DMP Mutual Support Thread (Part 5)

msc1977

Ok so now i am in panic mode, i was feeling really positive this morning and had our bank accounts sorted out - changed a few DD's over for things like my NHS prescriptions, arranged for Child Benefit to go into the new acc...and then i started surfing the net again and now i'm thinking is a DMP really the right move? it will give us more money a month to live off than we have had in a very long time but what happens if one (or more) of our creditors takes the collection path all the way and wants to go to court? what happens to our fixed rate mortgage when it ends in two years? what happens to our credit rating if we want to move house in a few years - all this will still be on file even after its paid??? i really arent sure if we are doing the right thing now or not.....Will i continue to receive statements and letters from my creditors even if they do accept the DMP? i suffer with stress and my nerves probably bought on from money juggling for the last few years and i just need to be sure that i can cope with making this decision......thnks

happypeep4444

Hi everyone,

I have quite a large bit of debt, made worse by needing to use credit to pay credit!! I have been talks with CCCS and am having a DMP set up, which should start in February. Because of my outgoings, I can only afford to pay £129 a month to CCCS.

I have had a few letters back from MBNA saying that they won't accept the offers made to them, and are demanding more money. I haven't heard back from an of my other creditors yet, but am terrified with what they're gong to say!

I feel so ashamed of myself for getting in to such a mess and would do anything to have all of this cleared up! I've read really scary things on consumer forums such as this, where people have had a really hard time from their creditors!! I'm hoping and praying that I will be one of those people where it all works out okay with CCCS and the creditors!!

I'm sorry for the panicy messaging; I've never done anything like this before and am pretty worried, scared, panicked with what the years ahead are going to be like!! On the up side though, it's good to see that there is a lot of support and friendly people in these forums!!

Thanks for listening to my rant!! ......Fingers crossed!!!

msc1977

happypeep4444 wrote: »

Hi everyone,

I have quite a large bit of debt, made worse by needing to use credit to pay credit!! I have been talks with CCCS and am having a DMP set up, which should start in February. Because of my outgoings, I can only afford to pay £129 a month to CCCS.

I have had a few letters back from MBNA saying that they won't accept the offers made to them, and are demanding more money. I haven't heard back from an of my other creditors yet, but am terrified with what they're gong to say!

I feel so ashamed of myself for getting in to such a mess and would do anything to have all of this cleared up! I've read really scary things on consumer forums such as this, where people have had a really hard time from their creditors!! I'm hoping and praying that I will be one of those people where it all works out okay with CCCS and the creditors!!

I'm sorry for the panicy messaging; I've never done anything like this before and am pretty worried, scared, panicked with what the years ahead are going to be like!! On the up side though, it's good to see that there is a lot of support and friendly people in these forums!!

Thanks for listening to my rant!! ......Fingers crossed!!!

Hi happypeep

As you'll see from my post above we're in a very similar situation to you, i'm just in the process of collating all my paperwork and awaiting info from CCCS then sending out my letters etc, i imagine our plan will be in place by 1st March, poss 1st April in the meantime i'm going to make a token payment of £5 to each creditor. I'm on the emotional roller coaster and flit between thinking its a good idea and then panicking about how i deal with the phone calls, letters and possible situation of a creditor taking it all the way to court and think i should just muddle through as i am.

On the flip side if i can scrape a bit of savings together between now and the first payment and then we budget, well we could potentially have a better family life than we have ever had..when i think back to the times we have had to 'manage' till pay day or my daughter has had to go to a party and been the only one not in a party dress cause i couldnt justify the cost it breaks my heart and i know i really have no choice but to go ahead with the DMP, increase it if possible and be strong with the letters and phone calls! 6 yrs seems like a very long time but the other way was another two years of struggling like hell and then another 14 of paying extortionate interest till i'd be in a debt free position.

Good luck to you, i've only been coming on this thread for 24 hours and i feel like i've shared the burden for the first time..

msc x

cocker100

callywally wrote: »

Hi,
I started a low start dmp with cccs in nov.
I have recieved a solicitors letter from lloyds asking me to pay the whole amount.
They have not accepted my dmp although they are taking payments each month. They are still adding charges every month and threating to take me to court.
Is this normal? I am paying the most I can and there is no way that I can pay more at the moment.
I thought things were settling down but am really worried again now.
Any advice please.

Hi,

This is normal practice from Lloyds, so just panic too much. The letter will be from their in house solicitors(same address as collections centre in Brighton).

You will probably also start getting letters from their in house DCA, MHA collections too. These are just scare tactics to try and get you to pay more money to them.

Have you sent a CCA request to them yet? If they cant supply you with one, then the debt becomes disputed and unenforceable. A great bargaining tool, to get them to accept YOUR terms. Read stapeleys CCA request thread for more info on this.

Again, dont panic! You are not alone in this, and remember, they cant have what you haven't got.;)

Take Care,

Cocker:)

rcpbiggles

Can anyone help please? I've just had details through to complete the opening of my new account (with Barclays) and I have to sign to agree they can transfer my direct debits and standing orders.... which is fine and what I want to do.

However, it is also asking for my authorisation to transfer my credit balance (HAHAHA) and close my account (which is with Lloyds).
OK, so the problem is, my account at Lloyds is OD which is to be part of my DMP - what do I do now?
Has anyone had this happen to them?
Thanks!

msc1977

rcpbiggles wrote: »

Can anyone help please? I've just had details through to complete the opening of my new account (with Barclays) and I have to sign to agree they can transfer my direct debits and standing orders.... which is fine and what I want to do.

However, it is also asking for my authorisation to transfer my credit balance (HAHAHA) and close my account (which is with Lloyds).
OK, so the problem is, my account at Lloyds is OD which is to be part of my DMP - what do I do now?
Has anyone had this happen to them?
Thanks!

I could be wrong but anything i have left of my overdraft i will remove into my new acc as i have included the full value of my OD in my DMP , i wont move anything till Feb DD's have gone out and there will then be no activity on my acc till the end of the month when they charge me for my overdraft and my wages dont go in but by then my DMP will hopefully be up and running.

cocker100

rcpbiggles wrote: »

Can anyone help please? I've just had details through to complete the opening of my new account (with Barclays) and I have to sign to agree they can transfer my direct debits and standing orders.... which is fine and what I want to do.

However, it is also asking for my authorisation to transfer my credit balance (HAHAHA) and close my account (which is with Lloyds).
OK, so the problem is, my account at Lloyds is OD which is to be part of my DMP - what do I do now?
Has anyone had this happen to them?
Thanks!

Your new bank account shouldn't have an overdraft facility, as you are not allowed any new unsercured credit on a DMP. You only need to set up a basic bank account.
I would contact Barclays and explain that you only require a basic bank account and not a stardard current account.
Banks never offer a basic bank account to people with good credit ratings as appartently it costs them to set it up and they cant claw back any money in interest or charges because there is no overdraft on them. However, in the current financial climate, they are having to open more and more because we are all skint!!!:rotfl:

Cocker:)

ianmak

MSC & Happy. Try not to panic too much. You need to think of the alternatives, whatever they maybe. I have a mortgage and am well aware that creditors could try and use my property against me. But what is the alternative. Bankruptcy, remortgage or consolidation loan (if you can) or years and years (and years) of paying minimum payments to your creditors (and leading a miserable life).

As we all say, they can't really have what you haven't got, when it comes to remortgaging, I can't say, but I guess in the current climate, a standard variable rate wouldn't be too bad. My fixed rate is up in July so I'll let you all know what happens. You WILL end up with defaults, and you MAY end up in court, but hey, it's not the end of the world.

Sorry, I prob haven't helped here, but I'm just saying don't panic (again) and to speak to the DMP company or us if you have any questions or fears!

Kudox

Hi everyone, not been on for a few days as have been sick, but welcome to all newbies.
To everyone just starting off and wondering if they're doing the right thing etc, a DMP for me has been the difference between being able to get up in the morning function normally through the day and sleep at night, and being worried sick, afraid to answer the phone or open the post and not having a life basically.
It IS scary at first, but it DOES get easier and really is worth it in the end.
Not all creditors will play ball,stop interest etc at least at first but even if only some do then that to me is a bonus.
MBNA:eek: in particular can be horrible and will use every trick in their nasty bully boy handbook but at the end of the day it's all just tactics to try to get you scared enough to agree to pay more.
The one rule to remember is "They can't have what you ain't got"
Keep strong everyone and keep posting and reading this thread for the amazing support which can't be bettered. :beer:

hellywelly1

Hi all

I am currently sitting here waiting for a call from payplan,I spoke to them last night with our income and debt information.Is it normal to feel sick!!!
I would like to try to get organised,My Husband is sorting out a new bamk account tommorow and i need to let our creditors know what is going on and that we will be making token payments until a DMP or IVA os sorted.Is ther a link to a sample letter as i just can`t seem to think how to word the letter.
Thankyou

Helen