DMP Mutual Support Thread (Part 5)

ianmak

Not sure how the payments work, but what I do know is that PayPlan and CCCS work out their payments differently. So PP splits the payment equally according to the debt amount, so they all pay off at the same time, in theory. CCCS work out payments differently, couldn't say how though.

debrag

it's something like the following with payplan:

outstanding balance & balance as % of total debt then that % is taken from monthly total payment

they use a calculator like this

dlb

Each company obviously works different...but they all work!!
I like the way i clear the smaller debts first as it feels like im getting somewhere seeing the number of creditors reduce..and the bigger creditors are kept onside as their payments increase as one of my lower ones gets paid off.

So when my lowest 4 get paid off in may this year it means an extra £35 gets split between the remaining 4...not alot but every little helps. lol

elsie52

We are with Payplan and have been for 11 months. All our debts should finish around the same time, although some creditors are still charging us interest and don't seem prepared to budge on that at all. The people we have the biggest debt with, get the most and the smallest debt gets the least, and everybody in between gets a share divided by payplan. Pro-rata.

debrag

yeah it took ages for some creditors to stop interest, some only last year & I started March 06

dlb

Debrag we are at about the same stage then..iv been on dmp 3 yrs in Feb..its seems so long ago now since i started.

Must have had more luck than you with creditors as all mine stopped interest within 4 months or so of starting, apart from natwest they applied all the interest i would have paid on the loan if i had stuck to the original loan agreement and that became the ballance i owed them.
Only halifax have now started to apply interest agin as they say my account is in `good order` as they are receiving more than the min payment they are requesting each month.

One thing i am sure about though...it was the one best thing i have ever done. Wished i hadnt let things get so bad before starting the dmp.

marfan_not_martian

dlb wrote: »

One thing i am sure about though...it was the one best thing i have ever done. Wished i hadnt let things get so bad before starting the dmp.

I feel totally the same xx wished I hadnt let things get out of control before dealing with them xx

debrag

well not sure exactly how many or which creditors took a long time to stop interest as i moved and didn't get statements for ages.

HFC took til April 08 to stop & MBNA were a pain also but I think they stopped then added again then stopped again lol

depressed_but_determined

Hi everyone, I have been reading this thread since I discovered this site last week and I hope you will welcome me. I have just recieved and sent off my standard letter to all my creditors via the CCCS. I am still trying to claim back money from the thieving DMP company I encountered before I found this site. Fingers Crossed that they will see sense and give me back the initial payment.

I have a long way to go but I am totally committed, have ebayed all I can and now working from a strict budget to get debt free asap. I just want to say hello and I am so glad I found you all.

Due to start the DMP in February and I live for the day I don't worry about phonecalls or the post. My friend has kindly bought me a ticket for the !!!!!cat Dolls tomorrow night in Glasgow so I am going to go and prob enjoy myself for the first time in ages. It's amazing how much better I felt after I told my new hubbie and found people in similar circumstances.

Heres a list of my creditors, any advice regarding how they have treated you will be gratefully recieved!

EGG loan - £6100
Barclaycard - £7000
Virgin Money - £2800
Halifax - £3200
BOS Preference - £1800
MBNA - £10,600 (the worst one I am so ashamed)
Homebase - £700

It's going to be a long road but I am so glad I found this forum, if it wasn't for you all I would still be paying 15% of every payment to a DM company!!!!

Thanks for everything!

2spicy

Well done depressed. our creditors have all started calling ... the woest being Barclays and MBNA

our creditors are

EGG loan - £10,000
Egg CC - £10,000
MBNA Loan - £13,000
MBNA CC - £9,000
Barclay Loan - £5,300
Barclay CC - £3,300
Mint CC - £7,200
A & L Account 1# - £650
A & L Account 2# - £2,500

We paid off a £5,000 CC with Citi on December so were happy, but the rest of the debts are going on the DMP.

We've made FnF offers to Egg, Barclay CC and both bank accounts (offering each 50% of the total debt as an immediatle repayment)
If Egg donot accept the offer, well pay off one debt and keep the other on the DMP.
We have additional other savings totalling about £2000 so were looking to see who will accept our offer to settle.

Our DMP was worked out in November and it should pay off £650 a month between allour creditors
Since then though, with interest rates comming down, we are an extra £200 a month better off. This figure has not been included in payplans figures as yet so we intend to bank the spare and drop the off lump sum in or write to a creditor after a few month sand see if they will accept a FnF offer on the debt. (if its not accepted, we'll drop it in the DMP to be split across all creditors)
We have a forcast debt free date of 2016 but we would like to clear it in the next 3 - 4 years
That will mean, our HP agreements will all end at the same time, for once in our life giving us a monthly income of all bar our essential monthly commitments