Pay Plan ringing at 1300

10past6

moneybuster wrote: »

or is the next few months the hard bit give it to me straight what should i expect

If any creditor has your phone number, chances are they'll bombard you with phone calls, the purpose of that is to get as much money out of you, as your account will be showing arrears, all you can do is refer them to your DMP reference number.

Bear in mind, those calling you will be from a call centre working to strick targets, it's their job to get as much as they can out of you, they'll not be intrested in your life story, so don't give it them, just give them your DMP reference number and hang up.

moneybuster

Thanks for the replies. It's heartening to hear from other people who have been there. So far, even though I have been out of work for 18 months because of a work injury, we have not defaulted on any payments purely because we have used all our savings. However, this month is the last time we will be able to do this, hence setting ourselves up with PayPlan. Because we can, should we still make our minimum payments this month or because we are setting ourselves up with PayPlan should we miss them and start the ball rolling?

Regards
Moneybuster

10past6

moneybuster wrote: »

we are setting ourselves up with PayPlan should we miss them and start the ball rolling?

It'll take a couple of months for your DMP to kick in with your creditors, some say pay token payments of £1.00 until it's up and running, it's your choice how you wish to pay them this month

elsie52

Hi Moneybuster,

Believe it or not you have done the hard part. !....We have been with Payplan for 13 months and its the best thing we did. As 10past6 says, you will get calls from creditors at first, they want their money. !!, but we just said that we were on a DMP with Payplan and gave them our reference number, they will try and get you to pay more, but it just can't be done, you don't have any more to give them, so don't get involved in any lengthy discussions with them, just put the phone down. It will settle down and you will toughen up, you are doing as much as you can, and to be fair most of my creditors have been good.

We only sent a token payment of £10 to all our creditors at first and enclosed a letter giving the DMP and reference number, hang on to any spare cash to gie yourselves a 'bumper' for emergencies.

moneybuster

Thanks for the advice. Once we have a DMP reference number we will probably only send token payments this month and keep what little we have left from our savings. Is there a standard letter we can use explaining why we are only sending a token payment and that we are on a DMP etc?

Thanks.

Waspeze

moneybuster wrote: »

i have a mortgage which i want to protect so no BR as they would take the house.

Just butting in here quickly

Do you know for definite you'd lose the house? (e.g. large equity, expensive mortgage etc) ... only asking as lots of people keep their houses after going BR.


i'm only saying this as 30 years seems a long time .. I was advised by CCCS to go bankrupt as it would take me between 10 and 15 years to pay off with a DMP.

massivedebts

Hi Moneybuster:j

Well done for taking the plunge.:T

Take a look at the DMP Mutual Support thread..........it's been my lifeline since being brave enough to deal with my debts, we all in the same boat on that thread and the support and advice will see you through any tough times!:A
Take care

MDxx

10past6

moneybuster wrote: »

Is there a standard letter we can use explaining why we are only sending a token payment and that we are on a DMP etc?

Amend & send

Dear Sir/Madam

Re:− Account Number XXXXXXX

We are writing to inform you that we are seeking advice and assistance regarding our current financial difficulties from COLOR=red]enter name of Debt Charity[/COLOR.

To this end, we would appreciate if you could hold any action on the above account for a period of at least 28 days.

Also, during this period, could you please freeze interest and/or any other charges accruing on the above account.

We look forward to hearing from you as soon as possible.

Yours faithfully

elsie52

I am sure someone on this site will point you towards a letter template, but we just stated our account number for loan/credit card, and just simply said that we were experiencing financial difficulties and were starting on a DMP with Payplan, and quoted our Payplan number, and said that Payplan would be contacting them asap.

This seemed to be enough.

moneybuster

Waspeze wrote: »

Just butting in here quickly

Do you know for definite you'd lose the house? (e.g. large equity, expensive mortgage etc) ... only asking as lots of people keep their houses after going BR.


i'm only saying this as 30 years seems a long time .. I was advised by CCCS to go bankrupt as it would take me between 10 and 15 years to pay off with a DMP.

yes 30 years is a long time but thats what they said we have 100.27 pence left over to pay out debts and that some one will be ringing to set it all up and they said it would be fine,


yes the equity in the house would mean we would loose it if i went BR so trying to avoid that as much as possible.

regards Moneybuster