DMP Mutual Support Thread (Part 6)

bailey59

Thats great news LMS. I cant wait to get these letters off today so I can start hopefully jumping up and down with joy

fermi

If you have had hassle with a fee charging (or even other) DMP provider, then please read this link...

>>> OFT to review debt management practices - time to complain about dodgy firms? <<<

LittleMissSkint

Thanks, I read the letter like a million times and I notice it says when they review it in May "It will be a necesarry requirement that the payments are increased to clear arrears over a period of time" So now I'm thinking they are only accepting until May then they'll hike the payments up. I'm not gonna stress over it though, it's maybe just their way of wording things. Chances are in May I will send them an Income/Expenditure thing (unlikely to have changed much from now) and hopefully they will accept for another 6 months. Fingers crossed anyway.....I notice they have agreed not to default me, so maybe in 6months whenI still can't meet normal payments they'll do it then. I dunno, far too many maybes :rotfl:

I have £100 per month that I will be freeing up in 6 months time (when mortagage arrears are cleared) I had hoped to put this toward the DMP but chances are before then interest rates will have gone back up and our mortgage payments will increase so it may not be £100 as I hoped. But again, it's one of those things you worry about if it comes to it I suppose. It just seems inevitable the interest rates will go up at some point.

It was only two weeks ago I sent all my paperwork, so for you guys that are just starting now, you'll see changes soon! I started to get a good few calls (havem't answered any) but so far no letters saying no, and even just the two saying yes has been a huge relief to me.

I don't have the worry of charging orders like you do Dory, as I live in Scotland, and they don't exist here. I feel for you on that, I have read up on them and I would be petrified of that.

the_tooth_fairy

Hey LMS!
I'm so glad you are finally getting somewhere, that's great news!

Halifax (the bane of my life) wrote today letting us know they are charging me and OH £25 EACH for arrears!!
Doesn't seem much against £36K but still...

LittleMissSkint

the_tooth_fairy wrote: »

Hey LMS!
I'm so glad you are finally getting somewhere, That makes two of us!! :rotfl:that's great news! Yip, it's amazing how the small things make such a big difference!

Halifax (the bane of my life) wrote today letting us know they are charging me and OH £25 EACH for arrears!! Charming, I presume it's two seperate accounts? Not charging you individually on a joint account?
Doesn't seem much against £36K but still...

Haha, yeah I get letters that say stuff like we are charging you £12 late fees etc and I just throw em on the pile now, like you say it's pretty pathetic against the size of some of our debts! :eek:

the_tooth_fairy

Yes missus they are charging us separately on a joint a/c.
You couldn't make it up!

LittleMissSkint

:eek: That's downright cheeky. :eek:

the_tooth_fairy

I know but on the bright side (ha ha!) our local bank have agreed to the DMP in writing now, so am pleased with that. So out of 10 creditors, we have letters from,
Next, Mint x2, Local bank, Virgin c/c,. The rest have agreed in principle on Justabank site, no letters yet.
Apart from 2. Halifax and my old friend, Sainsburys Visa.
I can't be that unhappy in only a months work, I keep thinking of the interest saved from only the 5 I've heard from. Hope that news helps anyone else out there just starting all this!!
ttf

geoffmr1

bailey59 wrote: »

Hi Ianmak,
I will try and explain but I cant get my head round this either so its very difficult for me to explain what I mean .

Easy answers 1st, yes sent off token payments, yes gave CCCS net income after tax, yes gave CCCS all of my outgoings.

Now to try and explain, its probably just me being stupid and rubbish at maths.

OH receives a wage weekly and I get mine on a set day at the end of every month. So the CCCS calculated OH's wage over the year rather than per month as sometimes we have an extra week during some months in the year. What I cant get my head around is that when we have a 4 week month because the CCCS have calculated his wage over the year and divided it equally they have increased his overall weekly wage where as in actual fact in a 4 week month we actually have less than that. So there isnt enough money for us to pay the dd's and still have the alloted x amount for food, petrol etc as per the SOA becuase they have inflated his weekly wage to take into account those months when we have 5 weeks in them. When we do have a 5 week month then there is spare money that month. Am I making any sense?? There must be a completely logical answer here. When I do the monthly budget I am about 100 pounds out on a 4 weekly month because the CCCS have taken his wage over the year and divided it by 52. If this still doesnt make any sense to you just ignore me! I am sure it will be ok

Hi Bailey,

I think I've followed what you're saying. My answer would be that in the 5 week months your O/H earns £1000 & not £800 therefore that money should be put aside for the shorter months.

Obviously CCCS have to base it on a monthly basis for the creditors so that would be £866.66 a month. I can understand that being somewhat confusing & also rather difficult at times because I'm sure certain months you'll end up spending more than you should as there would be extra money in your account.

Twit_Head

Seeking advice please...
I received my annual mortgage statement and review today and because of low interest rates my monthy payment is due to be reduced by £74 approx.
Obviously good news but it has upskittled me a bit. My gut feeling is to overide and continue paying at the higher rate to clear the mortgage sooner. At the moment there is 10 and a half years left which would be paid off when I am 65 (told you I was MUCH older than all you young things!!!) I would decrease the term as well as increasing the equity in my house (if the worse came to the worse and I had to sell) and freeing up more cash for my long term DMP further down the line.
My DMP is with CCCS (done online) and I will be due a 1st review fairly soon. If I overide and continue my mortgage D/D at the higher rate am I technicaly committing 'fraud' by not freeing up the money for the DMP?
See my signature re:low income-I live very frugally and can still only pay £76-00 monthly to creditors. My main fear is if I go for the lower revised mortgage payment and increase the DMP payments (would double it!) that interest rates will start to rise and next mortgage review I will have to dramatically increase payments again thereby 'robbing' the DMP and upsetting creditors at reducing payments (my income etc will not change much) and having to go through the whole sort of 'set up' process again. (And still feel 'My home is my castle' and that the money is better going there)
Apologies for the long post but grateful for your thoughts and replies.