DMP Mutual Support Thread (Part 6)

crafty1

smcshane wrote: »

Morning All,

Regarding creditor updates and my fear of Barclays - still not heard anything (sure something will be in the post today now :eek:) since my initial termination notice on the current account and letters saying the dmp payments weren't enough for the loans, so it's just a waiting game I guess now.


SX

I've had exactly the same letters from Barclays regarding overdrafts and loans - every day I think I'll get a letter/call from them today and so far nothing, noticed on the online banking that I no longer have access to the accounts (which is fair enough!)
Enjoy the beach...I'm at work

Eupho

ianmak wrote: »

Good to see you too TP. I thought it was the other way round! I budget £25 a month for haircuts, and I'm follically challenged...

:rotfl:

and I now wear contact lenses.. haha

Eupho

smcshane wrote: »

Morning All,

I have a day of work today and it is glorious sunshine :T

Spending the rest of the day out with a friend and her little girl so may head off to the beach with a picnic and try not to thing of money ect.


SX

:wave:
Ohhhh... :undecided its foggy and raining (a lot) .. here in *Sunny Cornwall*... :rolleyes::rolleyes:

cleomolly

Hi guys, well I've had my first letters after sending my token payments as my DMP doesn't start till July. and I must say it's lifted a hugh weight from my shoulders...........I was dreading it, I thought they would all be shouting at me and being funny, but MBNA and Capital1 have both been quite nice and their letters friendly, so this has made me feel a lot better : ) this also gives me the impresison that Virgin will be ok as they are MBNA (I think)?dreading Barclaycard as I know they can be funny and dreading Natwest as they seem to hate me anyway!! but so far so good, hoping to get through these nect few months in one peice.Bx

Eupho

cleomolly wrote: »

Hi guys, well I've had my first letters after sending my token payments as my DMP doesn't start till July. and I must say it's lifted a hugh weight from my shoulders...........I was dreading it, I thought they would all be shouting at me and being funny, but MBNA and Capital1 have both been quite nice and their letters friendly, so this has made me feel a lot better : ) this also gives me the impresison that Virgin will be ok as they are MBNA (I think)?dreading Barclaycard as I know they can be funny and dreading Natwest as they seem to hate me anyway!! but so far so good, hoping to get through these nect few months in one peice.Bx

Yaaaayy! :T

Thats great!

With my creditors.. some are nice .. some are nasty. Most of mine have responded (those that have) .. quite 'politely and friendly' .. A few.. stubborn.
and flamin Hitachi Capital (DFS Sofa).. are just horrible. :rolleyes:
But then.. cant get tooo lucky can we. :rotfl:

:wave:

Seasiders_2

Hi all

Really depressed when I consider how long I am going to be in the DMP for and was wondering if an IVA wouldn’t have been a better solution. It would have been all over in 5 years. Very little equity in my house to pay any kind of lump sum in after 5 years and even if I have to, I would still have paid less "net" compared to a DMP? Anybody wish to share their thoughts as to why they chose a DMP over an IVA?

DevonGirl

Seasiders wrote: »

Hi all

Really depressed when I consider how long I am going to be in the DMP for and was wondering if an IVA wouldn’t have been a better solution. It would have been all over in 5 years. Very little equity in my house to pay any kind of lump sum in after 5 years and even if I have to, I would still have paid less "net" compared to a DMP? Anybody wish to share their thoughts as to why they chose a DMP over an IVA?

Hi there

Well for a start, an IVA is, I understand, considered a form of insolvency and you are listed both in the local press and online, meaning anyone can look you up on the IVA site (can't find the link). As far as I know, my DMP remains a secret between me and my creditors (and you guys on DFW!)

Although IVAs last 5 years, I think you still have to declare it. (Bankruptcy thread and IVA sub-thread would advise on this).

I understand that IVAs are a lot more inflexible (can't keep changing your budget except in exceptional circumstances) whereas on a DMP you are under regular review. Plus you have to pay to set one up and get agreement from 75% of your creditors, I think (or is it 2/3?).

I know what you mean about being depressed about the long haul of DMP. Today I'm feeling a bit p***ed off with it all. Although things are tight though, at least I'm facing up to my debts, will (eventually:rolleyes:) repay them and am managing to live a fairly normal life (albeit without luxury) in the meantime.

If taking on an IVA rather than DMP is a real concenr, could you contact your DMP provider and discuss whether this is still a possibility? (Don't know if that's allowed...)
DG:D

DevonGirl

Here's the link - http://www.insolvency.gov.uk

Personally, I wouldn't want to be on it... You just have to enter a name and anyone can see if you're on an IVA. Scary :eek:

Eupho

What the heck!..

I just got a letter from one of my creditors.. (that I have a £480 overdrawn.. overdraft with) ..
and a £6000 loan.

K? ..

On the letter.. it lists the two accounts.
The Loan one.. shows the account number and outstanding balance. (correct)

The overdraft one.. shows the account number.. but instead of the balance owing being £480 .. it says.. £483069

:eek:

:rotfl:Waaaaaaaaaat??

I am definitely calling them NOW.

::runs off::

DevonGirl

Eupho wrote: »

What the heck!..

I just got a letter from one of my creditors.. (that I have a £480 overdrawn.. overdraft with) ..
and a £6000 loan.

K? ..

On the letter.. it lists the two accounts.
The Loan one.. shows the account number and outstanding balance. (correct)

The overdraft one.. shows the account number.. but instead of the balance owing being £480 .. it says.. £483069

:eek:

:rotfl:Waaaaaaaaaat??

I am definitely calling them NOW.

::runs off::

Sounds like a misprint to me.... Now sue them for 'distress caused' and pay off all your debts! :rotfl::rotfl::rotfl:

(Only joking - don't advocate the 'blame culture' :rolleyes:)
DG