DMP Mutual Support Thread (Part 6)

doodle0269

Hi
Sorry if this is a question that has already been asked......but I have lost the will to live reading and reading the pages of this topic (no offense!!) But we are wanting to start dealing with our debts with a DMP. I have contacted Pay plan and had an amount back from them of how much they estimate we will be repaying.
I have also done the online thingy with CCCS and had a slightly lower amount back from them.
I would love to hear people's views on both these options and who would be best to sign up with??
Many thanks!!

yellowpinky

Hi Doodle0269,

I'm quite new to this and someone will be along who can advise you better but I understand that Payplan and CCCS work out their payments by different methods - one by the total owed to each creditor and the other by the minimum payments required, I don't know which is which. Both companies are free to use and I've heard good about each. Payplan seem to be quicker to get an initial interview with (just over a week for me), but I think it just depends who you can get through to on the phone first maybe, as everyone's busy in the debt advice sector right now. I came to Payplan through National Debtline - they take all the initial budget and creditor details and then farm the application out to either Payplan or CCCS at random, so both are much of a muchness really. I've found Payplan fine to work with so far.

Good luck YPx

jacktom_2

ianmak thanks for the list

muddlemess

Morning all (croak) unfortunately still haven't got the hang of only drinking one glass of wine.........maybe three bottles for £10 is false economy..... my head hurts so glad paractamol don't cost alot!!

yellowpinky

Morning all,

I've had a bit of good news in the post - my first acceptance letter of my DMP, from Alliance and Leicester of all people (I fully expected them to be difficult b@ggers too)! They're my second biggest creditor at nine thousand, and have accepted my payments of £83 per month and have frozen interest at 0% and stopped charges. I know they review these things and it can mean anything from two months time to six months or a year they'll bunk the interest back up again, but it's a good result for now, and made my weekend!

Muddlemess, I hope your head feels better soon

sarahb7538

Merecat wrote: »

Hi

Newbey here, just posted off to CCCS, and creditors now scared stiff, I am waking up in the morning thinking about it going to sleep worrying about it. I think I am driving myself round the twist!!.

Hello Merecat

Try not to worry too much

I was in your poition last month and so far my experience has been positive. All but two of my creditors have accepted the DMP no arguements. The other two - one waiting to hear and the other Barclays haven't but will be getting another letter from me soon.

It will be a weight off your mind when it kicks in...also all the phone calls have stopped for me too which is the best thing about it !!!

Good luck

pinkpower

Morning everyone - hope there's not too many sore heads out there!

I've done my weeks shopping for under £90 (there are four of us) at Aldi and managed to include some treats for the kids (and OH!). Slightly over my budget, but I'm still getting the hang of it all.
Doodle 0269

I have also done the online thingy with CCCS and had a slightly lower amount back from them. I would love to hear people's views on both these options and who would be best to sign up with??

As yellowpinky says I think from reading here they are both good. One thing to watch is that I didn't realise that CCCS calculated the payments based on the minimums rather than the balance, and although the balances were correct, some of the minimums were higher than I was paying. The result is that I think the proposed payments are at or near the minimum for a couple, which I think inflences whether the creditors will freeze the interest payments. One of these has accepted the dmp but not frozen interest. I could be wrong, but its just something to watch.
Yellowpinky - I understand what you mean about being excited seeing the payments start - I'm really looking forward to it. It's not at all sad, it means you've started on the path to financial freedom!

muddlemess

Hi all my head is feeling much better now! :rolleyes:

Received my 'welcome pack' from CCCS this morning so after months and months of lingering and posting and umming and arring I'm finally part of the gang :j

Although I've got that awful feeling of pannick in my rib cage and feel as though I could just burst into tears at any time or be sick! Especially when I look at my monthly payments compared to what I am actually paying, I've managed to convince myself that noone will accept my DMP! :sad:

muddlemess

Infact here is what I will be paying, is there anyone else paying as little as me?

Company (Should pay) What paying

M&S (£109) £15.97
Citi (£45) £6.59
Next (£85) £12.46
Lloyds cc (£257) £37.66
Cap 1 (£240) £35.17
Lloyds Loan (£165) £24.18
Lloyds Loan (£174) £25.50
Egg (£124) £18.17
RBC CC (£69) £10.11
Lloyds O/D (£55) £8.06
Lloyds O/D (£10) £5
A&L O/D (£35) £5.13

:eek:

Twit_Head

Merecat wrote: »

Hi

Newbey here, just posted off to CCCS, and creditors now scared stiff, I am waking up in the morning thinking about it going to sleep worrying about it. I think I am driving myself round the twist!!.

All par for the course but believe me it does it get better! You will find you will learn and grow in confidence in dealing with your finances, so just untwist yourself a little and follow the good advice on this thread.;)

And to all the 'girls' - a good time had by all I think? So easily led astray by the allure of fatty food and cheap wine - yum,slurp :j Enjoy your weekend!