DMP Mutual Support Thread (Part 6)

Paulo_Silvestre

welcome, Hope everyone has had a pleasant weekend, I've had a great one, but starting to feel tired now...

glitterlea

Hi Just Peachy
Just wanted to say that Tesco cc is one of my creditors and were far the best, they accepted the offer from Payplan straight away and have froze interest on my account, no letters and no scary phone calls!

The only other creditor we have in common is Lloyds - so far they haven't agreed to anything but I am only 2 months into my DMP so its still early days.

Good luck with it all x

Daffykjs

Just_Peachy wrote: »

Thanks for your response Ian, can anyone explain the difference to me between a dmp and an iva? would anyone recommend an iva?

Thanks

Hi Peachy, welcome. If you go on the Payplan website it has some good explanations of the different plans. But simply I think that an IVA is a legal (or maybe just contracted, not sure) commintment to pay a certain amount a month to your creditors for a set period of time. through an IVA the interest and charges are stopped and after the period of time (I think it's 5 years but not sure if that's set) the rest of the debt gets written off! the problem with an IVA is that because it's a set amount and contracted (or whatever) if for some reason you have a bad month and can't pay the full amount it becomes a problem (not sure what happens but do know this is the downfall of it).

However, on a DMP it's not a contracted amount you pay. so if a big (say car fails MOT for example) bill comes in one month, you can simply pay less that month. the problem with the DMP is that the creditors don't have to stop interest and charges. most of them do, but some kick up a fuss. And you pay for as long as the debt lasts. But it's a lot more flexible in terms of payments!

I think that's right anyway. sure someone will correct me if not!

As for your other questions I think Ian coverd that very well.

We've got a Tesco CC and Natwest OD on ours.

tesco CC have been ok but was in hubby's name and kept phong to talk to him about it (he works away). When they did speak to him however they were fine and accepted it.

Natwest on the other hand have been a blooming nightmare for me. they carried on charging interest (which they are allowed to do) but becuase i ended up going over my limit (by a measly amount) they also started charging for this and the interest plus the charge are more than my DMP payment so the debt has gone up instead of down!

They've since defaulted and passed it on to a collection agency (not scary like it sounds I promise) and i'm waiting to find out if the interest and charges have now stopped, which i'm hoping they will have!

Thing is tho from being on here a few months now it seems every creditor seems different for different people! there seems no set rhyme nor reason to how easily they accept etc. So it's hard to say!

I have to say, i know it's scary and as Ian said you'll have good days and bad days and people will phone you! BUT the good of going on to a DMP WAY outweighs the bad!!

Daffykjs

When debts get passed to a DCA, how do you find out if the interest and/or charges are stopped? do you still get statements like before? (or in the case of my Natwest od will i still be able to check online?)

Ta

icecube2009

Daffykjs wrote: »

When debts get passed to a DCA, how do you find out if the interest and/or charges are stopped? do you still get statements like before? (or in the case of my Natwest od will i still be able to check online?)

Ta

i can check my lloyds accounts on line but egg & natwest have barred it, i dont get a statement from natwest or egg either so I wondered the same thing, was thinking of writing asking to be sent monthly statements

Daffykjs

icecube2009 wrote: »

i can check my lloyds accounts on line but egg & natwest have barred it, i dont get a statement from natwest or egg either so I wondered the same thing, was thinking of writing asking to be sent monthly statements

I might do the same! As i've just tried to get onto my online banking for Natwest and it says 'it's not available right now' and i assume by right now they mean ever again! might ring, altho not sure whether to ring Natwest or Triton!

Fruityloopey

Hi

Just wondered if anyone was coming to their end of their DMP or has finished it? I have another 3 / 4 years I think left and just wondered what happened at the end if you haven’t paid off all the debt owed. I think they may put offers into the creditors but just wanted to see what other peoples experience of this was?

DevonGirl

Fruityloopey wrote: »

Hi

Just wondered if anyone was coming to their end of their DMP or has finished it? I have another 3 / 4 years I think left and just wondered what happened at the end if you haven’t paid off all the debt owed. I think they may put offers into the creditors but just wanted to see what other peoples experience of this was?

I don't understand FL - surely coming to the end of a DMP means you will have paid off all the debt? Or are you talking about coming quite close to the end and wanting to speed it all up by making a 'full and final offer'?

DG

londonfraggle

Hi - I wonder if a anyonecan help me with some questions about a DMP - I've been trying to phone the CCCS but just don't ever seem to get through!

I am in the process of setting my DMP up. I have written to (most) of my creditors alerting them and sending them token payments. The ones I haven't alerted are those that I am not yet behind with, or who are connected to my current bank account.

I am waiting for confirmation that my salary will be paid into my new account at the end of this month before I alert my bank (overdraft and personal loan with).

My questions are as follows:
1) I have missed the personal loan repayment. They don't seem to have yet taken the money from my current account to pay for this, but they are chasing for payment. Should I take my chances and let them know about the DMP and send token payment anyway? My worry is that the overdraft will be suddently removed once my bank know about the DMP and until I know for sure my salary is going elsewhere that's a worry. Any advice?! Shall I just keep stalling them for as long as I can (i.e. ignoring them!).

2) One of my creditors has already issued me with a default - despite the fact that I am only one payment of £13 in arrears and made a token £10! Is this normal? Should I be worried.

3) Another creditor (Citi Financial) is really hounding me - letters, phone calls etc. I keep telling them that CCCS are dealing with it and will make an offer as soon as everything is in place but they want to know exactly when that will be and have scared me by saying that the longer I leave it after notifying them the less likely it is that they will accept a DMP. Again, is this true?

4) I really want to set my DMP up from 1 October - as creditors are starting to hound me now, but I have had a bit of an unfortunate set back in my personal life - my old flat mate is moving out or our (jointly shared) rented flat. Another friend is moving in but not for a couple of weeks so I need to cover the rent/bills on my own for a couple of weeks. This situation will be resolved by the end of October of course when new flatmate moves in, so I wondered what your thoughts were on starting on 1 November instead? How will creditors react?

I would really appreciate some advice on this - I have tried to call the CCCS many many times over the last week but it's always so busy!

Thank you very much in advance!

Fraggle x

Daffykjs

Fruityloopey wrote: »

Hi

Just wondered if anyone was coming to their end of their DMP or has finished it? I have another 3 / 4 years I think left and just wondered what happened at the end if you haven’t paid off all the debt owed. I think they may put offers into the creditors but just wanted to see what other peoples experience of this was?

Do you mean if interest and charges weren't stopped? I want to know this too. as i've been told not to worry about it, but it's easier said than done as there are others here with similar problems and as yet we haven't managed to find anyone who has been through this process but have been told about it. I'm just hoping it's not some urban myth!

Sorry, not vey helpful!