DMP Mutual Support Thread (Part 5)

moneybuster

sent a CCA request to capital One 11 days ago, all they have sent so far is a signature request letter, so i sent them the template "i don't have to provide a signature letter back"the question is when do i send them the 12+2 letter is it 2 days after the deadline which will be the 27th Monday so i send the letter Wednesday recorded delivery is this right.

regards moneybuster

rcpbiggles

Morning all!
Sorry not been about for a couple of weeks - been madly trying to earn some extra pennies!

Well, our first payment to CCCS goes out on 1st May which I'm looking forward to - but we've started on the nasties.

Lloyds have sent a letter to tell me my charges for being over my OD limit (I'm only over because of their last charges) will be £175 this month :eek: Getting depressed - how can I ever pay it off with charges like that? I can't pay any in to take me under my OD limit so it's going to go up and up and up.....

DH has had a letter from Solicitors for his LLoyds loan (in arrears obviously after a couple of months of token payments) with demand for immediate payment or commencement of legal proceedings - have read all about this but now it's happening I'm petrified.

They won't get a payment for another month yet (by time CCCS have distributed our payment) so should we write to solicitors to inform of DMP?

Not in a happy place to day

newlywed

rcpbiggles wrote: »

Lloyds have sent a letter to tell me my charges for being over my OD limit (I'm only over because of their last charges) will be £175 this month :eek: Getting depressed - how can I ever pay it off with charges like that? I can't pay any in to take me under my OD limit so it's going to go up and up and up.....

DH has had a letter from Solicitors for his LLoyds loan (in arrears obviously after a couple of months of token payments) with demand for immediate payment or commencement of legal proceedings - have read all about this but now it's happening I'm petrified.

They won't get a payment for another month yet (by time CCCS have distributed our payment) so should we write to solicitors to inform of DMP?

Hiya, The overdraft thing - that's why you are advised to set up a new bank account before the DMP. Then don't look at this as an overdraft, just look at it as another debt - and possibly £175 would be a minor debt compared to your full total so don't sweat too much. They will just get a small proportion of your DMP payment and like it or lump it

The charges don't usually go on forever - most banks stop them after a few months.

As for the loan - yes I would just reply saying thanks for your letter, we're with CCCS and here's our reference number - speak to them regarding payments.

As for proceedings - often it's a default notice and transfer to a debt collection agency and sometimes nothing more. That just means a black mark on your credit rating (which is likely to be bad anyway) - and no more charges. DCA's are often more quick to accept your reduced payments.


Just try and ride out the storm for a few months. As soon as others stop interest and charges, you will feel better about the one or two who are being more awkward

Your debt will go up slightly during the start of a DMP because often the banks won't accept the DMP and stop charges until they see actual payments coming in (think it takes that long for them to actually believe you ). You will be paying a reduced payment and they will still charge interest and charges etc for a little while. Mine took 4 months till all of them stopped interest (apart from FD who are only charging me interest of 1% above base rate instead of 19%apr) (some stopped interest after 1 month though).

rcpbiggles

newlywed wrote: »

Hiya, The overdraft thing - that's why you are advised to set up a new bank account before the DMP. Then don't look at this as an overdraft, just look at it as another debt - and possibly £175 would be a minor debt compared to your full total so don't sweat too much. They will just get a small proportion of your DMP payment and like it or lump it

The charges don't usually go on forever - most banks stop them after a few months.

As for the loan - yes I would just reply saying thanks for your letter, we're with CCCS and here's our reference number - speak to them regarding payments.

As for proceedings - often it's a default notice and transfer to a debt collection agency and sometimes nothing more. That just means a black mark on your credit rating (which is likely to be bad anyway) - and no more charges. DCA's are often more quick to accept your reduced payments.


Just try and ride out the storm for a few months. As soon as others stop interest and charges, you will feel better about the one or two who are being more awkward

Your debt will go up slightly during the start of a DMP because often the banks won't accept the DMP and stop charges until they see actual payments coming in (think it takes that long for them to actually believe you ). You will be paying a reduced payment and they will still charge interest and charges etc for a little while. Mine took 4 months till all of them stopped interest (apart from FD who are only charging me interest of 1% above base rate instead of 19%apr) (some stopped interest after 1 month though).

Thanks for the reassurance newlywed. Of course I know all this from reading about other's experiences but not it's started to happen, the panic set in!!

I have set up a new account (Natwest Step) and ironically we feel better off than we have for ages. I just feel so despondant that they are charging me for going over our limit because of their ridiculous charges!! Am definitely going to get the ball rolling on reclaiming for when that goes through!

On the plus side, we had a nice letter from Nationwide saying they accept our reduced payments but to warn us the arrears on our loan will show on our credit report - fair enough!

Thanks again

newlywed

Glad you've got another account.

Try not to think about it too much - it's not really your money they are taking - they are just increasing your debt a bit - probably to try and get as many charges in now as they can before they default it and get no more interest or charges at all

Plus, as you say, hopefully you will be able to claim all the charges back - so in the longer run, it may not make much difference to you anyway.

Chin up - you will have money for food, petrol, bills etc without having to worry about unexpected credit card bills - all the way until your DMP is over and it's all paid off

Daffykjs

Hi all,

haven't been on in a few days. Been off with this stupid tooth (which is now gone but the infection still hasn't! argh! this has been going on over 3 weeks now!) and also some holiday for hubs birthday (didn't go anywhere i hasten to add).

Anyway, hugs for Sunshine and Daisy, hope you're doing ok. I agree with the temptation thing. i failed miserably at the budget last month. i think i got complacent as the two months before i ended in the black. luckily however i have a buffer in the bills account so it's all ok. And I've had a very small but still there payrise so today i bought a cheap new camera! oops! I do still seem to be able to get the odd extra altho i always feel guilty coz i feel i should be saving any extra (our tele blew yesterday, it doesn't rain it pours i tell you), but i'm a lot better than i was. i must be carfeul to not get back into bad habits tho!

I'm sure you've thought of this but do you have sky and other things that aren't included on the I&E that you could maybe cut down on? these would have to be the first things to go for me if the money started to not be enough anymore. I've reduced my mobile phone plan, but our sky package is still quite high!

Daisy is your DP on the DMP too? or just you? Sad to think you can't get round it some way, i hope you can. but moving home should be good for saving on most outgoings at least!

Biggles, i had this od palaver with natwest too. but weirdly it seems to have stopped now. and they seem to have actually given ME money!! I'm still confused about this as being ill i haven't really been looking at all the finance stuff (head in sand with other things to think about and moan about). Obviously not complaining but not counting my chickens either!

As far as everything else, i've now had a few letters terminating accounts (3 months, nearly 4 in) and hubs received a letter from one asking him to contact them. I still have no idea why they still want to talk to him and i told him it was up to him if he wanted to ring them! he'll probaby ring tomorrow.

and that's it really. need to do some updating on my filing, spend diary and posting stuff to PP tho! i've been very slack on it all!

cheesypuff

Hi

Could anyone please direct me to the letter to stop the harrassing phone calls please.

Thanks

cocker100

cheesypuff wrote: »

Hi

Could anyone please direct me to the letter to stop the harrassing phone calls please.

Thanks

Hiya,

Try post 5 in the following thread:

http://forums.moneysavingexpert.com/showthread.html?t=963087

Cocker:)

cheesypuff

Thankyou Cocker

Havent been on for a few days, but I see a few others are feeling stressed at the moment also, like myself. Aagh!! The blasted calls have started again with a vengence. After not a peep for over a month the Nationwide and RBS have been ringing I dont know how many times staring from 8 in the morning. Then to crown it all off I got a text from a collegue to say the Nationwide have been ringing work 3 times a day despite them telling them that I have been on long term sick since Jan. How embarrassing!! so I rang them and let rip this afternoon, they said my pyt offer was too little and they are passing onto a DCA after 90 days. I told them to do what they have to do but I have no more money to give. I then asked for the calls to be stopped and he said he would put a stop on for 2 wks. (How generous) I am sending off the harrassment letter to both of them today.

Know what you mean about budgeting we too have been sailing close to the wind this month and only have £2.50 left until payday tomorrow. Its so hard to brreak old habits isnt it, but the difference is no O/D or C/C to fall back on now, if the money isnt there we are stuck!! DMP starts this month with CCCS on 1st May so will have less agian, will really have to pull the horns in.;)

muddlemess

Hi just wondered is anyone else on a DMP for 15 years? I can't beleive how long i've had my head buried in the sand....how did I manage to pay things for so long....