DMP Mutual Support Thread (Part 5)

rachaelfleur

pageee2004 wrote: »

Hi all

Just wanted a bit of advice from those of you in the know really, if you don't mind.
I've just had my first telephone call (appointment) with Payplan, and the outcome being that we can either go on a DMP for 9 yrs for £64000 worth of debt ( i am bowing my head in shame:() or do an IVA.

Really unsure which way to go and head spinning at the moment....

Need to now start looking at getting new bank account as advised. Do i tell them about my credit cards when applying for the basic account?

Really don't like the look of the IVA (even though 5yrs sounds better than 9).

I am sure i am not alone here but really want to ensure we do the right thing..

Can i ask if we have any spare money above and beyond the set up DMP amount each month (made via ebay etc) can we automatically pay extra to get the payments down quicker?

I'm just starting my DMP so can't give you much advice but I'm pretty sure the 9 years will reduce as you work your way through a DMP. You'll probably find you have more many to pay debts as you gradually start getting rid of them and your circumstances may change for the better, a payrise etc. I would definately take the DMP term with a pinch of salt.

icecube2009

msc1977 wrote: »

I've had about half a dozen of these so far (loan and cc)...i've replied with one line it reads something like

DMP through CCCS reference number 123456.

And thats it:rotfl: .!!!!

msc xx

ah thank youl, they have been ringing me this morning too, the egg one was the only one that i had cancelled so far so am sure I have a lot more to look forward to!! will reply via email & say I am in middle of setting up a DMP
Thanks

DevonGirl

I'm not sure on this one. It's something I've thought of too. I have a BC CC with no balance and have only kept it for dire emergencies. Mind you they cut the credit limit by ½ recently stating due to my financial problems so I presume they check your credit file from time to time.

If your doing a self admin plan then I don’t see there being a problem, but if you’re using a company then I would check with them as you may be in breach of the T&Cs.


Hi Bigmommapuppet and rcbiggles! :beer:

Just in month 1 of my DMP with CCCS and must confess I've thought about the whole 'emergency c/card' thing. I know for sure that in the T&C of a CCCS you agree not to take out any other credit. Not sure how they find this out, and as said above, if you're doing your own DMP you can get away with it. However, in the nicest possible way , I would urge caution. if you're anything like me 'an emergency' can be something like a pair of shoes or new clothes for work or an MOT/car repairs. The trouble (I find) is that these emergencies are highly subjective and before you know it, you owe £500 and can't think out to pay it off, and so the cycle continues....

I would keep anything you make on E-bay, unless we're talking £1,000s, because this can either be used for treats, unexpected expenses or emergency funds.

Sorry, this is the first time I've posted anything going against what another user has said, I just want you to think carefully about having emergency credit. Not trying to be awkward or nasty!!!:D Hope you're still talking to me! :rotfl:
Best wishes
DG

rachaelfleur

DevonGirl wrote: »

I'm not sure on this one. It's something I've thought of too. I have a BC CC with no balance and have only kept it for dire emergencies. Mind you they cut the credit limit by ½ recently stating due to my financial problems so I presume they check your credit file from time to time.

If your doing a self admin plan then I don’t see there being a problem, but if you’re using a company then I would check with them as you may be in breach of the T&Cs.


Hi Bigmommapuppet and rcbiggles! :beer:

Just in month 1 of my DMP with CCCS and must confess I've thought about the whole 'emergency c/card' thing. I know for sure that in the T&C of a CCCS you agree not to take out any other credit. Not sure how they find this out, and as said above, if you're doing your own DMP you can get away with it. However, in the nicest possible way , I would urge caution. if you're anything like me 'an emergency' can be something like a pair of shoes or new clothes for work or an MOT/car repairs. The trouble (I find) is that these emergencies are highly subjective and before you know it, you owe £500 and can't think out to pay it off, and so the cycle continues....

I would keep anything you make on E-bay, unless we're talking £1,000s, because this can either be used for treats, unexpected expenses or emergency funds.

Sorry, this is the first time I've posted anything going against what another user has said, I just want you to think carefully about having emergency credit. Not trying to be awkward or nasty!!!:D Hope you're still talking to me! :rotfl:
Best wishes
DG

I would have to agree and steer away from 'emergency CC's' because as some of us know debt can just creep up on you from nowhere. I sell on ebay and keep the money I earn in my paypal account for emergencies.

DevonGirl

Hi all

Just wanted a bit of advice from those of you in the know really, if you don't mind.
I've just had my first telephone call (appointment) with Payplan, and the outcome being that we can either go on a DMP for 9 yrs for £64000 worth of debt ( i am bowing my head in shame:() or do an IVA.

Really unsure which way to go and head spinning at the moment....

Need to now start looking at getting new bank account as advised. Do i tell them about my credit cards when applying for the basic account?

Really don't like the look of the IVA (even though 5yrs sounds better than 9).

I am sure i am not alone here but really want to ensure we do the right thing..

Can i ask if we have any spare money above and beyond the set up DMP amount each month (made via ebay etc) can we automatically pay extra to get the payments down quicker?


Hello pageee :beer:

I think I answered one of your questions in my last post by accident. As far as I know, with DMP if you make a small amount of money you'd be better off just keeping it as an emergency and/or treats fund. Although all the basics are taken care of on a DMP, it's all cut pretty fine so you have to take any extra money as you can. If you make a large amount of money (and when I spoke to a CCCS advisor I used the example of an inheritance or something), then in this can be sent to the DMP organiser and they will divide it up between your creditors.

With regards to IVA/DMP I think only you can decide what feels right. I do know that an IVA is pretty close to insolvency. If the IVA goes wrong you could end up bankrupt, and even if it doesn't, they can still make a claim on the equity on any property you own, so I guess it depends on your individual circumstances.

Hope this helps
Best wishes
DG

pageee2004_2

Thanks Rachaelfleur & Devon Girl for your help, to be honest i am now feeling a whole lot better about things, and have decided to go with the DMP as been thinking 9 yrs seems a long time, but that is the maximum and the option is always there for me to reduce this if i can, rather than the extreme ways of the IVA..
I have now been sent the e-mail from Payplan with regards to our breakdown of figures etc and think we will manage as they have allowed for things i did not think they would.
To be honest i will just be nice to have a bank balance which i know is mine rather than all my debts...

Thanks all for all your help and support, look forward to many more chats with you all...

cocker100

:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:

Oh no, what are we all going to do???????

The MSE forums are closing at 10pm tonight until Sunday for a major upgrade!!!

No DMP thread for the weekend!!!!!!!!!
:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek:


Cocker:)

rachaelfleur

pageee2004 wrote: »

Thanks Rachaelfleur & Devon Girl for your help, to be honest i am now feeling a whole lot better about things, and have decided to go with the DMP as been thinking 9 yrs seems a long time, but that is the maximum and the option is always there for me to reduce this if i can, rather than the extreme ways of the IVA..
I have now been sent the e-mail from Payplan with regards to our breakdown of figures etc and think we will manage as they have allowed for things i did not think they would.
To be honest i will just be nice to have a bank balance which i know is mine rather than all my debts...

Thanks all for all your help and support, look forward to many more chats with you all...

It's the best feeling ever, I think you've made the right decision. I know the debts haven't disappeared but it's so much easier making one payment to CCCS/Payplan then making lots of teeny payments to creditors and being left with nothing to live on. Good luck and keep us posted on how you're getting on.

cocker100, I can't believe it, the weekend is the only real time I get to spend on here. I guess I'll just have to catch up on Monday at work :rotfl:

Daffykjs

msc1977 wrote: »

It is ridiculous and i am having exactly the same experience - personally if it takes me couple of extra months of DMP payments to avoid paying fatwest now then so be it! if they realise you can cover the charges once they will expect you to do it all the time.

First payment went to CCCS today :j no more creditors have come on board yet and will be interesting to see if any of those that have, have a problem not receiving their CCCS pmnt till 25th of the month! Have received a letter from Egg loan (or was it CC???:rolleyes: ) to say account going to DCA...about time:rotfl: :rotfl: :rotfl:

I'm not sure i can stick around for the party:D I'm caning the overtime while i can and working 11 hour shifts at the moment (hubby is bk on short, short hours!!!:mad: ) so i'm off to bed soon! Have fun xxxxx

That's a very good point!! I hadn't thought of it that way!

Also if it was a cc or loan and they were still charging then that could be increasing too so i guess it's just the same thing except i can see it happening in front of me easier!!

Ta!

mcrfan

Well my dmp starts this month and all has been quiet so far it's making me a bit uneasy.... my loan payments were due yesterday and credit cards due over the next few days.
My virgin credit card account is now no longer available for me to log into online...guess that means they are in receipt of the dmp proposal. Seems silly that they block your online access, what are you gonna do with it except for viewing your balance, request a credit limit increase!? :eek:

Rang CCCS to see if they have had any response and they said they have just had one from Natwest with my overdraft - this was an account that I opened purely to get an overdraft last December I know v bad. I am currently paying in £6 a month to cover the interest and on the DMP they would receive £12 so more than they are getting yet they have rejected it!! From what I have read on here they seem to always reject DMP payments do they just not want the hassle? CCCS reckon they will sell this onto a DCA - it's only £500 it's one of my smallest debts, just seems bizarre really.

CCCS suggested that I could call everyone else as I have not received any responses, not sure if I want to do that. Is that what you guys do or do you leave it and wait to see what happens?
On my virgin log in screen it gives me a number to call following the blocking of the login should I try them?