a DCA trying to collect the full amount of my Smile account, even though Smile sent me a letter the other day saying that they were still happy with my DMP payments... Do these people not speak to each other? Where's the communication, idiots! haha!

ianmak

Toffee_Penny wrote: »

Sorry ............ but the race is on for a medal! :rotfl:

I'm still after my second stripe, sorry, star... :rolleyes:

2009timeforchange

I really hope Im not tempting fate but we havnt had a single phone call from any of the creditors since starting our DMP.

We have also not heard back from Abbey CC, Tesco CC, or Nationwide CC.

MBNA CC and Nationwide loan have refused DMP.

Nationwide OD have accepted.

geoffmr1

emmylou3219 wrote: »

Hi there,

not sure what Nationwide are up to?!? They took us to court, agreed an amount (which we pay!) and were going for a charge on the house.. I had heard nothing more until my loan statement arrived when I realised they were still adding interest, Can I do anything about this? or I am I best leaving the nasty scary fire breathing dragon asleep as long as possible?

Em x

I'm a bit lost at this, if Nationwide took you to court then the total amount they were claiming would have been on their claim form & subsequent papers. I'm assuming they won the case which is why they are now going for a charge & if thats the case then they can't continue adding interest to the debt. Once the Judge has made his decision the debt cannot be raised.