DMP Mutual Support Thread (Part 5)

princess-of-plastic

thanks!

pop xxx

nailer_man

HopeTRMD wrote: »

Hello All,

I just started on DFW thread recently. They have been awesome already.

They advised I come over to you guys to get some advice re my questions on the best way to start my DMP following my light bulb visit to the CAB.
i.e arrange it alone with CAB alongside or Payplan etc
Not sure how to attach the original post ....So I’ve copied it over below ...sorry!!!

I hope I came through on the right DMP mutual supporter’s thread.

Hope you can help. Thanks in advance.
x



Hello Everyone,

I am sooooo nervous to send this post; this (talking about IT) together with my visit to the CAB is a major breakthrough for me...
I have recently taken my head out of the sand, for where it was deeply rooted it for the past 8 years!!! I have no life, just debts and bills. The fact is I owe over £55k in unsecured debts and was slowly dying in all aspects of my life from the shame and stain of it all.
I finally, finally took the step to face it and went to the CAB. I now have a financial statement prepared. They advised that I should send letters to all my creditors (once I get a new non related current account opened) and correspond with them to take the pro rated reduced payments. For which I should set up individual standing orders for (10 in total! ) under my new current account.
CAB said I should feel free to come back for any further assistance during the process.

I can do this, I have no problem with this, and I can correspond and manage this. My questions are is it ok to manage this debt management plan alone (with the CAB alongside) or is it best for me to instead use Payplan, for which they gave me the leaflet for.
What about if they all don't accept the reduced payments? Is there any more clout given if Payplan are involved, in accepting my initial offer?
Am I viewed more favorably on my own than via a DMP,is there any different impact to my credit rating?
How do I know what my debt free date will be?
Can I involve Payplan at any stage or if you start alone you cannot engage them?
Sorry for the deluge of questions, my head is all over the place.
Time is of the essence because 10 deeply irate creditors will be a nightmare. I already faced 3+ weeks delay from my initial visit to CAB to my SOA interview so I don't want to take any more time in getting my offer out to my creditors. I am not sure if Payplan will add anything more to my situation. Plus the possible time in initiating them ....weeks (???) might just push me and my creditors over the edge.

Funny, that although I am at this early stage of seeing the light and taking some action, I feel strangely empowered and want to now press ahead.

But I just don't want to make any wrong moves at this rather crucial stage.

Appreciate any advice from you kind people, as again I want to join the debt free wannabe gang.
Can I?

Thanks in advance.

Hope To Reach My Destiny
xx


"Proud to be dealing with my debts"

This is exactly how i have felt for the same amount of time, what you have been going through. I am now with my wife on self made DMP with NDL. I feel able to smile again, and laugh again. I feel in control of my finances once again after so many years of paying one card against the other. I have written to NDL thanking them for being there. Almost 12 months ago, i was thinking about ending it all. NOT NOW... I have a wife and two children to look after. I feel everything you feel about money and debt, and the pain and shame it can bring. I wish you all the best with your DMP, and thanks to all people on this life changing website. YOU WILL ALL NEVER KNOW HOW MUCH I ADMIRE YOU ALL FOR BEING HONEST.

marfan_not_martian

Welcome nailerman - glad to hear that you are on your debt free journey and things are not a lot easier on you and your family

xx

massivedebts

Hi Nailer Man

Thanks for such a positive post! It reassures us newbies that we're doing the rght thing!

MD xx

msc1977

massivedebts wrote: »

HI
That's what I'm doing! I've got all the paperwork ready, and I'm going to send at begin of March ready to start in April.
MD xx

SNAP!

POP - CCCS told me if they receive the paperwork after 15th Feb then it would be too late for March anyway so if you only sent paperwork this morning then the earliest they can ask you to start would be April anyway but if you have priority debt that takes it to May then i would imagine there must be a way around this.

I'll be sending my paperwork on Monday so i know i will def be making first payment on April 1.

msc

msc1977

From recent press i have realised that Lloyds and Halifax are now linked...this concerns me as Hubby has a Halifax CC as one of his creditors and our new bank accounts are Lloyds TSB....does this mean Halifax could try to access my husbands bank account or do they operate under seperate licenses similar to that described in an earlier post? If anyone can put my mind at rest i'd really appreciate it...thnks

msc

RedAndBlue_2

Hello all. Been reading this thread for about three days now whilst myself and my girlfriend started looking into doing a CCCS DMP and it has been immensely helpful. Thanks for the help that you have unwittingly given us

I imagine I'll be back with some questions soon.

princess-of-plastic

hello redandblue, everyone is really nice and helpful here, you will be fine

pop xxx

curlyfairy

Just wanted to say hi, my husband and i are in the process of filling in our DMP paperwork for CCCS. We are swinging between being happy to be facing our problems and petrified at what we are doing, but we really do have to tackle this head on.

Could i just ask what people tend to put on the forms that we send to our creditors reguarding why we are commencing a DMP.
xx

massivedebts

Hi redandblue, welcome to the thread!
Well done for tackling your debt, I've been assured it is the best thing that you can do! - I'm a newbie too, if you hadn't guessed!

Hi Curlyfairy
I've just completed my CCCS forms (ready to start April 1st) and after asking exactly the same Q on here, I put ' overcommitted on finance - reduction in Salary ' . The reduction in Salary was a while back, but hey I've been in debt alot longer so it must have been a contributary factor somewhere along the line!

Lots and lots of luck to both of you.

Keep posting as some of us need all the support we can get right now!:j
MD xx