DMP Mutual Support Thread (Part 6)

getitgone

Hi,

Looking to start a DMP soon but need to change bank account, what works bet we have always had ajoint A/C that had all the cash go in and DD's etc go out. Are we better getting one to sort out the DD's etc and a seperate account for day to day what we can spend ? Any experiences would be appreciated.

emmiloam

We've been on our dmp with CCCS since March and since the beginning NR haven't accepted our offer of repayment.

3 weeks ago we received official court papers which we have since returned and now Northern Rock are going for a charging order.

I'm not sure if this is the right attitude, but it really isn't bothering me. At the end of the day we will have to and want to pay them back anyway, so all this means is that it's now secured on the house, so if/when we sell they have the security of knowing they'll get their money - is that correct?

Does anybody else have experience of charging orders? I know they're registered with land registry and show up when a buyer does searches, but that surely wouldn't stop somebody buying our house when we sell would it?

Any information would be greatly recieved.

thanks
Em

emmiloam

getitgone wrote: »

Hi,

Looking to start a DMP soon but need to change bank account, what works bet we have always had ajoint A/C that had all the cash go in and DD's etc go out. Are we better getting one to sort out the DD's etc and a seperate account for day to day what we can spend ? Any experiences would be appreciated.

When we started ours we opened two Natwest Step accounts - one for bills and one for spending. Works very well for us and as you can see both account online it's very easy to move money around.

hth
Em

mozzyc

mozzyc wrote: »

Hi Guys

Been reading all the posts, and must say, after being on DMP for almost 5 years, i'm still learning so much every day.
I'm still battling away with Lloyds TSB for the interest to be frozen. The last phonecall, the guy reckons "The plan is going fine"!!! I could've screamed.
Yes i said, its going fine for you, but you know as well as we do that if it carries on like this, we'll be paying you for the rest of our lives without ever clearing it!
With £1000 interest added to the loan debt in 6 months, who can compete with that. So we just said for them to expect another letter from us soon. grrrrrrrrrrrr

Next on list is the letter of complaint to there complaints department.
After that, letter to OFT.

One question though, has anyone fallen pregnant whilst on there DMP, and had to reduce payments.
To cover maternity clothing, maternity leave and all the general and added costs of having a child.
Or is there only a set time for how long you can offer reduced payments.

Thanks

Anyone have any info on this?

(With regards to accounts - we did the same thing - opened up a Natwest step account.)

getitgone

Hi
Thanks Em, Did you open them in joint names or kept the accounts seperate ?

:T

emmiloam

getitgone wrote: »

Hi
Thanks Em, Did you open them in joint names or kept the accounts seperate ?

:T

Nope, both in joint names, and we also have a saving account with them too. I can't fault them at all.

My husband opened them up in the branch which is all done then and there and you're given your account numbers. I then popped along with him at a later, more convenient date and had my name added to all of the accounts.

As soon as he left the branch with his account numbers we were able to move all DD's over and were ready to go within a couple of days.

Em

ANY_CHANCE

My OH...actually we are separated ...long story

anyway,

he is being hassled by barclaycard asking him to make higher payments.
He cant afford to do this so he tried to talk to them on the phone and of course they were unhelpful so i am doing him an income and expenditure with him to send in the post to them instead.

I dont know how to do the pro rata thing of allocating his surplus amount of money to the creditors. Is there a link to somewhere that can do this?

Does he have to send written amounts that he owes to other creditors?

CCCS had advised him to pay much lower amounts so he isnt with them any more he has just cut down on other things. That is why he is trying to do this himself

thanks for any advise you can give x

newlywed

londonfraggle wrote: »

Another question - because of the size of my debt and the number of creditors (14 - don't ask, it makes me want to cry) I thought going through the CCCS would be the best option. However, I have seen that quite a few people have set up their own DMPs - which I'm truly impressed with. Can anyone advise me on the pros/cons of going it alone or not? I ask because I simply feel that I got myself into this mess and I should get myself out of it.

I am with CCCS. For me the biggest thing is that if you do the DMP yourself you will have 14 payments to make each month. I wouldn't have remembered to do all of my 7 on time every month Plus if some wanted cheques, some standing orders - I could see me ending up in a mess.

Going with CCCS means they get one standing order or dd each month and then they sort out who gets what and dishes it all out. Works for me

Plus I just do income and expenditure once a year with them (unless I request an update) and then they dish that out to all the creditors. So if creditors ring and say can we have more money etc - I tell them to go ask CCCS for the up to date i&e list and they happily go away

Also, when HSBC say "you need to sign a managed loan agreement" I can quite happily say it's part of my contract with CCCS not to sign any new credit agreements (ie bog off)

Plus I've signed a contract not to get any new credit so those sneaky catalogue accounts and storecards can't tempt me now (and they probably would have at the start if I'd been doing my DMP on my own).

ANY_CHANCE

ANY_CHANCE wrote: »

My OH...actually we are separated ...long story

anyway,

he is being hassled by barclaycard asking him to make higher payments.
He cant afford to do this so he tried to talk to them on the phone and of course they were unhelpful so i am doing him an income and expenditure with him to send in the post to them instead.

I dont know how to do the pro rata thing of allocating his surplus amount of money to the creditors. Is there a link to somewhere that can do this?

Does he have to send written amounts that he owes to other creditors?

CCCS had advised him to pay much lower amounts so he isnt with them any more he has just cut down on other things. That is why he is trying to do this himself

thanks for any advise you can give x

Just found the calculation on CCCS website it is individual debt x surplus divided by total owed = pro rata amount you should offer

newlywed

ANY CHANCE,

I wouldn't be too inclined to send creditors a list of who he owes what to, personally I would list the total debt figure and then the figures of how you worked out their payment and say it is pro rata to be fair to all creditors.