DMP Mutual Support Thread (Part 5)

dlb

msc1977 wrote: »

Well Done!

I'm not cancelling the DD's 'just' yet i'm going to do it in the next couple of days, i figure the sooner they realise the DD is cancelled the sooner they will start calling! CCCS told me not to pay any loans or CC's just token payments as you cannot be seen to be preferring one creditor over another. CCCS will send you a form to send with your token payments so your creditors know whats going on. x

Hiya your creditors will not know you have cancel dd untill they try to claim them, so makes no difference if you cancel them today or day they due out.:T

And all you guys just starting out should to mega proud of yourself, it takes alot of bottle to face up to your debts...but it will be the single best thing you have ever done!! I promise xx

BlueIsTheColour

I didnt find that to be the case when I cancelled my DDs, within a few days I had received letters from all of them stating that they had been notified that the DD had been cancelled and to contact them with alternative payment details, but thats just my experience, that was with the Halifax and Alliance & Leicester

dlb

If that does happen thats when you send off your token payment as your alternative form of payment (lol)

But iv never had this, but maybe different banks work differently, and if they phone (as a letter can be ignored) just tell them it was an accident that you canceled it online, and you have reinstated it and they will reciev noticication soon...play em at there own game!!

msc1977

i had this experience withh Egg a couple of years ago when i cancelled the DD by mistake, they were contacting me within about 48hrs - fine at that time as it was a genuine mistake but wont be this time!!!:-)) I guess its different for each creditor.

Moany_Money

Hi all,
I received a letter from MBNA stating they are going to accept my reduced monthly payments (through CCCS) on my credit card and reduce interest for a while. However Natwest are being a nightmare and have already threatened me with a CCJ. Most of my debts are with them, and they are being really nasty. Ironically they advertise CCCS's servives on their Moneysense leaflets!!

msc1977

I'm finding it really strange how the same companies seem to handle peoples debts in such different ways, there are people on here raving about the way Natwest have handled their debts as they have been so supportive and MBNA being extremely difficult. Is it totally dependant on each case ie how long you've been a customer / previous payment history / amount of debt etc or does it purely depend on who deals with your CCCS offer??? It bothers me that there are such extreme differences in how reasonable the same companies are being with different people......just something else for me to worry about!!!!!

dlb

Im my experience, alot of creditors start of not happy but after they see this isnt just a short term fix...i know people who have started a dmp then left after a few months (why??) so i think the crediotrs need to see you are serious about this, once they have recieved a few months payments by date asked for they soon start to come around.
Of cause you have those that are never going to be happy unless you pay up, but the worst on i had was Monument credit card, who just sold my debt on to Cabot financial a comapny that buys debts, and its been plain sailing since as they have been great and accepted lower payment.

Just remember also, the creditors that are threating ccj court action ect...are calling your bluff and trying to scare you, they know anyone who is with a dmp company and has continued to try and clear their debt that the court is going to favourable of, so they will not take you to court unless they really really have too, ie you not paying anything...again scare tactics...at the beigining it hard to see if they mean it or not...after 3 yrs i you get wise to it.

So if they take you to court and they make you show your finiacl statment, no court in the land is going to make you pay more than you can afford too!

NEWLIFE_WANNABE

msc1977 wrote: »

i had this experience withh Egg a couple of years ago when i cancelled the DD by mistake, they were contacting me within about 48hrs - fine at that time as it was a genuine mistake but wont be this time!!!:-)) I guess its different for each creditor.

This is one that I am more concerned about as they insist on payments by DD and I know they make contact very quickly as I too cancelled by mistake some years ago. I have cancelled my MBNA dd as from today but it isn't due till mid Feb. All others are paid through online banking apart from Egg. All my loans are paid by DD so will wait for the pack from CCCS before I do anything with these.

dlb

The one thing i have learnt not to worry about is my credit limit.
Yes some day i would like to buy my home, but what is most importnat to me here and now is getting debt free, so what if my credit rating is rubbish for the next 10 yrs, i wont owe anyone any money!

My hubby and me have be talkin alot today about the dmp what with moving away from the company im with now, and this is something we spoke about, neither of us are worried about the credit rating, but plan to `use` credit as a way to up our status once we are debt free, as one of our creditors still issue us cards as they say the account is in good order, we have always cut up the cards when they have come, but intend after clearing our debts in full to use this card. arhhhhhhhhhhhhh no i hear you cry...i will be using Martin MSE technique of using a credit card for one regular bill eg-petrol,council tax, but still treat it as cash...eg i phone up and pay council tax over phone on credit card, then straight after transfer the money to my credit card...meaning i have still paid cash on the same day but helped me back on my way up the credit rating ladder.

dlb

NEWLIFE_WANNABE wrote: »

This is one that I am more concerned about as they insist on payments by DD and I know they make contact very quickly as I too cancelled by mistake some years ago. I have cancelled my MBNA dd as from today but it isn't due till mid Feb. All others are paid through online banking apart from Egg. All my loans are paid by DD so will wait for the pack from CCCS before I do anything with these.

Egg has been great, infact they told me once they knew who the dmp company i was with was about cccs and payplan, advicing me that its free ect.
They have NEVER been in touch in over 3 yrs, and have stopped all interest and raised my credit limit (??) to make sure i didnt get anymore over limit charges too.