DMP Mutual Support Thread (Part 5)

mcrfan

cocker100 wrote: »

The way I see it is like this.

You can struggle on month by month, paying only the minimum payment on your credit cards and hardly paying off the interest and basically throwing this money away..........

...........Or you can bite the bullet now and enter into a DMP where most interest and charges will probably stop within 6 month and start to actually clear the capital debt off your cards.

Yes, your credit file is wrecked for 6 years and you wont be offered any fantastic mortgage deal when your fixed rate runs out. BUT, the money you would be wasting on your minimum contractual repayments through interest would be significantly higher than the possible increase in your mortgage payments.

Also, dont forget, it is only for six years. Once the defaults are removed from your credit file, you are free to choose a better mortgage deal further down the line.

This is only my opinion, but read through this thread. How many times do you see people posting that "this is the best thing I have any done, I should have done it years ago!!!"

Good luck!!!

Cocker:)

Good words!
I was against doing a DMP last year due to The Fear but I realised after Xmas that I was getting nowhere and was in fact in a worse position with an extra credit card and overdraft!

Each month I struggle and run out of money and end up having to borrow and it's v stressful, no matter how much I plan I always seem to run out of money at the middle of the month!

I am v scared about doing all of this but the thought of having a proper budget that works and not being constantly up to overdraft limits and borrowing the few pounds available on my credit cards each month makes me happy.

Just hope all of my creditors are co-operative...

keeno

I have my second phone interview tomorrow between 6 and 8pm. Wish me luck all.

Im not quiet sure what to expect with this 2nd call, anyone fill me in?

Cheers

mcrfan

Just thought...I have not actually heard back from CCCS yet as I only sent the form on Monday. I am going to send my token payments and notification tomorrow - do I need to contact CCCS first? Do I need to make sure they are accepting my plan??

massivedebts

mcrfan wrote: »

Just thought...I have not actually heard back from CCCS yet as I only sent the form on Monday. I am going to send my token payments and notification tomorrow - do I need to contact CCCS first? Do I need to make sure they are accepting my plan??

Morning al

Mcrfan - if it was the DMP agreement form that you sent back then I thought you had already been accepted. I would still send your payments and notifications today, that's what I did for March.
Keeno - Good luck:beer:

MD xx

Daffykjs

Morning all,

A possible crisis in the Daffy household! My fridge is playing up!!! And i think it's the motor!! Eek! Really could do without repairing it or getting a new one! Not quite sure where the money for it will come from!

I've been told about freecycle today so have signed up and will be my first port of call!! So keep your fingers crossed some lovely local person wants to give me a fridge and I don't need to fork out for a new one or a new motor!!

debrag

got a statement from Marbles (HFC I think or MBNA) £35 in interest and I pay them £48!!!!
Had a letter stating that my account was with someone else (can't remember name) and that due to the state of my account Bank of Scotland wouldn't give me a credit limit.

Also Barclaycard are changing me interest from 0 to 0.5%!!!!

elsie52

Hi Keeno,

Good luck with your 2nd interview call this evening. We are with Payplan, and on our second call they needed all our balances outstanding and creditors, card references numbers and loan account numbers. Basically all your information re what you owe and to whom.:eek::eek: see my signature !

If I remember correctly, they then completed an expenditure form, detailing all the day to day living costs, and they are fairly generous with their allowances. They obviously have a check list of all items, because they even thought of things that I hadn't. Based on that, they they work out how much surplus you have available to pay your debts.

Don't worry, they are very understanding and will sort things for you.

Good luck and let us know how you got on.

cheesypuff

well today got letter form CCCS stating that MBNA the have rejected the DMP on both our cards and also got a letter from Barclaycard rejecting also:eek: so far only Abbey have come on board out of 12 creditors. There are still 6 we have heard nothing from!! Ah well no news is good news I suppose.

massivedebts

cheesypuff wrote: »

well today got letter form CCCS stating that MBNA the have rejected the DMP on both our cards and also got a letter from Barclaycard rejecting also:eek: so far only Abbey have come on board out of 12 creditors. There are still 6 we have heard nothing from!! Ah well no news is good news I suppose.

Hi CP:j
We have been notified that MBNA won't accept payments of our 3 cards either:mad: , gets my goat as they only ever wanted £25 a month pre DMP, now we're offering them £37 it's not enough!?!
[EMAIL="To**@rs"]To**@rs[/EMAIL]!!:mad: :mad: :mad:
MD xx

cheesypuff

Hi MD

I totally agree with you, they are greedy B***ers:mad: :mad:. Its strange some people have said that MBNA accepted straight away for them. It must just be your luck.