DMP Mutual Support Thread (Part 5)

elsie52

Hi trying to stay positive.

We are with Payplan and have been with them for 13 months, all our creditors accepted our DMP, we have just had to reduce our payments, due to OH having a 10% cut in wages, and they have accepted that too. Although I suspect it depends on how much you are paying towards the debt. It will all sort itself out, I know it seems confusing and very worrying when you start out, but things will settle.

massivedebts

moneybuster wrote: »

to work out payments.


the debt. X the total DMP payment.

divided by your total debt.


example my debt is 68 pounds my DMP is 100 my total debt is 37122.92 pence so

68 X 100 divided by 37122,92 = 18 pence per month

then onto the next debt

Morning,:j

Moneybuster,:T the calculation that you posted yesterday is correct and supplied by CCCS if you choose to do your OWN dmp, CCCS actually work out what they are offering the creditors in a different way...........strange huh!?
Anyway, I was miffed when I got my payment schedule through, we have 3 loans (all 10k and over - one is 17k:eek: ) and they are getiing the same if not less that our cr cards which range from 2k - 5k each month on the DMP...........to reassure you ALL 3 loans have ACCEPTED the payments:j :j :j (one for each loan ), even though I think the offer is pants!!

CCCS and Payplan know exactly what they're doing and are well respected in with the creditors. They both have diff ways with working out the monthly payments, and have diff views on what your budget should be, but despite the differents they are both Fab and this thread is proof that they both work. I can't remember who was asking which one is the best, but I don't think you can pick one, I spoke to both Payplan (1st) and then CCCS, I preferred CCCS as I felt that the guy at Payplan was trying to 'sell' me an IVA, which I didn't want, but equally I have read stories where people have had a not so good experience with CCCS speak to both if you can and then go with your instinct.
Vanilladelia (I'm too scared to abbreviate your name:rotfl: )
I would send everything that you get for now to CCCS, even if it's just a copy, they'll soon let you know if they require it or not, I think best to keep them in the loop at all times.

Welcome to all the newbies

Enjoy the sunshine guys and remember keep posting:A
MD xx

moneybuster

hi MB yes i have done the calculations for each of our debts and i think they are pants as well:o , but it goes off what you can afford which for us is very little:o , just hope the 3 CC and 1 load accept our offers we have left a little room to bump it up but not by much.

here's hoping

Regards Moneybuster

Tigert

trying_to_stay_positive wrote: »

Did most of your creditors accept the DMP?

Yes,

My DMP has now been running 14 months and all accepted within 3 months. All but 2 have stopped or reduced interest.

geoffmr1

Hello everyone,

My own advice to anyone wanting to join a DMP would be to speak to the National Debtline first. I was like many others on here & absolutely terrified of speaking with anyone about my debts. However, I eventually bit the bullet so to speak & called the ND. I just wish I'd known much sooner about them & had the guts to phone them earlier. I was never judged & was spoken to more like a friend in need than just a member of the public, it was such a huge relief when I came off the phone from them, it was like a real weight had been shifted.

I can only speak from my own experience but the people at ND especially the legal help side are so much more knowledgeable than those at CCCS & Payplan. Don't get me wrong but both these companies do their upmost to help, but I am with the CCCS & have found on the most important occasion that the information they gave me was wrong when it came to fighting a creditor. That advice nearly cost me an additional £8500 in court fees & a charging order all for an original £10000 credit card debt.

ND deal with both Payplan & CCCS & will go through your budget with you first, after this if you have enough spare cash per month they will ask if you want to do a DMP & will then based on your circumstances put you in touch with the best company for you.

happy_peach

Ianmak,

Thanks for my number!:j

Peach x

emmiloam

Morning everyone. I've only posted on here a couple of times but thought I would give you an update after surviving our first month on DMP.

We made our first payment via CCCS on 1st March after making token payments in Feb to our 5 creditors. During this time we have had ONE phone call which was from Next Directory who were very understanding. I explained we were going in to a DMP and gave them our reference number and they said they wouldn't call again unless they hadn't heard from CCCS within 14 days (which they obviously have).

We have heard nothing at all from anyone else barring Northern Rock via CCCS. Like a few others on here we have our mortgage and an unsecured loan with them. They said that they wouldn't accept the amount as it was too low. CCCS said no to worry and they would continue to make payments, but it may be the case that they sell the debt on (which we're not overly concerned about). We were a little worried about our mortgage so bit the bullet and called NR. Explained the situation to them and also that husband had started a new job and we were hoping to up our payments within a few months. They said to keep making payments for now and that was that. So we'll have to wait and see what happens there. They also confirmed that our mortgage would not be affected.

We also called Abbey regarding our OD who again were fab and said interest would be stopped within 3 months. This has now been confirmed and they will no longer add interest/charges.

Halifax CC are getting a few pounds short of minimum payment so have accepted and stopped interest.

The final one is A&L who we have a loan with. Haven't heard from them at all but on creditexpert is says arrangement in place so we're assuming they've accepted (fingers crossed).

On the brightside, it's payday tomorrow and we've still got £130 left in bank. I honestly can't remember the last time we had money left and we're in the black!!! We done seem to have gone without anything, have eaten really well and have also had our daughters first birthday, our anniversary and my niece's birthday this month. It really goes to show that budgeting works!

So to all of you who are just about to start out, it really does work and not all creditors are nasty. Keep positive and hopefully everything will look up for you too. Also, a very good bit of advice which I picked up on here is to buy yourself a slow cooker, saves a fortune off your food budget!

I am so pleased I found this board, it has kept me strong and positive and most of all has given me a wealth of knowledge on a subject I knew nothing about 2 months ago. I've been so ready and prepared for the calls, but they just haven't come at all here!

Good luck everyone
Em

newlywed

Hi all - just wanted to say....

as of today I am officially one third of the way towards being debt free!!

Only another 44 months to go..... :rolleyes:
must start thinking about creating a savings account for full and finals at some point (but at the moment all my debts are roughly equal sizes so no obviously ones to pick off for some time yet).

CornishMaid

Does anyone have any info on Skycard and/or Barclaycard? All other creditors have come on board now, apart from these 2 and they are being a complete pain in the proverbial!! (Actually they're the same company aren't they?)

- Skycard have accepted our payments for 1 month (??!!) but will still keep adding huge amounts of interest.
- Barclaycard are insisting we make a bigger offer and then they "might" consider it.

Is it just a question of keeping on at them til they change their minds or are they likely to pass the debts on?

Any advice gratefully received,
CM.

mummum2

newlywed wrote: »

Hi all - just wanted to say....

as of today I am officially one third of the way towards being debt free!!

Only another 44 months to go..... :rolleyes:
must start thinking about creating a savings account for full and finals at some point (but at the moment all my debts are roughly equal sizes so no obviously ones to pick off for some time yet).

Great news! :T