Anyone organising their own DMP?

boo80

Oh thats so silly, they can't have it if you haven't got it!! Any mention of what 'the next stage' is?

Hi Eupho, thanks for posting. I don't think we're actually meant to call it a self managed dmp, but thats exactly what it is! It gives you a bit more freedom to negotiate with creditors and a bit more control over what is happening with your money. On the other hand it did take a few weeks to set up and some to-ing and fro-ing with letters etc... Never been through CCCS or Payplan so I have no idea how much hassle is involved there. Let us know what you decide to do, or if you have any questions on going it alone. Boo.x

Eupho

I will .. thankyou Boooo :kisses3:

susieanne

Hi everyone i have been with CCCS for over a year now but as from next month im going to carry on with my DMP myself .I need to phone CCCS and tell them i feel abit afraid to tell them i dont know why .I have set up standing orders from a second bank account which i have .I am going to send my creditors the same money which they got from CCCS only difference is i will be sending it .I dont plan to tell my creditors that i am no longer with CCCS i wonder whether they will know or find out ? I just feel confident that i can now deal with things myself .I will let all of you know how i get on wish me luck

Eupho

susieanne wrote: »

Hi everyone i have been with CCCS for over a year now but as from next month im going to carry on with my DMP myself .I need to phone CCCS and tell them i feel abit afraid to tell them i dont know why .I have set up standing orders from a second bank account which i have .I am going to send my creditors the same money which they got from CCCS only difference is i will be sending it .I dont plan to tell my creditors that i am no longer with CCCS i wonder whether they will know or find out ? I just feel confident that i can now deal with things myself .I will let all of you know how i get on wish me luck

Good luck!! :j:T

Lois_and_CK

boo80 wrote: »

Oh thats so silly, they can't have it if you haven't got it!! Any mention of what 'the next stage' is?

Here's what one creditor wrote:

The current balance is £xx. Under the terms and conditions of the account, a monthly minimum payment is required. This payment is calculated at 2.5% of the balance. The current minimum payment of £xx was due by 16.04.09 to prevent action being taken. Therefore we are unable to accept the payment proposal of £xx per month as it is insufficient to cover the required minimum payment. Interest and charges can only be suspended if the account is referred to our legal department. Please note that failure to clear the monthly minimum payments due will result in recovery action being taken.

And another creditor wrote:

The proposal made to repay the outstanding balance is not acceptable. To enable us to agree a suitable repayment programme please call us on xx xx. For the time being please make a payment of £xx immediately. If you have not already done so, please return your card immediately, cut in half. Please also cancel any instructions you have given for your account to be debited on a regular basis immediately. Failure to contact us, return your card and make the required payment will result in further action being taken to recover the amount owed. If you'd like further assistance you can contact your local CAB, etc etc.


Does anyone have any advice on what I should do next? I was all gung ho and thinking that I would just carry on sending them my proposed payments, but now I'm worrying about these 'further action' threats. What are these likely to be? Debt collection agencies? Will they up my interest rate?

Also, I can't send the second creditor a cut up card as I cut it up months ago and binned it! And I don't want to phone them because I want everything in writing.

With the first creditor, they said interest and charges can only be suspended if the account is referred to our legal department - shall I ask them to go ahead and do that?

boo80

Is the 2nd creditor cap1? Sounds just like a letter they sent me! Have you tried phoning them? I know the advice is always don't ring but I've always got results on the phone, if they try to get you to pay more than you can just keep saying you don't have that money.
Also, when things weren't going my way I gave National Debtline a call and they were really helpful. x

Lois_and_CK

No, that second creditor was HSBC - I have all this to look forward to with Cap 1 yet!

I don't know what to do; whether to try and make their minimum payments or stick to my guns. I'm worried about this mysterious 'further action'.

Lois_and_CK

SerenaGoode wrote: »

MBNA are still being total pains so I have stopped paying them in the hope of getting it passed to DCA so I can get the interest frozen.

Just been re-reading this thread to see if there's any advice on what to do if creditors refuse an offer and came across this.

Is this generally what happens? If it's passed to a debt collection agency then interest is frozen?

boo80

I have no idea, sorry Lois! You could ask start a thread to see if anyone knows. When I 1st spoke to NDL about doing this they said that the creditors can take you to court as the next stage, but if you have a reasonable SOA the court will side with you so I doubt if that will happen. Keep us updated

Lois_and_CK

I've come across a template for a response to a refusal to freeze interest. Thought it might be useful for others arranging their own DMPs:





Dear Sir / Madam ,

Re ACCOUNT NUMBER:

Thank you for your letter of xx/xx/xx concerning the above account. I/We am/are sorry that you feel unable to suspend interest charges on the above account.

The majority of our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist in my/our present financial difficulties, and can only serve to increase my/our total debt.

As you are aware, I/we have already paid considerable sums in interest to our account. If interest charges continue, the monthly installments I/we are paying will not even cover that interest. Also the co-operation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I/We would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

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

Yours Sincerely

Name (type don't sign)