DMP Mutual Support Thread (Part 5)

Gemmzie

Donna, don't set up direct debits! Standing orders are okay as you control the amounts but DD can be used as an invitation to take payments from your account.

dlb

If they take more than they should which under dd law they cant, i will just cancel them the day they take them out as i can do this will my bank.

marfan_not_martian

Hooray - had confirmation yesterday that Capital One have agreed to accept the payments from CCCS - not sure if they are freezing interest yet though - has anyone else had any dealings with capital one? Do they let you know if they are freezing interest?

Hope everyone is enjoying the weekend - its freezing today and they forcast snow for tommorow - not looking forward to that :rolleyes:

Set up my standing order to pay CCCS today online with Coop - first payment due to them 1/3/09 and tomorrow I am going to make token payments for a few of my debts at post office instead of sending postal orders.

Off to make a big batch of potato and leek soup - I am doing so well with my shopping budget and have managed to stash away an emergency fund so that when my DMP starts I have a bit for back up so all in all a good start to 2009 thanks to everyone one here and CCCS and me for finally getting my head firmly out of the sand xxxxxx

harvey180

Hi,

I'm in the process of getting a DMP setup through CCCS and sending token payments to all creditors at the moment until plan is in place.

One small point I can't find answer to is where to send the payment for my LLoyds OD and Personal Loan.

I have the Brighton central address, but not sure if I should send token payment here or to the local branch.

You guys are a great source of support and any pointers would be greatly appreciated.

Thanks,

Jon

andreweduk

I'm a bit worried today, because I usually get paid on 28th of each month, directly into my bank account. I know the money was transferred on Thursday morning at about 8.30am, but it's still not appeared on my online banking yet and my CCCS direct debit goes out tomorrow

I bank with Co-Op and apparantly because they aren't part of the Faster Payment System agreement yet, it takes 2-3 working days to appear in my account. Now, that should mean it should have appeared on Saturday (usually does after 2 days, and I've had cheques clear etc on Saturdays before), or Monday. It didnt go in on Saturday, so it will appear on Monday, but that's when my DD will go out for CCCS. Do you think the Direct Debit will be taken OK?

JES_F1

Hello! :hello: It's been a little while since I came in here - must catch up with all the posts!

Well, tomorrow I will make my 12th payment to the CCCS for my DMP so one year down and about four to go (assuming same monthly payments and interest/fees remain frozen).

Though I've felt a little sad at times about the amount of my debt and wondering where all that money went, the feeling of relief at seeing my payments making a dent in my debts is wonderful! I do miss a few things from the "old days" - such as spontaneously deciding to go away for a weekend (about four or five times a year :eek: as well as a holiday) - but now realise the credit cards rather than me were paying for the trips (despite having some wonderful memories).

I'm fortunate to be able to pay a sizeable amount each month to the DMP, and still have a pretty good life on my allowances - a year ago, I was horrified at having so "little" to live on! I realise now that once my debts are paid, I can have a great time living within my current salary without the need for piling loads on credit cards and "worrying about them later".

I've also loved signing up for the £10-a-day challenge! Though I've not made the target every month, I've loved adding stuff to Amazon, Play, and Green Metropolis - and making some extra money, which I used for Christmas, and am now keeping in a separate account, which I am considering using to treat myself to a weekend away later in the year (or more sensibly to offer as a full and final settlement - or maybe even both!).

I admit to treating myself to small things occasionally, and there are a few things that I'm not (yet) prepared to scrimp on. Where possible, I do buy "value" or supermarket-own goods, but have found some of the value stuff to be quite grim (and/or not always cost-effective). We have a market twice a week in my town so always get my fruit, veg, eggs, and a few other bits (like bin liners) at that. We also have a farmers' market twice a month, so get a couple of bits at that too. I've also started making my own soup - don't know why I've never done this before! I've loved following the food threads - and have picked up some great ideas!

I've also used the 2-for-1 vouchers for Pizza Express and Zizzi's several times. My friends have been just as appreciative of these as me - we've been able to enjoy lunch out together as well as saving some money!

I'm not going to say "never again" to a credit card as I think they can be invaluable used properly. However, I know that in future, any use I make of credit cards will be for proper emergencies or larger purchases, which I will pay back in as short a time as possible (and not be left to fester!).

Best wishes,
J.

JES_F1

marfan_not_martian wrote: »

Hooray - had confirmation yesterday that Capital One have agreed to accept the payments from CCCS - not sure if they are freezing interest yet though - has anyone else had any dealings with capital one? Do they let you know if they are freezing interest?

Capital One are one of my creditors - and they accepted the DMP and were very quick at freezing interest/fees.

I've been on my DMP for a year, and have recently received a letter from Capital One saying the reduced payment plan has now come to an end, and offering two options: a short term repayment plan, clearing the arrears within six months, and a long term repayment plan, which will be reviewed every 12 months. I've gone with the long term repayment plan - Capital One are likely to default the account as part of this option (they advise of this in the letter) but interest and default-related fees would not be added to the account as long as I keep to the agreement.

Hope this helps - and very best wishes for your DMP. It really was the best thing I could've done. (The first couple of months can feel a bit grim but once it all settles down, it's been a huge relief.)

Best wishes,
J.

marfan_not_martian

JES_F1 wrote: »

Capital One are one of my creditors - and they accepted the DMP and were very quick at freezing interest/fees.

I've been on my DMP for a year, and have recently received a letter from Capital One saying the reduced payment plan has now come to an end, and offering two options: a short term repayment plan, clearing the arrears within six months, and a long term repayment plan, which will be reviewed every 12 months. I've gone with the long term repayment plan - Capital One are likely to default the account as part of this option (they advise of this in the letter) but interest and default-related fees would not be added to the account as long as I keep to the agreement.

Hope this helps - and very best wishes for your DMP. It really was the best thing I could've done. (The first couple of months can feel a bit grim but once it all settles down, it's been a huge relief.)

Best wishes,
J.

Thanks for the info Jes_F1

I have received a default letter from capital one already. I think the next few months are going to be a bit rough waiting to see if my creditors accept the plan and freeze charges. But at the end of the day if they dont - theres not a lot I can do. It will just either take me longer to pay the debts or I will end up going bankrupt and none of them will get paid as I am on benefits and am likely to be for the forseeable future.

I do worry like when the phone rings thinking "oh my god it could be a creditor" but so far I have not had any phone calls since sending the CCCS letters off. Maybe its the calm before the storm, but I am not going to get myself worked up about it as I will just end up even more ill than I already am.

Thanks for your best wishes I too feel like a big weight has been lifted from me and I now have fun juggling my shopping budget (which I am doing rather well at :j ).


I would advise anyone to contact CCCS if they need help as they are so nice to deal with and dont make you feel ashamed at being in debt even though its how some of us feel. CCCS and everyone on MSE may you feel proud about dealing with your debts and thats a feeling that I have not felt for an awful long time.

:beer: Well done and Cheers everyone for your continued support

massivedebts

Hello
I've been reading through the thread, and I hope you don't mind me posting for a little advise pls! We are 60k in debt and are really scared now as cannot carry on like this anymore. I rang CCCS and have a telephone appointment with them on 17th Feb (it seems like ages away!), however since reading the thread Payplan sems to be used by many of you. Is there a difference between the 2, and is one better than the other. I'd really appreciate any advise.

dlb

Both are fantastic and are free to have a dmp with.
Both provide almost the same service...and the call may seem along time away but it will be the best thing you have ever done the worry will soon stop.
Well done on making the first step.
Donna
xx