Anyone organising their own DMP?

SueP19

gargrave50 wrote: »

Hi Sue,

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

I agree.:T

I have another card as well but it is not sorted yet, even though I thought it was. So I have not put this one down but will when I do get it sorted

What made me think of it, is that the general rule, is do not enter into telephone convo's with creditors but I was so fed up with A&L that in the end I called them. If I had not, then we would have still been going backwards and forwards with letters, instead of sorted

The point about the minimum they would accept is very interesting, I had offered just under that, so it was ok BUT I am sure it will help to know what they will accept straight away, say like me you are only a few quid under, its saves time and messing about. I wouldn't suggest that anyone should offer this amount unless they can afford it. As always if you do call your creditors and cannot afford what they want, then stick to your guns, be firm

gargrave50

Hi Sue,

Makes you wonder why they are willing to give that information over the telephone, instead of clearly stipulating their minimum terms in writing :rolleyes:.

Hey, at the end of the day at least you have an arrangement in place which you are happy with. Did I read the original red post right, are you now having to repay over 10 years :eek:?

SueP19

gargrave50 wrote: »

Hi Sue,

Makes you wonder why they are willing to give that information over the telephone, instead of clearly stipulating their minimum terms in writing :rolleyes:.

Hey, at the end of the day at least you have an arrangement in place which you are happy with. Did I read the original red post right, are you now having to repay over 10 years :eek:?

Yep :eek::eek::eek::eek: BUT with careful planning and re-budgeting plus I will be doing PPI reclaims, hopefully I will be able to save for a F&F. You see my OH relies on overtime, so due to how things have been I was forced to quote his lowest wage, otherwise we would have been struggling.

The thing that was cripling me was 3 interest rates of 35%, no previous defaults or non payments either. We have been unable to get BT's for the last 6 years due to HSBC-old argument. I look at it this way, before the arrangement I was only paying off about £10 per month on each card but my total minimum payments on all 3 were £450, over the years they have had about £30,000 off me in interest, gee thats shocked the living daylights out of me :mad::eek::eek:

gargrave50

That's a rude awakening - £30k:eek:. Hey the sooner you get rid the better (think we can all say that though ).

The first debt I'm aiming to pay off is Next Directory at 29.9%:mad:. My balance is £1209, I've been making reduced payments since 30th June (offered £30 month but paying this weekly). I received a statement this morning with a service charge of almost £23:mad:, despite my very polite letter asking them to freeze interest and charges. Worse than this none of the payments I've been merrily making weekly since 30th June show on the statement, so now my balance is £1233+. Just off to send a very polite letter basically saying what the furk?!

I'm trying to do my own version of PAD by transferring something into my savings account which is AKA my F&F pot. Next are definately first, aiming to offer them 30% and waiting to be laughed out of town :rotfl::rotfl::rotfl::rotfl:

katchambers

Just to let you know that I have been on a cccs dmp with Next for over 2 years and my balance was around £300, they stopped interest and have accepted the lower £5 payments ever since, so it can be done! We are also hoping to do a F&F with next soon.

I am soon to be starting my own self-admin dmp, I have the letters ready to go, is it best to put the first payment cheque in with the letter or not?

Kat x

gargrave50

Hi Kat, I wrote my letters on 30th June and included a paragraph confirming I had arranged a standing order for X commencing on X date. I suppose if you prefer to pay by cheque I would recommend enclosing the first payment with your letter:). Think Next might be playing hardball because although I've taken advice from CCCS I've gone it alone.

Will try another little letter today and see how I get on.

SueP19

gargrave50 wrote: »

That's a rude awakening - £30k:eek:. Hey the sooner you get rid the better (think we can all say that though ).

The first debt I'm aiming to pay off is Next Directory at 29.9%:mad:. My balance is £1209, I've been making reduced payments since 30th June (offered £30 month but paying this weekly). I received a statement this morning with a service charge of almost £23:mad:, despite my very polite letter asking them to freeze interest and charges. Worse than this none of the payments I've been merrily making weekly since 30th June show on the statement, so now my balance is £1233+. Just off to send a very polite letter basically saying what the furk?!

I'm trying to do my own version of PAD by transferring something into my savings account which is AKA my F&F pot. Next are definately first, aiming to offer them 30% and waiting to be laughed out of town :rotfl::rotfl::rotfl::rotfl:

Um shock indeed, you have to keep at these companies :mad: otherwise they will fleece you.

I am a member of a thread called Payment a Day, on here. It is well worth joining they are a great bunch and PADing really works

katchambers wrote: »

Just to let you know that I have been on a cccs dmp with Next for over 2 years and my balance was around £300, they stopped interest and have accepted the lower £5 payments ever since, so it can be done! We are also hoping to do a F&F with next soon.

I am soon to be starting my own self-admin dmp, I have the letters ready to go, is it best to put the first payment cheque in with the letter or not?

Kat x

Hi Kat, if I was you I would send £1 with the letter and then forward your statement of affairs with your first proper payment say 2 weeks later. I put my first full payment with my first letter and enclosed the SOA and one of my CC's wrote back saying they would agree if I send my first payment by return and a second payment a month later. I was forced to write back saying you have my first payment and you have cashed it!!!! This is the one I am having problems with, we have just recieved a letter saying that they may take further action "cos I have ignored their letters" often the ar*e doesn't know what the elbow is doing :mad:
And the interest has not stopped yet and they charged me a late fee!!! due date 2nd July, payment listed on statement as 30th June!!!!!!!!!!!!!!

gargrave50

Hi Sue,

I'm doing my own version of Payment a day (PAD). Because I have had to write to my creditors offering reduced payments, I thought if I started making adhoc payments they would insist I increase my regular payment. Instead i'm making a payment a day into my savings and using it as a full and final settlement pot. Hoping to get enough to make an offer to Next and get shot of them :rolleyes:

SueP19

gargrave50 wrote: »

Hi Sue,

I'm doing my own version of Payment a day (PAD). Because I have had to write to my creditors offering reduced payments, I thought if I started making adhoc payments they would insist I increase my regular payment. Instead i'm making a payment a day into my savings and using it as a full and final settlement pot. Hoping to get enough to make an offer to Next and get shot of them :rolleyes:

I have a small card that is not part of my DMP, so that is where my PAD goes but after that I will be PADing fo a F&F as well, some do this, others PAD to save, you name it but being part of a "gang" really helps in the motivational stakes

gargrave50

Hi All, A small success to report with Next :j(after me b*tching abut them yesterday). Today I received a letter accepting my reduced payments for 6 months at which stage they would arrange a review. They also agree to freeze interest as long as I make the 6 payments on the timescale I stated.:T

All I did was send my budget and the letter proposing reduced payments. I received a statement stating I was in arrears and asking me to contact them - followed by the letter today. In between I received one phone call from them at home - OH told them I wasn't in:rolleyes:. I sent a letter requesting correspondence only in writing and have had no further calls.

I am aiming to save enough for a F&F settlement offer when the 6 month review comes. Its the small victories ..................:rotfl::rotfl: