Anyone organising their own DMP?

gargrave50

Hi blue jeans, I would move the bank account asap. You can arrange to repay the overdraft within your DMP. You need to start on a fresh plateau with a bank you have no financial connection with. I would use the SOA one, or the national debtline one is also good. This ensures you don't miss anything.:)

SueP19

Hi Bluejeans
I printed the SOA from CCCS then typed it onto spreadsheet

One of the things that made me think and do this was that my OH and I have a prescription each every month and CCCS website would only allow us £10 a month??? instead of £14.40

BlueJeans_2

gargrave50 wrote: »

Hi blue jeans, I would move the bank account asap. You can arrange to repay the overdraft within your DMP. You need to start on a fresh plateau with a bank you have no financial connection with. I would use the SOA one, or the national debtline one is also good. This ensures you don't miss anything.:)

Thanks we will open a new one tomorrow. The only thing worrying me is that our mortgage is also with the Halifax - will entering into a DMP affect our mortgage with them as included in the plan will be a overdraft, loan and credit card all with the Halifax?

TIA

BlueJeans_2

SueP19 wrote: »

Hi Bluejeans
I printed the SOA from CCCS then typed it onto spreadsheet

One of the things that made me think and do this was that my OH and I have a prescription each every month and CCCS website would only allow us £10 a month??? instead of £14.40

Hi Sue

When you send you SOA to your creditors do you include the other creditors on it ie: list them by name or just show the amounts owing with no reference to the lender?

Also I can't do the snowball function due to amount owed and income!

One more thing, I noticed people refering to LBM - what does this mean?

Thanks again

SueP19

Hi Bluejeans
I listed my creditors by name only and if I had 2 of the same I just put the last 4 digits of the account number, that way they would know they were different accounts

LBM is Light Bulb Moment

Not sure about the snowball, does it have a maximum number of creditors, just had a look and it says 20, so it should work???

BlueJeans_2

SueP19 wrote: »

Hi Bluejeans
I listed my creditors by name only and if I had 2 of the same I just put the last 4 digits of the account number, that way they would know they were different accounts

LBM is Light Bulb Moment

Not sure about the snowball, does it have a maximum number of creditors, just had a look and it says 20, so it should work???

It just says because we can't meet our monthly repayments then we can't snowball.

Thanks for your help again.

SueP19

BlueJeans wrote: »

It just says because we can't meet our monthly repayments then we can't snowball.

Thanks for your help again.

Ah the total amount you enter is your leftover amount to pay debts, not what you should pay and each debt needs it's pro-rata payment in

eg I have £98 left so CC1 get £23 CC2 gets £40 and CC gets £35 (totalling £98)

gargrave50

Sue P is right, your income and expenditure minus your unsecured debt repayments but including your priority debts e.g. rent/mortgage, council tax etc. Budget for everything except credit cards / catalogues / unsecured loans. Once you have budgeted for everything the amount you have left over is available for debt repayments and should be calculated pro rata between your creditors to make fair offers

BlueJeans_2

Hi Sue & Gargrave

Thanks for your help (again!).

I have drafted the letters and done our budget. We have £135.24 to pay back each month after readjusting some of the figures based on your replies.

The snowballing thing I just can't get it to work - think too little money and too many debts is confusing the poor calculator:eek:. I gave up last night as my head was pickled.

I have applied for a new joint account today so all should be transferred within a few weeks.

I went to the post office this morning to post ebay stuff so I grabbed some recorded delivery stickers and I just need to fix my flamin printer and I'm good to go! Starting to feel a little nervous and worried that the aren't going to accept us doing a DMP:o.

Well, thanks again for your replies and no doubt I will be back shortly for with more questions.

BlueJeans

gargrave50

Hi Bluejeans, call CCCS for advice. Its anonymous and they will work out your budgets and your pro rata payments for you. You need to call, so they can discuss your options with you and make sure you have an airtight budget.:)