DMP Mutual Support Thread (Part 6)

SILLY_SARAH

newlywed wrote: »

Hi all,

Just popping by to say - I know at the start it feels like your debt will never go down - but it really does

It takes a few months for the interest etc to be stopped - so it tends to go up a bit in those first few months (be warned, stick with it) - but after that, it feels so good to see your debt totals start to fall.

Thanks for the info. I am in my second month of DMP now and some creditors have stopped interest, others haven't - it's very depressing to see debt increase even when you're not spending!

Do most creditors stop charging once they can see the regular payments coming in? Should I bother writing to them now and asking them to re-consider their charges & interest?

Thanks

Sarah

newlywed

Sarah you could try writing to them, but 2nd month is still quite early really. Don't forget, if you are with CCCS or Payplan they don't get their actual payment when you pay it, but get it later in the month. I think some of them want to see actual payments via the DMP before they agree to stop interest.

I think all mine (other than First Direct) stopped interest on the 4th month.

jodan

smcshane wrote: »

Hi Jodan,

It is good to see you on this thread as I have been reading your other thread with interest.

I know you have been having problems with Barclays and just wanted to pass on my experince. I too have mortgage, reserve and secured with Barclays.

I have actually kept my banking with Barclays and I now just have the basic account with them (I do have another account with Natwest for housey stuff). My wages still go in there and I am also paying off my reserve and so far Barclays have not offset any of the funds, maybe this is not usual but as far as I am aware CCCS have some sort of agreement with them!!! All my accounts have defaulted with them now, o/d and 2x personal loans and when I have spoken to collections about it they said they may start doing something if my CCCS payments stopped for any reason.

Not sure if this helps but just wanted to let you know.

Sx

Hi all, thanks for your insight into how Barclays dealt with you and your debt. 1st payment to cccs today and feeling positive but still a bit afraid of how bloomin stupid I am to get to this stage. At least I'm dealing with it instead of hiding from it.

Hope all are having a good day. I'm off to have a freebie hair colour and cut, just hope it's even on both sides when it's done. Lol

See ya later. X

pinkpower

newlywed wrote: »

Sarah you could try writing to them, but 2nd month is still quite early really. Don't forget, if you are with CCCS or Payplan they don't get their actual payment when you pay it, but get it later in the month. I think some of them want to see actual payments via the DMP before they agree to stop interest.

I think all mine (other than First Direct) stopped interest on the 4th month.

This is really helpful. I have just made my second payment to CCCS and have been wondering if I should wait for the interest to sort itself out. I will give it until Christmas before pushing for it to stop. So far I've had a mixed reaction, although I haven't actually heard from 3 of my creditors yet.

I must admit seeing that amout flying out of my account just after payday was depressing! This is going to be a tough month with OH and DD both having birthdays, plus a call for a payment on a school trip for next year. On the plus side my payrise is coming through a month earlier than expected, so there will be some backpay at the end of this month. I need to see it all as a challenge not something to get me down.

Twit_Head

jodan wrote: »

Hope all are having a good day. I'm off to have a freebie hair colour and cut, just hope it's even on both sides when it's done. Lol
See ya later. X

Been doing this for years at well known salon!(S*ks) Fabulous,sexy cut -they're not going to send you out looking like a scarecrow!!! Money saver tip recomended to all (just be prepared to sit for hours as they learn and fiddle with your barnet!)

Happy Birthday Muddlemess-the more you have the sooner they come round!

Silly Sarah - All the advice you have had so far is excellent but I do believe in being upfront and honest with creditors - maybe a letter might help things on their way?

the_tooth_fairy

Firstly SmcShane you live on £40 a week food shop? Thats brilliant!! you really don't need to be reviewing that anytime soon x
Please, I need some advice from everyone on this. We borrowed £25,000 from Halifax last Nov. Mostly for house stuff (which has all been done) also Xmas, a few bills,etc. We paid up till now leaving a balance (settlement figure from them) £24,528. According to figures from Justabank today thats now £30,927!
Thats obviously a figure from them so whats happened? Is it because we defaulted in the first year maybe? Any input gratefully received.

We are now paying £469 instead of the original payment of £401 so its not as if they are getting any less!

pinkpower

Twit_Head wrote: »

Been doing this for years at well known salon!(S*ks) Fabulous,sexy cut -they're not going to send you out looking like a scarecrow!!! Money saver tip recomended to all (just be prepared to sit for hours as they learn and fiddle with your barnet!)

I used to do this and when I started on the DMP last month decided to do it again. Went to T&G for a £15 cut & blow dry and was really pleased with the result - well worth 2 hours! (In case anyone thinks this is still a lot, its tough finding a good but cheap hairdresser in Surrey - this option even beats someone coming to the house.)

Nargleblast

Bumping this to page 1 for the benefit of any new DFWs out there who might be considering a DMP.

Daffykjs

munkiemunkie81 wrote: »

Happy Birthday Muddlemess!

I am sooo fed up with Natwest - honestly we are nearing a month when i first applied for my account, took 2 weeks to get an account number, a further week to get a pin number, a further half week to get a debit card - which takes 24 hours to activate?? And now today I finally recieve my internet banking activation code only to find out I cant make ANY online payments without a card reader - that can take up to 15 days!!!

I also find that they havent transfered any of my direct debits either! Just wonderful!! Now I have to use the phone to call them up and make payments - make a ton of apologising phone calls over failed direct debits and set up the D/D transfers myself. Lovely !

Anyhoos

I did recieve a lovely letter from First Direct saying they accept my payment as per CCCS proposal until a review in OCt 2010 and interest will be charged at 0% over first directs base rate of 0.5% making an annual rate of 0%.

They are my biggest creditor at 16k.

So thats great news Hope the others will be as easy! one can hope!

I should have a natwest card thing somewhere!! would it be quicker for me to find it and send it to you? (I don't need it, the account is on my DMP and i believe now shut). This of course depends on me finding it! And whether they are all the same and can be used by anyone. (I have a barcalys one too which i never took back if anyone wants it! )

PM me if you want me to look it out!

And that is shocking about them setting up the account! I opened a lloyds account for mine and they were brilliant and very quick indeed. i didn't realise just how good they were until reading your post!

Daffykjs

how do you get these free cuts etc?? i really need mine doing but can't justify the money!