DMP Mutual Support Thread (Part 5)

ianmak

Thanks Clucky. I was a bit delicate, but work on Easter Sunday is going ok, all things considered...

rcpbiggles

clucky26 wrote: »

Hi again........
Just been reading through some of the older posts. I'm really panicking (yes I do that alot) all my cards have had major transactions on them recently, balance transfers purchases etc, are you supposed to stop making transactions before starting a DMP in order for them to accept it?

XX

As far as I know, creditors sometimes initially reject DMP if there is recent activity on the card but keep on with the payments and they'll come on board. The lead up to a DMP is the scariest part for me so far, but now we're about to start, I feel so relieved!

Our first DMP payment is 1st may with CCCS and I can't wait - I'm really enjoying budgeting with 'our' money rather than our overdraft!

rcpbiggles

Our first DMP payment comes out on 1st May (CCCS).
As we have changed bank accounts our Lloyds TSB accounts that were overdrawn have now gone over O/D limits due to charges.
On Thurs we received letters to notify us of charges of £90 and £70 for being over OD limits (from their charges taking us over, on top of the interest)!!!:eek:

I can kind of handle the interest short term, but will they continue to add charges like this once DMP kicks in?!! Otherwise we're 1 step forward, 300 steps back in paying it off.:o

Seems they're charging something like £6 a day for being over OD limit - I can't afford to put money in to take us under OD limit as the next lot will only take us over again anyway.

How can they justify £6 per day? :mad::mad::mad:
Getting my bank charges letter in asap for when the decision is made

clucky26

Thanks will just keep going as I have till it gets sorted!

I'm so scared, my OH doesn't know and I really don't want him to, so embarrassed that i've managed to get myself into this situation! You've all started to put my mind a rest although still frantic with worry!!

I transfered everything that was in OH's name into mine so he wouldn't know.

Just unsure as to what to do about joint account, O/D paid off now (transfered to CC) should I ask them to change account back to just my name? Have 2 x loans with them so don't think they will close it!

Thanks all, hope my rambling is not annoying, i know most of the stuff I'm asking has previously been covered! I keep reading back through old posts but just can't keep my mind concentrated enough to remember anything past a couple of hours! :o

cocker100

rcpbiggles wrote: »

Our first DMP payment comes out on 1st May (CCCS).
As we have changed bank accounts our Lloyds TSB accounts that were overdrawn have now gone over O/D limits due to charges.
On Thurs we received letters to notify us of charges of £90 and £70 for being over OD limits (from their charges taking us over, on top of the interest)!!!:eek:

I can kind of handle the interest short term, but will they continue to add charges like this once DMP kicks in?!! Otherwise we're 1 step forward, 300 steps back in paying it off.:o

Seems they're charging something like £6 a day for being over OD limit - I can't afford to put money in to take us under OD limit as the next lot will only take us over again anyway.

How can they justify £6 per day? :mad::mad::mad:
Getting my bank charges letter in asap for when the decision is made

Hiya,

Been there, done that, got the t-shirt!!!!!!!!:rolleyes:

Lloyds TSB have been by far the worst of my creditors on my DMP. Their internal structure is a complete joke and you never get the same answer twice from any department.

With regards to my former current account and overdraft with them, they continued to add interest and charges for 6 month before finally defaulting the account. This amounted to an extra £1000 added to the debt!!!:eek::eek:

Obviously, i'll be reclaiming this all back in good time. The way I see this now is that these charges and interest are now making me money. They WILL have to refund me this money eventually, but until they do I treat this money as being in a high interest account earning extra interest at a rate of 8%, as they will have to add this to any refund given, becuase this is what a court would award!!!:D

Nice!!!:D

Cocker:)

rcpbiggles

clucky26 wrote: »

Thanks will just keep going as I have till it gets sorted!

I'm so scared, my OH doesn't know and I really don't want him to, so embarrassed that i've managed to get myself into this situation! You've all started to put my mind a rest although still frantic with worry!!

I transfered everything that was in OH's name into mine so he wouldn't know.

Just unsure as to what to do about joint account, O/D paid off now (transfered to CC) should I ask them to change account back to just my name? Have 2 x loans with them so don't think they will close it!

Thanks all, hope my rambling is not annoying, i know most of the stuff I'm asking has previously been covered! I keep reading back through old posts but just can't keep my mind concentrated enough to remember anything past a couple of hours! :o

So have you taken OH's debt into your name?!
Do the loan repayments normally come out of your joint account? If so, you may find they continue to take the repayments from that account into your OD (had this happen to me with cc payments). I spoke to CCCS and as annoying as it is, although the OD is going up, the CC is going down so no difference at the end of the day really.
Not sure that you can take OH's name off without him knowing.

Don't worry about asking questions - it's a daunting time and I've only just worked my way through reading the threads, starting DMP next month. I'm sure I'll have lots more questions to ask and although they've probably been asked loads of times before, there's always someone to help!

It's madness but I feel richer now than I did before DMP! Like most people we had got to the point of robbing peter to pay paul, until peter had none left to rob!

I'm not even bothered about when our DFD will be at the moment - we were only paying minimum payment which would have taken about 40 yrs to pay off, so anything is a bonus!

Easter_bonnet

This is my first post (ever!) and I hope I am in the right place.

I had an interview with CCCS on Thursday and I am just about to write my first letters to my creditors enclosing my affordable payment as advised by CCCS (The start of DMP?).

I can't seem to get it out of my head that some or all the creditors will reject it and go for enforcement action - county court/bankruptcy etc.

Can anyone help?

rcpbiggles

Easter_bonnet wrote: »

This is my first post (ever!) and I hope I am in the right place.

I had an interview with CCCS on Thursday and I am just about to write my first letters to my creditors enclosing my affordable payment as advised by CCCS (The start of DMP?).

I can't seem to get it out of my head that some or all the creditors will reject it and go for enforcement action - county court/bankruptcy etc.

Can anyone help?

I'm not sure there's many people around tonight and I'm in the early stages of a DMP but from what I understand, even if a creditor takes you to court for a CCJ (or charging order), if you provide your I and E and evidence that you are working to try to pay off your debts with CCCS, the courts will generally only make you continue to pay the same on a CCJ - the only difference is that if you fail to pay, there are stronger implications.

It is important that you do not make life too tight to live on (things always happen that you have not planned for so you need room for flexability) so you can keep repayments up. That said, I know people have made reduced payments to repair a car etc or because the budget is too tight.

I'm sure there will be someone along that can offer more but wanted to answer you as i know how lonely it can feel at the beginning

cocker100

Easter_bonnet wrote: »

This is my first post (ever!) and I hope I am in the right place.

I had an interview with CCCS on Thursday and I am just about to write my first letters to my creditors enclosing my affordable payment as advised by CCCS (The start of DMP?).

I can't seem to get it out of my head that some or all the creditors will reject it and go for enforcement action - county court/bankruptcy etc.

Can anyone help?

Hiya,

Come on in and join the gang, we dont bite............honest!!!:EasterBunLOL

It would be unlikely that any creditor would go down this route as it actually costs them to do it. If you dont own your own home or have little equity in your house, then the chances of this happening are rare. Even if you do, please dont worry.

The fact that you are entering into a DMP and facing up to your debts is seen as a good thing by creditors so please dont worry at this stage. They may try and kick up a fuss to start with, but the vast majority of people on here have had their DMP's accepted eventually.

Keep posting on here for any guideance and advice whenever you need it!!!;)

Cocker:)

clucky26

rcpbiggles wrote: »

So have you taken OH's debt into your name?!
Do the loan repayments normally come out of your joint account? If so, you may find they continue to take the repayments from that account into your OD (had this happen to me with cc payments). I spoke to CCCS and as annoying as it is, although the OD is going up, the CC is going down so no difference at the end of the day really.
Not sure that you can take OH's name off without him knowing.

Yeah I've transfered his CC and our O/D onto my CC. Most things were in my name as he refuses to talk to anyone about anything over the phone!!
His didn't amount to much and it was all money we have both jointly spent!
He knows we're thinking of leaving Lloyds TSB as not happy with them and has changed his wages to be paid into A/L (then to be transfered to my A/C so can include them in CCCS figures as additional income) but he's not aware of the full situation, although I haven't lied to him, something I would never intentially do, I have been slightly economical when explaining!
He will sign a letter to close the account or take his name off it at least and I think I can ring and cancel overdraft over the telephone myself as I set it up myself over internet banking!
Reading this back I sound awful but I know if he knows the full extent he will probably have a nervous breakdown, don't think there is any point of him worrying too!

Just not sure what to do for the best regarding the account appart from this the only other thing we have joint is the mortgage and with the current downturn in the market we will only (I say this with the original amount of equity we did have in mind) have about £12K of equity but need that to continue on current mortgage rate!