DMP Mutual Support Thread (Part 5)

Althea

Hi Suzie ... don't know if I can be much help, but I have Barclaycard as one of my creditors and they've been great with me, accepting the DMP immediately without any form of harrassment, and although they didn't completely stop interest, they did reduce it drastically to I think about 4%. However, you need to bear in mind that creditors react in different ways to different individuals, so my experience may not be the same as yours!

CCCS are fine with you having a debit card, since that doesn't run up any credit - it's credit you are not allowed in any shape.

I believe that CCCS do expect you to include ALL debts, however small - but if you're unsure, I would take it up with CCCS directly. Remember there is another thread on this board (stickied) called "Ask a CCCS counsellor a question" if you want to post on there rather than asking CCCS directly - someone from CCCS answers the questions posted on that thread.

The best of luck with your DMP!

franny

Happy New Year everyone

I have been on my DMP with the CCCS for 1yr 8mths. Last month I received a Notice of Sums in Arrears from Capital One saying that I have only partly paid my monthly payments. They have accepted my DMP payments until now but now I am being told my monthly minimum payment is £90+ on a balance of £1500 ish.

It is clear that they have stopped accepting my reduced payments but I am, not sure what I can now do. Do I contact Capital One or the CCCS? I cannot afford to suddenly start paying them £90+ per month. All of my other creditors are still happy with my DMP. Why have Capital One decided to revert back and at such a high amount each month.

Many thanks for reading.

Althea

franny wrote: »

Happy New Year everyone

I have been on my DMP with the CCCS for 1yr 8mths. Last month I received a Notice of Sums in Arrears from Capital One saying that I have only partly paid my monthly payments. They have accepted my DMP payments until now but now I am being told my monthly minimum payment is £90+ on a balance of £1500 ish.

It is clear that they have stopped accepting my reduced payments but I am, not sure what I can now do. Do I contact Capital One or the CCCS? I cannot afford to suddenly start paying them £90+ per month. All of my other creditors are still happy with my DMP. Why have Capital One decided to revert back and at such a high amount each month.

Many thanks for reading.

I would suggest you contact the CCCS and ask them how to handle this. I would expect the CCCS to contact Capital One on your behalf. I do understand that creditors can/do review special payment arrangements and some can revert expected payments back to a higher level, but hopefully the CCCS can re-negotiate with them for you.

franny

Thank you very much for your reply Althea, I have just emailed CCCS, let's see what I have to do...

suziepoor

Hi just wanted to say thanks for all replies to my queries.
I am going to pay off the store card balances before the dmp starts as they are quite small and i should be able to do that.

Am putting my last transaction (car mot!) on my credit card on monday then thats it not using it anymore, so if dmp isnt set up till feb/march there will be about a month or so before without any transactions, so hopefully should be ok.

suzie
xx

sam89

suziepoor wrote: »

Hi just wanted to say thanks for all replies to my queries.
I am going to pay off the store card balances before the dmp starts as they are quite small and i should be able to do that.

Am putting my last transaction (car mot!) on my credit card on monday then thats it not using it anymore, so if dmp isnt set up till feb/march there will be about a month or so before without any transactions, so hopefully should be ok.

suzie
xx

Hi Suzie,

Your plan sounds really sensible. Remember too that you should only be making token payments (£1 each) to your creditors from now until the DMP is started so you can save some money for an emergency fund.

Sam,
x.

rayday2

Hi everyone! Apologies again for not being around but I have had my youngest one in hospital and shes still not well. I have just done a bit of filing well 3 months of it and realised I have not been keeping up to date on things so from a selfish angle I really need to dedicate more time to this DMP.

Catalogue companies who I owe the least too are being real pains in the bum so will kick them when I work out what to do.

Hope everyone has had a good Christmas and New Year. Take care xx

Kudox

Hey everyone, Happy (debt reducing) New Year!
Just catching up on the thread, not been on here since before Xmas, feel the same as everyone else about doing everything with cash, no credit, feels good but weird.
Onwards and upwards for us now, I'm looking for a new job, thats my new resolution, wish me luck.:eek:
Am feeling everyones pain about holidays, etc, we'll be lucky to get away camping, but will enjoy it all the more if we do, cos it will be all paid for with actual money, Yay!
I had to laugh and agree with the posts about holiday preparations, no bikini diets or endless bottles of suntan lotion to buy, or worrying about pasty white bodies on the beach,:rotfl: see every cloud has a silver lining!:j
Good Look all fellow DMPers and lets hope 2009 is good to us

2spicy

Well, the DMP is due to start on 1feb 09. and weve had a quiet, low cost Christmas. Well, aside from the TV breaking. Still, there were some great deals on.
Anyway, back to the DMP.

Our Creditors in November were as follows ..

November 08
Amex - £550
Capital One - £1000
MBNA CC - £9320
MBNA Loan - £13,000
Egg CC - £4500
Egg Loan - £10,000
Citi CC - £4650
Barclay Card - £3300
Mint CC - £6320
Barclay Loan - £5100

Total - £57,440

After realising we had an endowment that wasnt going to make a million, we decided to cash it in. Now, were looking at the following debts.

January 09
Amex - £0
Capital One - £0
MBNA CC - £9320
MBNA Loan - £13,000
Egg CC - £0
Egg Loan - £10,000
Citi CC - £0
Barclay Card - £3300
Mint CC - £6320
Barclay Loan - £5100

Total - £47,040

Were also looking to wipe out our Overdrafts by defaulting on Jan / Feb's creditors payments, and, offering them a £25 token payment (we thought of doing £1 but couldnt bring ourself to do that). The money saved should be enough to pay off overdrafts of almost £3000.

This should according to our calculations, together with the DMP allowances give us enough available cash to live and to pay off the DMP quite quickly ( we are hoping 3 - 4 years )

Gemmzie

Nice to hear from you Rayday, hope your little one is feeling better soon.

All is quiet on our DMP front, new payments start from today and will soon be writing and asking for charges back.