DMP Mutual Support Thread (Part 5)

debrag

haven't lost my job so will be increase my payments by £100 in April and will be debt free October 2010 unless I get a better paying job that is

warren100uk_2

Hope every one is well.

We have been speaking to the CCCS about our debts, and got to say, after the best part of 2 years struggling to pay our debts and having no standard of life, we now see a light at the end of the tunnel.

We got our pack today and before we start the DMP, just have afew questions that we hope anyone who is on one or has been can answer.

What are the chance of our creditors accepting the plan and freezing the interest?
We have debts with: HSBC,EGG, Metropolitan Collections,HFC,Argos, Barclaycard and M&S Credit card.

Also what happens if our income improves? We both work full time but have been thinking about one of us getting an evening job. Our concern with this is,we want to clear our debts but not run our selfs into the ground. My partner might be getting a job with Domino's in the evening, 2 nights a week, so working from 6AM to 12PM. She would take home around £150 if she does this job, but if it all has to be paid onto the DMP, is it worth it.

Any general advise about DMP's would be great to.

Have any nice evening.

Mark and Jo

2spicy

Warren, welcome. suggest you read the last 15 pages and some of the older threads.
Weve just began out DMP voyage too ( due to start on 6 feb and just going through the steps of letting creditors know). its certainly an "interesting" time for us.

general advice, dont kill youself to pay as much as possible off .. no one will thankyou. The DMP will be worked to give you sufficient funds to live on, plus there are a few loopholes too if you have the cash ( extra here and there ).
Generally, were looking forward to our DMP. we did our weekly shop tonight at a cost of £90 .. that means we have an extra £19 spare. multiply by 4 for a month and its looking good.

Good luck and post as much as you can. weve found it a great source of support


PS if you do have the extra income comming in ... Personally, I wouldnt declare it on the DMP .. just save it and drop the odd lump in here and there. or contact yoru creditors when you have a lump and see if they will accept a Full and Final Payment. ..... Just a thought

warren100uk_2

Thanks 2spicy, just starting talking about it has lift weight of our shoulders.

Toffee_Penny

Hi and welcome Warren :beer:

You are in the right place to start your debt free journey. A few of us have very big debts, owe enough to make you go like this :eek: in the mirror everyday but once you look around on this site, you will realise you are certainly not alone, you are not the only ones to have struggled by desperately trying to keep your heads above water before realising enough is enough.

Please don't feel ashamed about anything, no one cares here about how much you owe, no one has ever been judgemental either. We are all here to support each other in our quests to become debt free even if it takes some of us to the year never never

Toffee_Penny

Also Warren I second what 2spicy said about not running yourself into the ground with extra work, you will be the only ones to suffer if you take more hours on that what you can realistically cope with. After being with CCCS they contact you about 6 months for a review, if your income has gone up then they will adjust your payment to reflect this, the same if your income goes down or your bills rise (electric or gas etc) then your payments will reduce. Just make sure you don't skint yourself every month just to meet that payment, it is not worth it and will make you unhappy. If you find you are struggling at first to adjust then give them a call and they can adjust your payments, they are good like that.

It takes a while for the creditors to accept CCCS payments as they probably think because you have always paid on time, they think you are messing around or have forgotten to pay and you will receive scary sounding letters like they can take you to court etc. Don't be alarmed its standard practise, every one has had those kinds of letters sent through.

It is very scary setting up your plan at first as you do not know what to expect, I actually thought I'd have to go to court, I'd have debt collectors on my doorstep every night hassling me - it just doesn't happen like that.

Stick around on this site, please don't feel like I am being patronising but I promise you after a few weeks/months you will grow in confidence about how you feel about your debt and creditors. Your attitude changes and you will become stronger.

Good luck and take care and definitely stick around, if you have any queries then get straight on this thread and ask away.

Ooops actually just realised your name is Mark and not Warren, apologies

Kudox

Hey Toffee Penny and everyone, hope all is well today.

Hi Warren just to echo what the others have said really.

If one of you is going to take on more work then I would suggest putting the money somewhere safe and save it up to use to pay off the smaller debts one by one rather than putting it onto your DMP, that way if creditors don't reduce or stop interest right away (which they dont have to btw) it wont all get swallowed up in interest.

Good Luck with everything keep us posted how you're getting on.:beer:

Toffee_Penny

Just wanted to say had an offer today from Monument regarding ppi reclaim :j

but me being me I have to fight for the lot to get that total down!

one down..........

Kudox

Thats great news, was the offer a lot less than you were owed then? I dont blame you for sticking out for the lot, go for it, they'll probably give in in the end.

debrag

was wonderign if anyone had gotten to the stage where their payments were equal or more than the minimum payment? I know I am on some