Anyone organising their own DMP?

tessy_t

Thanks Sue, that's really helpful. I have now sent the letters and cancelled all of the direct debits, having made a few phone calls to national debtline and reading this forum has really helped. And like you say, it is a calming feeling to have a plan in place, even though it is early days it feels really good to have all the debts organised.

gargrave50

katchambers wrote: »

Hi everyone,

I would like to join this thread as I am about to embark on my on self-admin DMP. I have 4 debts totalling just over £10k. I have so far, opened a new bank account, as one of my debts is an overdraft on my account, I have cancelled my direct debits for all payments and have just filled out the template letters on national debtline website - very helpful!

Just need to check, I have made the full payments already this month, so I assume the reduced payments will start from August, so do I just send a £1 token payment along with my letter this week and then pay the smaller amount (pro-rater payment) next month. The letter from national debt line doesn't allow you to mention a token payment in the standard pro-rater payment letter so I assume I just write that at the bottom is pen.

Who else is starting this month or recently? How is it going?
Thanks
Kat x

Hi Kat I started on 30th June and feel so much better about starting. Just beginning to get a couple of letters through refusing my reduced payments, so about to send off my "please reconsider" letters. The amount isn't going to change because I haven't anymore to give:D.

Feel very self righteous now that I am addressing this head on, and calmer than I have in years. Let me know how yours is going, its always nice to you are not alone!

gargrave50

Hi Tessy, hope you have managed to sort out a new bank account. Keep in touch and let us know how you get on. I've subscribed to the thread because I starting my own self admin DMP on 30th June. Keep in touch!

tessy_t

Hi GarGrave, I opened a cash card account with the Nationwide who are independent and not linked to any of the banks. I did look into the post office account, but it seems their only cash card account is now specifically for people on benefits. I will definately keep in touch, I am already drafting my 'reconsider' letters ready for when they respond to my pro rata offer letters!

SueP19

Do you guys think it would be helpful if we all posted our results..........for future self-DMP'rs. Each company has its own quirks, we could post in a different colour at the bottom of the post..........like this

Alliance & Leicester Credit Card (managed by MBNA)
Lots of calls from a DCA asking for a payment, mostly at work. Log into online card site and put 01234 567890 into all your profile phone numbers, do check this as my actual numbers re-appeared after about 3 days. The calls completely stopped after the I called them

Initial letter met with a "call me" response letter.

Pleasent when eventually called them and I was informed that the minimum they were allowed to accept is the total debt, divided by 10 years, divided by 12 months.

All interest and charges stopped 10 day after agreed payment made

gargrave50

tessy_t wrote: »

Hi GarGrave, I opened a cash card account with the Nationwide who are independent and not linked to any of the banks. I did look into the post office account, but it seems their only cash card account is now specifically for people on benefits. I will definately keep in touch, I am already drafting my 'reconsider' letters ready for when they respond to my pro rata offer letters!

Hi Tessy,

I have to say I've only had one response since sending my letters out 30th June. Bracing myself for the postman each morning though!:rotfl::rotfl::rotfl::rotfl:

Glad you got an account sorted - you can start on a level playing field and really feel in charge now!:D

clarence83_2

I did my own negotiating after burying my head in the sand for years, and got rid of all my debt (nearly £20k) within about 3 years. (not bad considering that for half of this I was on the minimum wage).

Made overpayments when I recieved bonuses and birthday/ Xmas money, and now I am more confident that ever about my finances. I didn't find that any of the debt companies were that bad to deal with at all once I called them up and made my payments every month.

I did it on my own as I didn't know about DMPs (was only 20) but didn't find it too time consuming at all really. Especially as I had a job in an office so could draw up letters on my lunch break etc!

Good luck to all those doing a similar thing, you won't regret it for a moment.

Karen_30

clarence83 wrote: »

I did my own negotiating after burying my head in the sand for years, and got rid of all my debt (nearly £20k) within about 3 years. (not bad considering that for half of this I was on the minimum wage).

Made overpayments when I recieved bonuses and birthday/ Xmas money, and now I am more confident that ever about my finances. I didn't find that any of the debt companies were that bad to deal with at all once I called them up and made my payments every month.

I did it on my own as I didn't know about DMPs (was only 20) but didn't find it too time consuming at all really. Especially as I had a job in an office so could draw up letters on my lunch break etc!

Good luck to all those doing a similar thing, you won't regret it for a moment.

That's fab! Well done and good luck with clearing the last bits of your debt per your sig. Thanks for the post, I am sure that it'll spur all of us on a little more.

gargrave50

Well done clarence 83 you have done really well. £20k in only 3 years is a fantastic achievement. Its nice to know its "doable"!

gargrave50

SueP19 wrote: »

Do you guys think it would be helpful if we all posted our results..........for future self-DMP'rs. Each company has its own quirks, we could post in a different colour at the bottom of the post..........like this

Alliance & Leicester Credit Card (managed by MBNA)
Lots of calls from a DCA asking for a payment, mostly at work. Log into online card site and put 01234 567890 into all your profile phone numbers, do check this as my actual numbers re-appeared after about 3 days. The calls completely stopped after the I called them

Initial letter met with a "call me" response letter.

Pleasent when eventually called them and I was informed that the minimum they were allowed to accept is the total debt, divided by 10 years, divided by 12 months.

All interest and charges stopped 10 day after agreed payment made

Hi Sue,

Thanks for the post. I think it is a good idea but probably only for the ones where you get somewhere with!