DMP Mutual Support Thread (Part 6)

Twit_Head

scouselad1974 wrote: »

I have been with CCCS for 2 months but still deal with things myself when I have to, making one monthly payment to CCCS is the main advantage for me as I have many creditors. CCCS did not manage to get interest and charges frozen on some of my debts, so I wrote to those creditors and asked them to reconsider, luckily they did. I also check my statement balances every month and update my DMP online with CCCS. I wouldn't feel comfortable letting anybody take 100% control of my finances, so it works out fine for me.
I also like the backing of CCCS, for example one of my creditors wouldn't accept my DMP when I tried to arrange it myself but they accepted it straight away when I used CCCS even though they offered them 3 times less than I did :rolleyes:

As Ian says when a creditor treats me fairly I will do my best to pay them back as soon as possible, but when they go totally out of their way to cause you as much grief as possible it does sort of make you think ***k em

So agree with you - great to have CCCS in the background but I think you have to be pro-active, keep writing and take control yourself. Hey - can't believe I'm saying this - was a complete wreck in April when my financial melt-down hit me in the face! Glad to know you too are going on OK scouselad :wave:and getting your head round all this, think we bit the bullet about the same time, so good luck and race you to the finish!(You'll win!!)

DMP MEMBER 330

scouselad1974

Cheers !

I'm going to be around for a very long time, at least 10 more years :rolleyes:

saskia1

me too - (hi all)

i'm a complete book and make up addict - was spending £100+ a month on books & make up. waterstones luv me....... i spend most lunch hours gazing & making a list of books to read & then pop into boots - look at the clinique counter & then shuffle off to rimmel!!! (& can't afford that till pay day!!

still - the library is ok - picked up 4 books today. am allowed new make up on pay day (next week!!) oh how my life has changed.

good to see so many peeps are getting on great with thier dmps = best thing we've done - but like others - am now in the process of trying to get the interest frozen as cccs don't deal with that side.

roll on 9 yrs time.............................

sas

mcrfan wrote: »

I think I may get banned from Boots for staring longingly at the Estee and Clinique counters...Collection 2000 for me now! (confession - I still buy a Clinique foundation but it is the best ever and lasts for ages!!)

scouselad1974

Good luck with your DMP, keep on asking and asking.

pinkiepie68

I have just set up my DMP with CCCS to begin on 1st October and sent out all the letters to my creditors (19 - it was a mammoth task - you should have seen OH's face when I told him to go to the PO & do the recorded delivery - some things you wish you could bottle to see you through the really down times!!! :-)))). That same smile was wiped off my face later today when I found out (on going to get my cash out for my weekly shop)that Lloyds TSB credit card have taken £ 69 out of my Lloyds TSB current account AFTER we told them last night we were on a DMP with CCCS and telling them about the £ 1 token payment being sent today. We have opened new current a/c's (with Co-op for me and RBS for OH), but this was the final week that OH's wages were getting paid into the Lloyds current account. I am spitting feathers. :mad: Now my home insurance will not be paid, I will have to go cap in hand to my mum (again!!) and we will be eating eggy bread & tuna pasta for a week until next pay (at least there is a God I have a new bottle of bacardi!!). DD starts school on Monday but at least she is only in 1/2 days for the 1st 4 weeks - I will not be too red faced about her getting "pieces in jam" for her lunch box.:o. Never mind - onwards & upwards!!

PinkiePie x

Bigdi

JillyOJolly, I have had the same experience with Payplan as you have and can offer nothing but praise. I hope that new DMP's are not put off as you said because they have truly helped me turn my life round and hopefully Helen42's experience is an isolated one.

Juls1

Hi

My OH and I are considering a DMP as our debt is mega and we have little left over once all bills are paid. To date, we are fortunate enough to have paid all our bills but in return for this have a £2.5k overdraft.

I have a few questions about this as it is a big step and would be grateful for any advice.

1. We are due to remortgage next year but have a 125% mortgage with some equity - what would happen with the remortgage and DMP?

2. How long does a DMP last?

3. Does it affect your credit rating?

Grateful for any help.

JillyOJolly

Juls1 wrote: »

Hi

My OH and I are considering a DMP as our debt is mega and we have little left over once all bills are paid. To date, we are fortunate enough to have paid all our bills but in return for this have a £2.5k overdraft.

I have a few questions about this as it is a big step and would be grateful for any advice.

1. We are due to remortgage next year but have a 125% mortgage with some equity - what would happen with the remortgage and DMP?

2. How long does a DMP last?

3. Does it affect your credit rating?

Grateful for any help.

Hi,

I cant answer about the mortgage side of things, but I have seen people on here with mortgages on a DMP so I am sure someone will be along with an answer to that bit..

The length of a DMP is as long as your debts are being paid and how much surplus income you have each month to pay them. It will also take into account any interest (unless they are kind enough to freeze).

It may affect your credit rating if you are put into default by any of your creditors, but sometimes this can be a small price to pay if you have massive credit card/store card debt where you are only paying the minimum each month. If you worked out the minimum payment plus interest it can sometimes add up to 25+ years to pay it off.

Lots to think about, but have a browse through some websites like nationaldebtline, payplan and cccs. They will sure be helpful,

Good luck JOJ

ianmak

Juls1 wrote: »

Hi

My OH and I are considering a DMP as our debt is mega and we have little left over once all bills are paid. To date, we are fortunate enough to have paid all our bills but in return for this have a £2.5k overdraft.

I have a few questions about this as it is a big step and would be grateful for any advice.

1. We are due to remortgage next year but have a 125% mortgage with some equity - what would happen with the remortgage and DMP?


2. How long does a DMP last?

3. Does it affect your credit rating?

Grateful for any help.

My fixed rate came to an end last month, and due to the decent SVR, I just went straight onto that. I have a small debt with the same company, and as far as I know, they tend to keep that separate.

So, in short, you get to keep your mortgage, but don't expect any better rates when you come to renew, and I'm not sure how other companies will view your credit rating....

Lastly there is that nasty thing called Charging Orders. They can't take your house (Unless you can't keep up with payments on the DMP, perhaps.), but some creditors may like to secure your debt to the house. But don't panic about this, at this stage.
http://www.hmcourts-service.gov.uk/infoabout/enforcement/charging/index.htm

But before then may come CCJs
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_10013083

Again, please don't worry about this for the time being. It may or may not happen, and nothing will change that!

And finally, welcome!

yellowpinky

Apple38 wrote: »

Hi Yellowpinky

This must just be the way Egg handle DMPs because I got a default notice straight away followed by a letter saying they were shutting down my account. I had no arrears either and it did unsettle me a bit even though I was expecting it.

I hope I won't lose access to the Egg Money manager because that really would upset me! All my different account logons drive me nuts.

This morning I got a letter from Mint telling me they were reducing the limit on my card, but not to worry as it will in no way effect my credit rating:rotfl:. I guess the big fat default notice may though!

Have you got your head around the situation yet? I still found myself stopping at the Estee lauder counter gazing longingly at the 'gift with purchase' and thinking I could afford a little splurge :eek:. I walked away, but just what has to happen before the penny drops?

Apple38

Hi Apple38

Good to know that seems to be how Egg do things. I saw the Money Manager for the first time when I logged on today and was a little paranoid with the idea of putting in all my other accounts on there! Sounds useful though, I hate having lots of different log-ons too and am constantly having to get password reminders etc.

After things dragging on for a few weeks (mostly waiting for the go-ahead for my safe account) suddenly everything seems to be happening very fast! Got a call from PP the next day to set up a phone appointment, which is next Wednesday morning. I'll just be glad when it's all set up and in place. I'm perversely enjoying trying to save money and looking out for bargains and freebies at the moment (I'm sure it'll become a big pain in the *rse soon though!) and have to say it is work and time-consuming comparing prices and looking out for offers (and claiming Nectar points and things I couldn't be bothered to do before) but it's quite satisfying at the moment. And lovely not to be putting things on credit and just using money that I know is mine and earned. It is really a new way of life isn't it? With good and bad points.

It almost makes me laugh when you get the warning "act now or your credit rating may be adversely affected" (like I had from Mint the other day) - I think "Well, it's pretty much scr*wed from now on anyway so it's hardly a threat any more!" :rotfl:


I was with a friend in Monsoon a couple of weeks ago and the 70% sale was on, even with skirts at £10, but I had to be really firm with myself. My mascara's got to the stage where I was putting water in it to eke it out, then I found the Company magazine offer on this site, with a free mascara with the magazine! Excellent!

Re: views on Payplan, by far the majority of views I've read about them have been good so I'm happy to be involved with them though understand that there may be unfortunate experiences with them (as with anything) too. Good luck to Dannynixon and others starting/considering DMP's.

YP x