DMP Mutual Support Thread (Part 5)

Kudox

hellywelly1 wrote: »

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

Hi The National debtline website has loads of template letters including the one you need. I don't know how to do the link thing sorr, but you could google it.

salstar_2

Hi, started dmp in nov with CCCs, phone seems to have calmed down at mo(fingers crossed), but need advice of what to do with Overdraft. Still have OD with LLoyds, but can,t include this on dmp as this is a joint account, and my OH is not included on the dmp just me. He doesn,t have any outstanding debt and i want to keep it this way. Would like to make this bank account just in my name, but not sure if the bank would allow this as there is debt on this account. Can anybody advice me on what to do? Thanks.

Kudox

salstar wrote: »

Hi, started dmp in nov with CCCs, phone seems to have calmed down at mo(fingers crossed), but need advice of what to do with Overdraft. Still have OD with LLoyds, but can,t include this on dmp as this is a joint account, and my OH is not included on the dmp just me. He doesn,t have any outstanding debt and i want to keep it this way. Would like to make this bank account just in my name, but not sure if the bank would allow this as there is debt on this account. Can anybody advice me on what to do? Thanks.

I was in the same situation when I started my DMP, which is just in my name, and cccs advised me to take my name off it, and leave it in DH's name, before the DMP was up and running.
I tried to do this but the bank refused to let me on the grounds that my other accounts were going on a DMP and all accounts that had my name on had to be included.
In the end I added the debt to my DMP even though the account is still in both names. The bank have not hassled DH for the debt but doubt it's done his credit rating much good.

salstar_2

Thanks, Kudox,
will ring cccs and sort it out tomorrow. Everythings still new to me and starting the dmp is scarey! OH knows we are struggling but i have tried to keep him out of it, as all the cc are in my name. I have never had a problem with debt before and never defaulted on anything, so this is very worrying at times, its good to read reviews from other people and how cccs and dmps have changed their lives. I hope it will mine, but ive been used to cc s for too long so budgeting is still quite hard. Thanks for your reply;)

Kudox

I never had a problem with debt before either, in the sense that I could keep up with the payments but things changed for us and things started to be a problem, until credit cards became my way to pay for everything.
Thing is even if I had still been able to maintain my payments that would still have been a problem eventually because I now want a life where I don't have to rely on credit cards to pay for anything.
I got my first card when I was 21 and now over 20 years later I'm finally paying for stuff with cash and if I can't afford it then I don't have it.
Try to get your OH on board as much as poss cos you need someone to talk stuff through with.
:beer:

Fullhouse

Hi All. I'm new to the site and will be having my telephone appt with CCCS 28/01. I'm hoping to be able to go on a dmp (fingers crossed!). The thing I'm most scared about is losing my car (which is on hp). I've included the payments in my budget but am worried that my creditors won't see £250 pcm as necessary for car finance. My round trip to work and back is 350 miles/week so I need something reliable. Has anyone else had experience of this they can advise me on?

Fullhouse

I was also wondering what experiences people have had with my creditors on dmps

First Direct
Albemarle & Bond
Money Shop
Welcome finance
HFC
Vanquis Visa
MBNA
Littlewoods
Argos store card

Any advice greatly appreciated

Kudox

Hi Fullhouse
I have HFC and they were one of the first to DMP and stop interest.

Having said that they have recently sent a letter saying they will accept for another month and then they want a full financial review.:eek:

Not that they will gain anything more out of me by doing that but if they want to waste their time they're welcome to.:rotfl:

sam89

Fullhouse wrote: »

I was also wondering what experiences people have had with my creditors on dmps

First Direct No problem, combined overdraft, loan and credit card into one debt, charge base rate +1% and have been very understanding and helpful throughout.
Albemarle & Bond
Money Shop
Welcome finance
HFC John Lewis Store Card and DFS finance, stopped interest, very sympathetic letters accepting DMP.
Vanquis Visa
MBNA Alliance and Leicester credit card, stopped interest and accepted DMP very quickly, within 3 months.
Littlewoods
Argos store card

Any advice greatly appreciated

Haven't dealt with the others, someone will be along who has I'm sure. Good luck with your DMP it really is the best thing I ever did.

Sam,
x.

Fullhouse

Thanks for that. Reading the posts on here helps as it makes you realise you're not alone. I haven't been in this situation before and I feel really nervous about it all