We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
DMP Mutual Support Thread (Part 6)
Comments
-
twoflower169 wrote: »Hi we will start paying next month £469 and we are on a low start DMP too. We wont be upping ours by much at the moment though, once we can change tariff on our 24month o2 contract that will be an extra £20, then we need to change our Mortgage assurance and critical life cover which will be another £30ish pounds, and then DH can earn good overtime but its not definite each month, so we plan to put some aside for emergencies in the next coming months and then out the rest into the DMP.
I have some news, CCCS sent out all their letters etc to creditors last week and the 1st one I heard from was MBNA, who were a real pain a few months ago when I contacted them, so much so the person on the phone had me in tears and I asked to speak to his manager! Anyway they've accepted DMP and stopped interest, charges etc I am absolutely amazed :T. But then the next letter was for DH from MBNA (sent the same day, who owes MBNA £1K where I owe them 5K) saying if you do not contact us in 7days we will send this onto our solictors to start CCJ proceedings! MAD, MAD & MAD! ANyway I spoke to cccs to ask whether we should contact MBNA to explain DMP, but was advised to leave it as it can take a bit of time fr everything to filter through and different depts dont always talk to each other. DH has gone to work in foul mood, I wonder if he would be better talking to mbna anyway, just to put his mind at rest that he has informed them and not ignored the letter, as long as he is strong enough not to give in and pay them any extra.
What do you think?
Sorry for the ramble, but I still feel quite excited that at least one company and the one I never expected to have stopped charges!
Hope everyone else is ok. TF
I would personally say yes get him to give them a ring. sometimes they carry on refusing until you've actually spoken to them (pathetic really). I do everything for our DMP so some of hubs creditors did this. didn't accept and kept phoning, but once he'd spoken to them they accepted and stopped (or reduced) interest!
Also I have an MBNA card and they still send me statements.DMP Mutual Support Thread Member No 261Debt at start of DMP (Jan 2009) = 46,147.86 Now = 36,826.98DFD = [STRIKE]Jan 2014[/STRIKE] May 2013 ([strike]60[/strike] [STRIKE]52[/STRIKE] 41 payments to go)NSD:Nov 12/12:jDec 9/10 Jan 5/10Slowly but surely:coffee:0 -
Hi Jayneben,
To be honest you haven't actually given enough information on here for anyone to be able to say whether a DMP would be best for you. It depends on several factors such as the amount of creditors you have, the amount of genuine spare cash you have each month & so on.
If you have numerous creditors & cannot afford to keep up the minimum payments then a DMP is probably your best bet. There is little point agreeing to Natwest or MBNA's plan unless you can afford to do the same with every other creditor because they would ruin your credit file anyway.
Really you need to speak with either CCCS/Payplan or the National Debtline (they would be my choice as they tend to give the best advice), go through with them the creditors you have & the amount of spare money you'd have available & they'll be able to work out for you what sort of payments your creditors will get. That should give you a better idea of the route to take.
Regarding what MBNA & Natwest are telling you about protecting your credit file, technically they're not lying, even if Natwest had defaulted you previously they can withdraw that default from your file. Personally though, if you're in a position where you cannot afford your monthly payments its extremely likely that your credit file will be ruined by one or more creditors so I wouldn't make that a big consideration in your decision of whether to go on a DMP or not.
Hope some of this helps.
Hiya Many thanks for your reply,
Basic background is , between us we have approx 9 creditors , 3 loans which r all up to date payment wise , 2 of which finish in 2 1/2 yrs time, other for another 5yrs, the rest is credit cards, my OH's are mainly up to date a few late payments but not missed, its only really my 2 credit cards mentioned who i have missed payments for + a lloyds card that i have now missed this months payments, i have also missed x2 payments on a littlewoods catalogue that i have a payment plan for, the reason we thought the DMP would be best is that we would be toltally debt free in 4 yrs as we only pay the minimum payments on all our cc's and feel were getting nowhere !!, Im just a little anxious now about credit ratin as our fixed deal on our mortgage is coming to an end & not being able to change it for approx 6yrs scares me !
Again many thanks for your advice this forum has helped me no end !!0 -
Hiya Many thanks for your reply,
Basic background is , between us we have approx 9 creditors , 3 loans which r all up to date payment wise , 2 of which finish in 2 1/2 yrs time, other for another 5yrs, the rest is credit cards, my OH's are mainly up to date a few late payments but not missed, its only really my 2 credit cards mentioned who i have missed payments for + a lloyds card that i have now missed this months payments, i have also missed x2 payments on a littlewoods catalogue that i have a payment plan for, the reason we thought the DMP would be best is that we would be toltally debt free in 4 yrs as we only pay the minimum payments on all our cc's and feel were getting nowhere !!, Im just a little anxious now about credit ratin as our fixed deal on our mortgage is coming to an end & not being able to change it for approx 6yrs scares me !
Again many thanks for your advice this forum has helped me no end !!
Hiya,
I must admit your situation does seem complicated, mainly because of the mortgage side of things. Is there anyway you could lock in a new deal now (you can usually get deals in place early) & then arrange the DMP afterwards?? After all the mortgage doesn't get put on the DMP & you still make the required payments on that regardless.
The other thing to do is check your credit file (you can do that for free online if you haven't previously done the trial), if you already have a default from Natwest then thats not viewed any better than a CCJ so you wouldn't get the best deals from mortgage companies even now, either way don't forget these companies always mark down missing payments on your file to show how far in arrears you are, so if you've been missing payments already then banks etc are already going to be concerned. You'll still be able to remortgage but you won't get all the deals on offer.:j DMP mutual support thread member - 135:j0 -
Hello again, I'd like to get to work on my sig and I wonder if I might have a number to add to it now I'm proud to be dealing with my debts
Many thanks
CC xxLBM: October 2009DMP Start: November 2009DFD: May 2014PROUD TO BE DEALING WITH MY DEBTSDMP Mutual Support Member: 3520 -
Hi, Can anyone tell me, once you have defaulted on an account the interest will stop???
KR
Pinksparkle0 -
Hi pinksparkle, I don't think so Egg have defaulted me, but are still charging interest etc, other creditors have stopped it without a default.LBM July 2009DMP Start 1 September 2009DMP Support Number 3350
-
Hi pinksparkle, I don't think so Egg have defaulted me, but are still charging interest etc, other creditors have stopped it without a default.
Hey Pinkpower,
Yeah same here, thats why i thought id ask the question...Has anyone had success with f&f settlements, and if so, what percentage?....I have read on other threads that it is possible to have defaults removed when offering f&f settlements as part of the offer they must remove the default and basically settle the account as satisfied, not partly satisfied but fully satisfied...???
Pinksparkle0 -
Pinksparkle - regarding stopping interest. I think any creditor can stop interest without defaulting you. However, some creditors will only stop interest by defaulting you, sometimes selling your account on in the process to a company who will stop interest as well.
jayneben - regarding mortgages, I have recently come off a two year fixed rate, paying 6.5%, straight onto the SVR, which is 2.5%. Obv that's fine for now, but I haven't tried to get another fixed rate as I'm not sure if it's worth it. Just depends on if the interest spirals as it did in the 80s... Also I'm not sure if I would get another deal with my current mortgage supplier!
LittleMissSkint - regarding basic accounts, DDs and payroll, I'm lucky enough to work in a small company who do all their own payroll, so I could just pop off an e-mail, or speak to them to make sure it all went through. Either way though, as long as you get it in before close of payroll, you'll be ok. Just depends on when that is... DDs I allowed about three weeks to get everything transferred over, but even then had a couple of late payment charges, or letters saying I owed money. The worst was my DD for Council Tax! But all they did was increased my payments over the remaining months. To do this I phoned each company up, but those that couldn't do it over the phone, sent through a DD Mandate to be filled in and returned.DMP mutual support thread No: 2430 -
hello everyone, it's been a little while since I have wrote so I hope everyone is progressing ok. It's now the 3rd payment of my DMP with payplan & I thought everything was going ok. I have no phonecalls now & everyone is being very civilized! Imagine my horror when I had a statement come through on Sat from 1 of my creditors that the last payment was at the beginning of Sept. I pay payplan on 27th of each month so there should have been a payment for beginning of October - there wasn't! I've checked the Justabank site & they have paid all of my creditors except this 1.
I've written to payplan (email) & haven't had a reply as yet. Am going to ring them tomorrow, has anyone else had this, it just looks like they've forgotten to pay my creditor - am really dissappointed in them
Thanks
LTotal Debt July 09 48k:( DFD 20140 -
cloudy-day wrote: »Evening all, well DMP ticking along OK, all quiet. Out of the 9 creditors 8 have stopped charging and accepted the reduced payment. But Egg are still charging interest AND late payment fee AND over the limit fee (for 2 cards), so I pay them £110 a month but they charge me about £500 a month!!! :mad::mad:
They defaulted me on 4th Oct so I thought that would be the end of the charges but no, the statement was due over the w/e and there are all the usual charges.
Is there anything I can do? Phone and beg? Write a pathetic letter? Send them a pint of blood and my children's pocket money??
Any suggestions would be gratefully received.
Thanks
Sorry to bump but can someone please advise me re the above?
I'm so worried about the speed of the Egg Debt increasing that I'm just not sleeping and am feeling constantly tearful and frightened.
Thanks0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards