DMP Mutual Support Thread (Part 5)

marfan_not_martian

jaapie wrote: »

Hi all I have a question I am putting things in motion to start my dmp I have a natwest loan and a natwest bank account. I am setting up a new bank account so what do I do about the loan do I call the banks and tell them I am going onto a DMP and can they stop all action on the loan or send a letter with a token payment also closing my account. Also can anyone tell me how they got on with the following creditors:

MBNA
Barclaycard
Abbey
Barclays
Northern Rock
Natwest

I have never missed a payment so I am worried they will not accept the dmp. Any advice will be really, really appreciated. Thank you.

Hi jaapie

Firstly - Who are your starting your DMP with and has it been agreed that a DMP is suitable for your needs?

dlb

Good morning all!!
Im still around, just been really busy, i will try to get on at least once each day as i know how important it is when you what a question answered and no one is online to help or easy your mind.

Right trying to remember whats been asked..
Natwest- I have loan and had overdraft with them at start of my dmp (3yrs ago now)..i swapped to the co-op cashminder account..so the loan payment was attempted to be taken from the Natwest account and of course no money was there..they rang and i told them i was now on a dmp and they delt with my dmp company from then on in, in my case they combined the amount left on the overdraft with my loan..added all interest that would have been paid over the course of the loan and this became my ballance. They have be great have accepted reduced payments from day 1, never given me hassle unlike a few other creditors ( my loan payment was orriginally £450 a month) they got and still get £149 a month for their payment and are fine with it.

Someone mensoned going it alone and doing a self managed dmp...this can be done if you are prepaired to speak to the creditors yourself and are commited to paying each one on time..but the way i see it is why give yourself all that work when a company such as payplan or cccs will do it all for you for free..and the creditors are more likly to stop interest and agree to lower payments via them. You then have just one payment going out each month and once that leaves your account you know all the creditors are delt with.

I have large household bills too and payplan have more than allowed enough to cover everything, my shopping budget i am allowed £675 a month and i spend no way near this, £120 clothing and footwear,£48 a month haircuts again i spend no way near this amount, so anything i have left over goes into a emergency/xmas/birthday/hoilday fund.
The dmp allows you to start living again and doesnt mean starting to worry that you cant afford things, im my case i am better off than i have ever been before dmp as i have `spare` cash for treats for the kids, days out ect something which was not possible before.

Please all keep posting your questions, there are some amazing people on these boards that are here to help
Donna
xxxxxx

Skintlady

Hey folks just found this great site and CCCS the last few days and i feel like i have came out of a coma!! had my first nights good sleep last night phew!!!
long post sorry!

After a lot of tears and worry over the last year of balancing debts and trying not to go under i bit the bullet and added up all my debts!!!
i owe 16,000 pounds on nothing but crap!!!
I had a family bereavement and what i now realise was untreated post natal depression, went on huge spending sprees was really stupid with money all while kidding on everything was fine!
i earn great wages but got to the stage could hardly out petrol in my car and the constant phonecalls and letters made me feel like ending it all.
I finally told my live in partner the extent of it yesterday and he hit the roof and will hardly talk to me!!!!

I phoned CCCS and i am commencing a DMP, i know its the only way of ever getting out of this mess,they say i can be debt free in 3 years 9 months and i should hopefully have money to live off of.
i can't consider going bankrupt as i have a joint mortgage with my partner and i don't want to affect his finances, i have promised i won't drag him into this.
The main problem i have is my mortgage i have another 2 years on my fixed rate left, will i lose my house at the end of this???? eeek! worried they won't renew my mortgage at the end of my fixed rate due to my dmp!!!
Any feedback appreciated!!

marfan_not_martian

Well done skintlady and starting your DMP journey.

Sorry cannot help with regards to the mortgage - why not give CCCS a ring they might be able to advise you better.

Dont have your budget too tight on the DMP as otherwise you will find it an upward struggle and if you have it too tight you wont have any funds available for emergencies etc.

Your partner will come round - its hard facing the truth sometimes

Skintlady

thanks so much marfan not martian! I am actually going to be so much better off on the DMP instead of 900 pounds a month repaying minimum payments , i'll be paying 350 and actally making a dent in it hopefully.

My partner and i aren't married but share an address, he is raging that i might have affected his credit rating and i must admit im going to be cringing every time he applies for credit, feel so guilty and feel like i've acted like a child and not a responsible mother!!
But hey feel so much better its all out in the open actually bounced out of bed this morning!!

Another question while im here!
Im with lloyds tsb and have a loan with them i,ve been advised by the cccs to change bank accounts so they can't yoink the money out at the start of the month! I,ve been accepted at natwest in principle, are they affiliated with lloyds in any way?

Althea

Skintlady wrote: »

Another question while im here!
Im with lloyds tsb and have a loan with them i,ve been advised by the cccs to change bank accounts so they can't yoink the money out at the start of the month! I,ve been accepted at natwest in principle, are they affiliated with lloyds in any way?

Nope, not yet they're not ... Although the way our banking system is going, at this rate they're all going to end up owned by the Govt anyway! Except Barclays, of course, who are apparently making more profit than the UK as a whole I understand ...

marfan_not_martian

No probs skintlady I am happy to help

Please dont feel bad - you have got yourself into a mess and are now trying to get yourself out of it - so WELL DONE!!!

Your partner will come round just give him time. If it does affect his credit rating which I dont think it will then it would have happened at some time as you would have ended up not being able to meet monthly minimum payments on your debts and would have got defaults etc.

Glad your budget is realistic and that you feel you will be better off.

With regards to Natwest I am not aware of any association with Lloyds but if you google it you may be able to find out for sure.

Skintlady

thank you so much, its such a breath of fresh air being able to talk about this! Its been such a dirty secret for so long!!

I'll be checking back to let you know how its going and see how everyone else is getting on , it makes reassuring reading!! x cheers!

bexxie90

Hi
This is going to sound really stupid but here goes anyway.

I am starting a DMP soon and Payplan told me to start paying token payments to my creditors before my DMP starts. Now here is the stupid part of me.
Do I send what I have read on here £1-5 or do I pay what Payplan have budgited? I havent got enough cash to do this yet as until set up properly with the DMP i dont actually know what I am doing IYKWIM..

Are the token payments so you can get enough money for an emergency fund before starting plan? Or am I missiing the whole point?
Thanks in advance
Bex.xx

pinksparkle_2

Hi Everyone,

I hope you are all well, havenet been here for a while, its been manic... Everything is going well with my DMP, most have now accepted and a couple have defaulted, which in my eyes is good as the sooner the better they default as it stays on your credit report for 6 years....

Okay, so once the 6 years is up, does the account just look as good as new???

And what if there is still a balance on the account, the default notice comes off and then what???

Any idea....?

Pinksparkle
xxx