DMP Mutual Support Thread (Part 6)

Angeldust7

Hi I'm new here and am in need of some help.............

Ok me and my husband are in alot of debt and since going down to working 2 days a week since having my 2nd child (not my choice, my 2nd job was lost when going on maternity leave), we have really struggled to make minimum payments on our debts. I went to CAB and sought advice and decided to do Debt Management myself. I wrote to them all and posted the letters along with my expenditure sheet last weds. I got a notice of default off HSBC today for my credit card so I rang them up asking if they'd received my letter. They didn't initially admit it until I said it was sent 1st class recorded delivery. She then admitted they had. So she looked through it and said they won't accept £12.73 a month and the minimum they can accept is £47 a month. Despite the fact she could see what comes in and goes out, she wouldn't budge and said unless I want it to go further then I need to agree to this minimum payment. I can't do that. What do I do? Please help!

rayday2

YOu have to stand your ground with what you offered, I personally don't ring any of my companies I deal with letter only. In fact I changed my number to enforce them to communicate this way. Just send the payment regardless of whether they accept or not and write saying that here is another copy of the income/expenditure and payments are worked out pro-rata and it would not be fair to give them more nor is it possible.

Very few companies on the first communcation will say "oh go on then I will take that small payment" its a bit of a game if you like, they make noises, threats, letters with lots of "mays" and "coulds" but you just stick your ground and sent what your budget says.

rayday2

SOrry should have said in post above, ignore the default notices that get sent out its a process of what they do, sometimes they are good news and some companies send them out then accept payment plans.

The sad thing is with the process of DMP there is no industry standard of what should happen, no set times etc so each company will react differently to what you say. Just ensure that you are consistant with what you do and say and keep on top of your paperwork and replyign to letters etc.

Angeldust7

thank you rayday. I feel alot better now you've said that. I'm new to all this and just am so worried!

rayday2

Angeldust7 wrote: »

thank you rayday. I feel alot better now you've said that. I'm new to all this and just am so worried!

I know it is a very worrying time and I felt so worried at the beginning of the process that you are. I know you have said you are going through CAB but have you looked at the national debtline website. If not give it a go and request or download a copy of their guide it will help you to read through what companies can and can't do also there sample letters are a good start for you and you can add bits in. They definately have a letter to send if companies turn down payments.

Don't worry too much remember they have to try their hardest to get more out of you - some people do try it on and have more, you don't so you just have to stand your ground and sent those payments regardless.

Angeldust7

Thank you again rayday, I'll have a look at the national debtline website. I need all the advice I can get!!! I tried so hard today to explain to HSBC that we're offering all we can but she wouldn't listen. I'll persevere and keep paying the payments and reiterating what I can pay and hope they listen. What are the chances of them accepting the £12.73 do you think? Or is it a bigger chance they'll send it to a debt collector or take me to court?

rayday2

If it gets sent to a debt collector that does not mean it will go to court! In fact I wanted mine to go to debt collectors because ironically they are more willing to stop interest and accept small amounts. Debt collectors take people to court who hide and refuse to pay you are wanting to pay but at rate that means you can live financially.

Angeldust7

Thank you so much again, you're making me feel so much better! I just wish they'd bloody accept what I'm offering but I understand they can't just accept a payment so low. Well if it goes to debt collectors, it goes to debt collectors then cos unless I can find more work anytime soon, I can only offer what I'm offering! Thank you again rayday.

rayday2

Just take it day at a time just becuase they have rejected now doesn't mean they will never accept. I really wish they had set procedures for dealing with this sort of thing, the government had the chance to put something in place but I'm afraid it hasn't happened so a bit of see how things go and once you have sorted one letter etc wait to see what your reply does rather than worry - if you can!

Angeldust7

Thank you rayday :-)