DMP Mutual Support Thread (Part 6)

ianmak

Gpuk wrote: »

Ok, I spoke to Payplan today and they have worked out my budget (quite generous) and they have given me a monthly payment of £108.33 a month which means it will take me 24 years to pay off my debts if they freeze interest etc?!? This seems like a very long time and not much money to give them?? Should I get them to up it a bit? The lady was really nice and did say I can be re-assessed in april when I know my new council tax, tax credits etc but bit worried if I up it too much then they might think I was lying before??

My original DFD was 20 years and I thought that was very long. I realised pretty soon that I struggled to budget at the beginning after years of living beyond my means. The thing that did me is the budget they provide doesn't include sky/cable, going out and other 'luxeries#'. If you find you have money left over straight away, put it away for savings, and if after a few months you still find yourself saving, increase your payments. I was lucky enough to get a promotion a few months after starting my DMP and could double my payments. I'm still struggling to budget though.

So now I have to make the token payments (she suggested £5-£10 per card).....any idea how best to do this??I was going to do the whole letter/postal order/recorded delivery thing????
Do I need to send all my creditors DMP letters or will Payplan inform them for me?

Can't suggest much, other than to make token payments of only £1... I paid mine by check from my old account (now on the DMP)! I didn't send my creditors any letters. Lots of others have however...

I have set up new direct debits on my new account and where I can I have converted them to pay point payments so I can have a bit more control of how much and when payments go out in future.

Payplan said I will recieve some papers in the post next week - any idea what these are??

I did get her to explain in laymans terms what a 'charging order' was and not so worried now as we are definately not moving forever!!!

The only other details I had to give her was about my car (which I paid cash for about 5 yrs ago so no HP) and my flat (which has no mortgage) Is this just for their details or would they say I have to sell my car (only worth about £2500 if that)??

Still a bit worried about letters, calls etc but much more worried about bayliffs etc

Anything else I should be doing??

Good luck to everyone who is doing this at the mo.

I start Oct 1st can I have a number please?

See a few answers above... Good luck and don't panic. They need to know your assets, hence wanting to know about the car and flat. You shouldn't need to sell, just one of those things they need to know about it.

Happy DMPing!!!

ianmak

I'll sort out a number for you (and the others!) over the weekend as I'm off to bed now (work in the morning. )

Gpuk

Me too but can't sleep head is buzzing!!!

mb73

Gpuk wrote: »

Me too but can't sleep head is buzzing!!!

Just saw your sig - I will be 48 by the time mine finishes

Circling_the_Drain

One thing about being skint is I appreciate treats more when I can have them.A colleague retired yesterday & laid on a lovely buffet in the office.As it was pay day a lot of my solvent colleagues headed off to the pub.This meant lots of food would have gone to waste so I volunteered to help out.I bagged what I could save & took it home.Lots of nibbles for the weekend!:D

glitterlea

Sorry to post this again but can anyone help?

Hi everyone
I recieved a default notice from my Tesco CC yesterday but I'm a bit confused Please could someone read it for me as I can't make sense of it!

" We have been contacted by PAYPLAN, who have advised that you are arranging a repayment program through them.
We confirm that we will accept the proposed repayment plan but it is necessary for us, at the same time, to proceed to formally terminate your agreement with us. As part of this procesdure we have to issue our standard CCA Default Notice, which is enclosed.

You do not have to reply to this letter as it is confirmation that your repayment program is being set up and, as a consequesnce, we will suspend interest charges on your account. (yay)

If however, you do not wish to go ahead with the repayment plan, then you must action the Default Notice within the period stated. Please read this Default Notice carefully, and, if applicable, send the required payment of £18.99 within 17 days starting the day after the date on the notice... blah blah blah"

So, my confusion is that I'm £18.99 over my credit limit (charges they have imposed on me! :rolleyes:) As I read it, if I want to go ahead with the payment plan, I do nothing but if I want them to cancel the default notice I have to send them £18.99.. is that right?

Thanks a million x

londonfraggle

Hi - I wonder if anyone has any advice for me. I am in the process of getting my DMP rolling (token payments and notifications all going out today).

BUT - I have quite a number of "cheque" loans, which I am not sure what to do about.

1) Try and negotiate with them directly - but I have heard that they are unlikely to do so - they have my cheques with the guarantee card number so really they know they can get their money. Plus I'm not really sure how to deal with them if I'm honest. Should I try and send them token payments too? Notification letters? I can't believe they'd even read them - perhaps just cash the payments AND cash my cheques!?

2) As I am not going to be paying the interest on these anymore they are going to start going through my bank account taking me well and truly over my overdraft limit.

3) I have already set up another bank account so the above isn't such an issue in day to day terms BUT...

4) As it will push my debt up MASSIVELY with my bank I'm not sure how this will impact my DMP with them - plus they will be charging me a HUGE amount of interest (there will be approx. 20 cheques going through - each one of £100 - so my overdraft will increase by over £2000 PLUS I will be charged a fee for each one, and overdraft interest - YIKES!).

5) Does anyone know if that bank will continue to charge me EVERY month for this amount over my overdraft. As my salary will no longer be going in there will be no way of reducing this every month. So I am super worried that my debt with this bank is just going to go up and up and up...and up!

Any advice gratefully received. I was feeling so positive yesterday after my appointment with CCCS but sat and thought about this last night and feel a bit sick again.... The CCCS counsellor said that on a DMP you often have to go backwards before you can go forwards, which I totally accept but I am worried that I'm going to be going so far backwards every month with Abbey once these cheques have gone through that I'll never catch up. Plus am worried about the demands they are likely to make about paying it back, court orders, bailiffs, etc etc.

Help please!

Thank you v much.

Fraggle x

ianmak

glitterlea wrote: »

Sorry to post this again but can anyone help?

Hi everyone
I recieved a default notice from my Tesco CC yesterday but I'm a bit confused Please could someone read it for me as I can't make sense of it!

" We have been contacted by PAYPLAN, who have advised that you are arranging a repayment program through them.
We confirm that we will accept the proposed repayment plan but it is necessary for us, at the same time, to proceed to formally terminate your agreement with us. As part of this procesdure we have to issue our standard CCA Default Notice, which is enclosed.

You do not have to reply to this letter as it is confirmation that your repayment program is being set up and, as a consequesnce, we will suspend interest charges on your account. (yay)

If however, you do not wish to go ahead with the repayment plan, then you must action the Default Notice within the period stated. Please read this Default Notice carefully, and, if applicable, send the required payment of £18.99 within 17 days starting the day after the date on the notice... blah blah blah"

So, my confusion is that I'm £18.99 over my credit limit (charges they have imposed on me! :rolleyes:) As I read it, if I want to go ahead with the payment plan, I do nothing but if I want them to cancel the default notice I have to send them £18.99.. is that right?

Thanks a million x

Pretty much yes, you are correct.

cloudy-day

mb73 wrote: »

Just saw your sig - I will be 48 by the time mine finishes

Thats nothing - I'll be 56!

workingmumoftwo_2

With £63k of debt it's 13 years for me so I will be 54. I'm hoping my circumstance will improve over they years and it will be quicker, but if the interest does not stop, it will never go away. DMP with CCCs starting in September hopefully, and fingers crossed for the interest to stop.