DMP Mutual Support Thread (Part 6)

CASR25

I have contacted pay plan who have sent me a pack to fill out via email - I'm very close to having our 2nd child! we can fill it out when we can and then they'll look through it.



DO you know - if we went with a dmp, could we leave out our loans and just deal with the cc companies? Also if we contacted the cc companies, like you suggest would their alarm bells ring???? How likely are they to say yes???

Also, what would we have to do with bank accounts etc?

We really think that freeing up 500 a mth to live on and paying off all the debt in 7years - by paying 500 a month to cc would be ideal for us; we're thinking a dmp may be the only option.

We're just not sure whether to go down the route of dmp. We havn't defaulted any payments and don't wnat to get on the bad side of creditors.
I don't know what our creditors are like for dmps?


We are very worried about this but have had our lightbulb moment and must sort it!

CASR25

Gosh - another thing, sorry, we're just trying to look at our options!

if we tried to do it ourselves could we send letters to credit cards and ask them to freeze interest as we're trying to get ourselves out of debt - do people do this, so credit cards agree?

Gpuk

Yellowpinky thanks for the letter template I will type it out at work and print it there and get some PO's done i've decided i'm only going to give £1 for this month as some of the creditors probably won't even get £5 and I don't want them to think "well if she paid £5 last month why can't we have that now"? also £5 postal orders are more expensive!
Don't want to leave myself short on the first month!

Finding it really weird using cash - have to keep remembering to go to the cash point!?! Also when i'm shopping if I pick up something thats not on the list I keep interviewing myself about why I am buying it lol !

I cancelled all my DD's to my CC's today and I need to call my bank and cancel my upgraded account and overdraft protection , and then I think i'm nearly all done, just hope all the DD's don't miraculously re-appear and that my inept payroll department manage to pay my wages next month in to the correct account - not holding my breath but you never know!

Thanks to everyone that has been so supportive!!

CASR25 only just starting DMP myself so no real advice at the mo but someone will definately be able to help you on here!!

sarahb7538

Not having a good day today, not heard from my creditors yet . Was quite upbeat and positive last week ready to take them on but not so this week. Been feeling all wound up inside and sick to the stomach. I know i have made the right choice but i'm so scared at the same time.

I knwo its early days but i would rather hear something than nothing at all. Does anyone know how long it takes CCCS on average to get back to you when you have sent over all your copy statements etc?

On one good note my creditors have cashed their £1 cheques

ianmak

CASR25 wrote: »

Gosh - another thing, sorry, we're just trying to look at our options!

if we tried to do it ourselves could we send letters to credit cards and ask them to freeze interest as we're trying to get ourselves out of debt - do people do this, so credit cards agree?

Crikey, so many questions! Not sure I can answer them, only give my experiences.

I had 38k of debt, built over 9 years, 10k came over the last year. I'd applied for secured loans in a last attempt to consolidate, over 10 years at 375 a month. I understand now I would never have survived paying. I chickened out thankfully.

A year later, and 10k more in debt, the bottom had fallen out of the economy, and I couldn't borrow anymore money. I ended up phoning a support company through my work, who put me in touch with PayPlan, and here I am, a year later. I've learnt to budget, after a fashion, everything has quietened down, for now and my quality of life has improved somewhat!

Regarding debts on the DMP, it has to be all or nothing to ensure fairness to all creditors. This includes Overdrafts, buy now pay laters and other credit agreements.

The DMP has been the best option for ME, however Bankruptcy and IVAs are suitable for other people. Presuming PP have recommended a DMP, then that would generally be the best option for you.

Hopefully others will be along to advise better, I'm too tired to think right now!

ianmak

whichwaynow wrote: »

Thanks for the number, have updated my signature and will add the amounts soon.

Just a quick question, I have sent off the DMP notification letter, along with token payment. I am just about to cancel Direct Debits, but how do I set them up with my new bank. Do I have to get in touch with each individual company or can I do it through the bank?

Probably a bit late now, but phone the companies to transfer your DDs over to the new bank. They're really helpful when doing this. They'll also tell you what to do next, i.e cancel the DD with the old bank after a few days etc.

CASR25

CASR25 wrote: »

Gosh - another thing, sorry, we're just trying to look at our options!

if we tried to do it ourselves could we send letters to credit cards and ask them to freeze interest as we're trying to get ourselves out of debt - do people do this, so credit cards agree?

One question, amongst many, that I posted yesterday - could anyone help?

Many thanks,
Cx

massivedebts

Hi Casr
The best advise I can give is to contact either CCCS or Payplan and explain your situation to them. They are both really busy at the mo' (there's so many of us in this situation!!!). They will advise you regards to token payments and sending letters etc. Also it's a good idea to do the CCCS online debt remedy as gives you all your options! As Ianmak said a DMP has been the ideal option for us and I know for me (6 months in) it has changed my life! Still have huge debts, but don't worry about them anymore as they're 'under control'!!. We were also offered BR but not for us at this time in our life.
Give them both a call and do the online debt remedy, it only takes 5 minutes.
Good luck
MD xx

CASR25

massivedebts wrote: »

Hi Casr
The best advise I can give is to contact either CCCS or Payplan and explain your situation to them. They are both really busy at the mo' (there's so many of us in this situation!!!). They will advise you regards to token payments and sending letters etc. Also it's a good idea to do the CCCS online debt remedy as gives you all your options! As Ianmak said a DMP has been the ideal option for us and I know for me (6 months in) it has changed my life! Still have huge debts, but don't worry about them anymore as they're 'under control'!!. We were also offered BR but not for us at this time in our life.
Give them both a call and do the online debt remedy, it only takes 5 minutes.
Good luck
MD xx

I've just done that debt rememdy online - its very good and I'm thinking we may do this now, with cccs, even thoug I've already spoken to payplan - but not tied, hope that'll be ok.

Thank you!:beer:

newlywed

CASR25 wrote: »

I've just done that debt rememdy online - its very good and I'm thinking we may do this now, with cccs, even thoug I've already spoken to payplan - but not tied, hope that'll be ok.

Thank you!:beer:

Payplan may ring you to chase you up to see if you are ok - but if you just tell them you are going with CCCS, they will be fine

I looked at both and as Payplan wanted to do it all on the phone but CCCS had it online, I went with CCCS. Payplan just wanted to check I was ok and getting help.