DMP Mutual Support Thread (Part 5)

Skintlady

Crisp £ note, Is an IVA a valid option for you? As if you have more going out than coming in i think the CCCS advise an IVA or Bankruptcy, The idea with the DMP is you have something to pay your creditors after all the essentials are taken care of!!!
Just be honest with your creditors and tell them you can't give them what you don't have!!!!

Did you speak to the CCCS on the phone as they normally advise you which route to take next!!!
As far as i can see the options you have are IVA bankrupcy, or finding the cash from somewhere like home equity etc.
Try not to get too down about it, and sometimes speaking to the creditors gets them off your back for a while!!!

Crisp_£_note

Hi

Thanks for the reply, I cant go bankrupt as it will affect my husband and his business same with an IVA, looked into it a few months back which is why we went to CCCS.

Way I see it is I can just about afford to find the £10 a month to pay creditors (10 debts at £1 each token payment) as I have given up my magazines. This in turn would free up a couple more pound as obviously I wouldn't be paying the minimum payments or repayments to cards and loans. This freed up money would then be used to feed us and for 'emergencies and repairs' (heaven forbid we have any).

Shall I just send the letter and see what happens? Do I need to include an income and expenditure list and if I do do I show what I owe all credit cards and creditors without including the payments in the Income and Expenditures?

- sigh! So confused, I just want to get it done

Thanks

crafty1

Just wanted to officially say Hi, i've been posting a little bit recently, but thought I should officially introduce myself!
I've just done the online debt rememdy with CCCS and a dmp has been recommended, we have debts of around £55k will be paying back £700 a month for just over 6 years (or less I hope!)
I am absolutely terrified of the 'unknown' but all all seem so friendly and nice, I'm thinking i'm probably going to need some support over the coming weeks/months, as apart from my OH nobody knows and that's the way I intend to keep it!

Crisp_£_note

Hi Crafty ad welcome!

Skintlady

Crisp_£_note wrote: »

Hi

Thanks for the reply, I cant go bankrupt as it will affect my husband and his business same with an IVA, looked into it a few months back which is why we went to CCCS.

Way I see it is I can just about afford to find the £10 a month to pay creditors (10 debts at £1 each token payment) as I have given up my magazines. This in turn would free up a couple more pound as obviously I wouldn't be paying the minimum payments or repayments to cards and loans. This freed up money would then be used to feed us and for 'emergencies and repairs' (heaven forbid we have any).

Shall I just send the letter and see what happens? Do I need to include an income and expenditure list and if I do do I show what I owe all credit cards and creditors without including the payments in the Income and Expenditures?

- sigh! So confused, I just want to get it done

Thanks

You could try writing to your creditors and come to some sort of agreement on a payment plan, The only thing is i don;t see them agreeing to £1 a month long term, £1 is ok in the month or two before you start a DMP but over a period of time they will want their money back and may start court proceedings etc, Sorry don't mean to scare you, just you maybe want to get more advice from the cccs.

Skintlady

crafty1 wrote: »

Just wanted to officially say Hi, i've been posting a little bit recently, but thought I should officially introduce myself!
I've just done the online debt rememdy with CCCS and a dmp has been recommended, we have debts of around £55k will be paying back £700 a month for just over 6 years (or less I hope!)
I am absolutely terrified of the 'unknown' but all all seem so friendly and nice, I'm thinking i'm probably going to need some support over the coming weeks/months, as apart from my OH nobody knows and that's the way I intend to keep it!

Hi crafty it really is a weight off your mind, it a good feeling knowing you are facing your debts and dealing with them!!! Be prepared for the creditors trying to psych you with phonecalls etc lol but its just par for the course. I wish i'd started the DMP years ago x

smcshane

Well, I have finally done it today - after 4 weeks of first speaking to CCCS I have put all the paperwork together and it is now in the post so nothing I can do about it:rolleyes:

I am still concerned about what my main creditor, barclays will do but hey ho at least I'm doing something positive and this way I can take control of my life again so me and partner can start enjoing ourselves again just a little and not always having the money issue in the backs of my minds.

It's going to be a 6 year haul, but one I am feeling optomistic about.

Anyone else a June starter??? So we can give each other a bit of emotional support as the day draws nearer.

Sx

MRSG2B_2

smcshane wrote: »

Well, I have finally done it today - after 4 weeks of first speaking to CCCS I have put all the paperwork together and it is now in the post so nothing I can do about it:rolleyes:

I am still concerned about what my main creditor, barclays will do but hey ho at least I'm doing something positive and this way I can take control of my life again so me and partner can start enjoing ourselves again just a little and not always having the money issue in the backs of my minds.

It's going to be a 6 year haul, but one I am feeling optomistic about.

Anyone else a June starter??? So we can give each other a bit of emotional support as the day draws nearer.

Sx

Honestly, once it's started you'll wonder why you didn't do it sooner! I'd been spiralling out of control for a while, yet once I started my CCCS plan it was a huge weight off my shoulders! I'm 2 DMP payments into my plan now, and although HSBC called my mobile about 10 times a day every day until they received the first payment, this has been the only contact I have had from a creditor! (And even they have gone quiet now they've had some money!) All creditors are different, but I have found most of mine quite accommodating so far.....just remember they can only have what you can offer and you'll be fine!

Good luck with your plan, sure it'll make things a lot easier for you...I've even managed to save some money for a rainy day last month! x

crafty1

i feel ready to cope with anything at the moment:rotfl:nothing can be as bad as been too scared to log onto internet banking and not opening bank statements etc.
i just want to live again, whatever 'they' say to me on the phone, they can't take away who i am, or what i feel for me OH and children, i am going to try and remain strong and remember that i am doing this so i can give my children a better life. I am not a bad person, just a silly one when it comes to money and I refuse to let anyone make me feel like a bad person :A

MissKJ

Here here Crafty1!

You know I have been on a DMP for 7 months and at first refused to speak to creditors, but actually, so far, all have been very nice about it. MY debt free date stands at year 2133, yes you saw it, 2133. However, I am now more relaxed about it all, have got my head sorted, and am considering taking over the DMP myself, as i am so confident that almost all of my creditors can be "paid off" with savings and negotiation by August 2011. And the last "biggy", snowballed for another 4 years, but not on a dmp (at full rate and overpaying). It will be tough going, but I am determined to get the DMP free dates so close I can actually count them! Watch this space for my new shiny diary, coming soon! I was up late last night number crunching, and I slept better than I had for years. Actually looking forward to my tough targets!

Chin up, keep going!