Anyone organising their own DMP?

Circling_the_Drain

I've got the pack from the national debtline & I'm about to start sorting out a DMP (hopefully)I was advised to open up an account with a bank that I don't have a debt with.I have a current account with Bank of Scotland (& overdraft) credit card & personal (unsecured)loan.I also have 3 other credit cards & 4 store cards.The bank loan is worrying me more than the credit/store cards.Are they as likely to accept reduced payments & freeze interest on this or will the call in the whole loan when I miss a payment.Have been keeping up with loan but falling behind with cards up to this point.Any advice appreciated!

susieanne

I had two large loans mine are with Lloyds (sorry i dont have any debts with bank of scotland ) i too never missed any payments on my loans actually i kepted up with all my min payments with my credit cards too ,i had no problems setting up reduced payments with the loans & my overdrafts .I still have the two loans & overdraft with lloyds but i am going to be paying them back for much ,much longer than i originally took out loans for .I thought maybe cause i was keeping up payments they may not agree but everything was fine
goodluck with yours .

boo80

SerenaGoode wrote: »

Be wary of all this proof of income and additional questions. It is often a delaying tactic or a way of trying to find holes in your argument. In the end if you tell them you can't afford to pay them there is no reason for them to ask for proof of this.

I think you're right about this being a delaying tactic Serena, I sent cap1 eveything they asked for, then got a letter today saying they also needed a wage slip :mad:

I phoned them and explained to them I don't have a proper job and they have now agreed (over the phone) to start the plan. They are causing me far more hassle than any of the other companies

panicsetin

I just wanted to say hi........

I have been lurking on this forum for nearly two years but it is only this month that I have felt brave enough to take the step of trying to set up my own DMP. Most of the letters have now gone off and the remainder are going off by the end of this week. To say I am scared is an understatement.....

PSI x

debrag

for me with TSB I still get charges interest!!!

Do all these letters have to go recorded? It's going to cost me over £9 to post them all lol

boo80

debrag wrote: »

for me with TSB I still get charges interest!!!

Do all these letters have to go recorded? It's going to cost me over £9 to post them all lol

I just sent mine with a regular stamp and then called to make sure they'd got them. Don't know if this is the normal advice though!

boo80

panicsetin wrote: »

I just wanted to say hi........

I have been lurking on this forum for nearly two years but it is only this month that I have felt brave enough to take the step of trying to set up my own DMP. Most of the letters have now gone off and the remainder are going off by the end of this week. To say I am scared is an understatement.....

PSI x

Well done PSI!! It is pretty scary and it can be a bit stressful, but its a lot less scary and stressful than trying to juggle all the minimum payments, work out how you are going to feed the family, and what can you possibly do to get the extra money to keep your head above water! I found it a huge relief to have a workable budget and a reasonable payment plan. Thanks for posting and let us know how you are getting on. Boo.x

Lois_and_CK

Boo - thanks for the info about Cap1; that's the company who're asking for my letter to be signed.

Any advice on how to deal with them when they start asking for proof of income etc, knowing that it's just a stalling tactic?

PSI - I didn't send my letters recorded delivery because I couldn't afford it! Instead I put a cheque in with the letters for the amount I wanted them to agree with. That way, if they cash the cheques they can't deny receiving the letters.

boo80

I gave them what they wanted the 1st time as they don't have any obligations to freeze interest and stop charges so it seemed like the only option. When they then wrote to me and asked for more info I rung them up and said I didn't have it and they were fine with it. I did put in my letter I wanted a long term plan, then told the lady on the phone, then got a letter today asking me which type of plan I wanted; short or long term, another stalling tactic??

On a more positive note, Lloyds were going to charge me over £60 for being 50p overdrawn for 5 days last month (over-overdrawn that is!) so I phoned them today and pleaded to their better nature and they have cancelled the charges. Whoopie! Lloyds actually can be rather nice at times.

Jinx

boo80 wrote: »

I just sent mine with a regular stamp and then called to make sure they'd got them. Don't know if this is the normal advice though!

I sent my first 'here is my SOA and by the way I can't afford the min payments' letters recorded delivery and just use normal mail after that.

I don't know if it helps anyone else but I provided my SOA so they could see disposable cash (lol) and I listed my creditors and beside that if they had accepted my offer. I felt this helped when for example 3 of the 5 had accepted, it showed I was being taken seriously. I only had one question re my SOA and I'd already started paying them all what I could afford as I sent the first round of letters.

PSI - its VERY scary. :rolleyes: I found this site brilliant and a great source of comfort. I don't post often, a bit of a lurker but I hope you're all getting there.

On a completely off-topic comment, I was driving home from work today and saw a 'happy birthday' banner on a motorway bridge. Was half seriously considering hanging one saying something nice like 'SMILE ' in huge letters or something else positive. Maybe I'm losing the plot! lol Just thought I'd share...

Jinx x:j