Anyone organising their own DMP?

fffedup

I had exactly the same problem with Barclaycard, they have told me that they cannot accept my offer unless it comes through a debt management company. So not sure where to go from here?

Eupho

Barclaycard.. I am waiting for a response from them myself.

I was slightly hopeful.. because I read they HAD frozen interest and payments for some people.

Hmmm.. maybe I shouldn't count on that then :rolleyes: :wall:

I'm just going to stand my ground (with all 13 creditors) _pale_

They can't have.. what I don't have to give them!

I have read soooo much stuff about the tactics threats / scaring and bullying.. and I THINK I am prepared for it.
(I have asked to only correspond by post.. which gives me time to think through my replies)

I'm going to stick to my guns and keep ON paying the standing orders.. I read they can choose NOT to cash your cheques and POs. Standing Orders.. they get whether they like it or not. So we/I am seen to be making payments. (however small)
I am in the midst of setting up another new bank account.. ONLY to be used for my DMP Standing Orders.

Anyhooo.. my plan is (HOPEFULLY!) not to freak out.. to take a deeeepp breath... and just keep on and on and on and ON sending them my SOA and letters (template) asking that they reconsider etc. Every time they say no.. I will send it again and again. (and KEEP paying my offer each month)

I did read that once it goes to a DCA (or court.. which is done by post.. you don't have to be there) .. the interest is frozen and smaller payments accepted. So in some ways.. maybe that's a good thing?

But I also read it can take them forever to hand you over to a DCA .. and in the meantime (Unless they said they would stop for 3/6mths or whatever) .. that interest and charges WILL still be being added.

What I plan to do is let that happen (obviously I probably cant stop it) .. But to wait until it eventually (maybe) goes to court.. or a DCA.. Then claim back the *Rip off priced* charges. (no point in doing that yet.. as there will be LOTS more slapped on I'm sure)

Oh also.. I read that sometimes even when it is handed to so DCA charges etc can still be applied (depends on the Terms & cons.. and something about 3rd parties).. Not always/often though.

ALSO (I read haha) .. that sometimes if/once if goes to court.. some people end up paying even LESS than they were offering.

Anyhooo.. Once I start to get more replies.. and see how the land lays.. I'm going to ask from copies of the CCA for each owed account.. Even if I could find one that wasn't enforceable.. it would be a plus.

Dunno yet though.. I have to learn more about that.

Please correct me if I have any of this wrong.. its only what I have been reading and taken to understand.. (but I'm an idiot.. and may have this all wrong haha)

at_my_wittsend

Hi, am currently with CCCS and have had to deal with calls only from Lloyds endlessly, anyway, was thinking yesterday about doing my own DMP. So from this thread I need to do a new budget (due anyway) send that off, now, how do I go about paying creditors and how do I work the percentage I should be paying each one??? I have a pound or two spare for each creditor do I give each one a pound each extra or work out whether it should be 50 p to one £1.50 to another etc????
Reason I want to do my own is, I have two what I call small (compared to other balances I owe) of just under £500 each, am pretty confident I can save a little and pay one off one time and another a few months later....can I do this? Will the others find out? And when I do save enough to pay one off, do I try and get a settlement figure rather than paying the full amount off? I feel that if I clear the couple of smaller ones, I can work on the next biggest, get that down and then onto the next and so on, well that is the plan anyway.
Any help, ideas and how you are all doing it info would be welcomed. Am wishing I went this way back last sept when I first started DMp as am confident I could have cleared some stuff at the mo with the whole pro rata and interest being added etc everything is going up not down, not helpful.

Eupho

at_my_wittsend wrote: »

Hi, am currently with CCCS and have had to deal with calls only from Lloyds endlessly, anyway, was thinking yesterday about doing my own DMP. So from this thread I need to do a new budget (due anyway) send that off, now, how do I go about paying creditors and how do I work the percentage I should be paying each one??? I have a pound or two spare for each creditor do I give each one a pound each extra or work out whether it should be 50 p to one £1.50 to another etc????
Reason I want to do my own is, I have two what I call small (compared to other balances I owe) of just under £500 each, am pretty confident I can save a little and pay one off one time and another a few months later....can I do this? Will the others find out? And when I do save enough to pay one off, do I try and get a settlement figure rather than paying the full amount off? I feel that if I clear the couple of smaller ones, I can work on the next biggest, get that down and then onto the next and so on, well that is the plan anyway.
Any help, ideas and how you are all doing it info would be welcomed. Am wishing I went this way back last sept when I first started DMp as am confident I could have cleared some stuff at the mo with the whole pro rata and interest being added etc everything is going up not down, not helpful.

Hellooo :wave:

I'm doing my own DMP ... I used this http://www.makesenseofcards.com/soacalc.html initially as a 'template' ..
Once you've filled it out.. there is a bit that says 'Creditor offer' .. and it works out for you pro rata what you should (can) offer.

You can always play around with the figures a little.. .. and see what looks like the most workable for you.
When you have it the way you want it.. Print off a copy for each creditor.. Post it to them (recorded delivery) with a letter of your new offers.. (but make sure you keep paying them SOMETHING even £1.. till you get some replies to your letter/offers)

A few of my 'creds' are only getting a £1 per month.. (hoping thats going to get better soon tho) ..
and yeah.. my aim is to save little and often to make full and final offers (or just pay off if they wont) .. the smaller ones first, and work my way up to the biggies. (If the others find out.. I'll cross that bridge later..Eek! anyway.. it means more money to offer them each month.. haha
Once I get the (few) small ones out of the way.. I'm going to aim towards saving a big fat sum to offer F&Fs to the big ones. (But I hope to be pretty fair) .. There is a thing on the National Debt Line website, telling you how to work out Full and Final settlements for many creditors with a large sum of money.

Anyhoo.. a lot of that is yeeears off for me yet.. :rotfl:

But thats my rough plan.

Hope that helps you a bit :wave:

Eupho

Oh.. in fact..I have (just)enough to pay off my smallest creditor... about the same as your small ones.

Although I have not long started doing my DMP .. I thought I would give it a shot and see what happens.
I have already written them (to post on Monday) a F&F figure..
Its not a lot knocked off at ALL actually.. But I also thought it might help me learn a little more about the process if I try a little one now.

If they say no.. I may raise it slightly and try again.. If its still a no, I'm going to just pay it off. :rotfl:

Have a read on the National Debt Line Website.. there is a HEAP of good advice.. templates etc there. (and all very 'use friendly')

Karen_30

Hi,

Just thought I would pop in and update. I made my last payment to Payplan yesterday and as of today I am going it alone so to speak.

I have telephoned all my creditors and they are fine for me to continue making the payments that I have been and given me correct details to sort standing orders....for those of you with creditors being funny please hold out as mine are

Halifax & Blair Oliver Scott (in house collections comp)
Barclay card/loan
Amex - now with DCA
HSBC - now with DCA
Lloyds
MBNA - virgincc
Sainsbury CC - now on reduced interest rate
Egg cc

Very excited about going it alone as can now amend my payments if overtime available etc and offer settlements without upsetting payplan.

Payplan were great at the beginning but since they have become busier they have not been making payments correctly, late and no consistency in my case which was upsetting my creditors monthly :mad:

Hope everyone is getting along fine and dandy x

Eupho

Thanks for that Karen :beer:

:wave:

scouselad1974

I hope that everything goes to plan with your DMP, It's a shame about Payplan not making the payments on time each month, I've heard a few similar stories recently, I just hope that CCCS make my payments on time.
Do you mind me asking how Amex rsponded to your DMP as they are my biggest creditor and the one I am most worried about.

Karen_30

scouselad1974 wrote: »

I hope that everything goes to plan with your DMP, It's a shame about Payplan not making the payments on time each month, I've heard a few similar stories recently, I just hope that CCCS make my payments on time.
Do you mind me asking how Amex rsponded to your DMP as they are my biggest creditor and the one I am most worried about.

Amex were really straight forward - they sent me normal letters, then default after two late payments and then passed it straight to RMA which is the collections department. I forward details to RMA via Payplan and the payment was accepted and no interest has ever been charged again.

I spoke to RMA last week and they sent all the paper work through for me to set up standing order directly to them each month for the same payment I was making through payplan.

Hope this helps,

K x

scouselad1974

Thanks thats handy to know