DMP Mutual Support Thread (Part 6)

ianmak

iwillgetoutofdebt wrote: »

Morning everyone.

I am in the process of changing my bank account before my DMP gets underway and I am looking at the Coop Cashminder account. Does anyone have one of these? Could you tell me what sort of debit card that you get with it? They don't have any local branches where I live, but assume that with on-line banking etc, I wouldn't really need that?

I did have a bit of a wobble this morning, and my poor hubbie found an emotional wreck sobbing over breakfast. I don't know why I am so worried about my credit files as I don't ever intend taking out credit every again - it's back to go old saving-up for me (why didn't I listen to my Dad all those years ago). I guess we are all brought up to believe that being imprudent with money is one step away from being a criminal. Also I wonder why I am so anxious about my status with financial institutions who have been behaving so badly over the past few years.

I am anxious about the oncoming onslaught of telephone calls, letters etc. Has anyone bought one of these http://www.callblocker.co.uk/ Do they work?

Sorry, I warned you I would have lots of questions

I can confirm that the Visa Debit card you get is an Electron one. Only every had issues with pay at pump petrol stations, and at some train stations...

geoffmr1

mozzyc wrote: »

HI Daffykjs

Have just phoned the national debt helpline. They advise sending lloyds the letter to take us to court over the debt due to their refusal to stop the interest. If they debt isn't passed onto there dca in the next month, this is going to be our course of action. This can't go on. On our statment, the £135 difference isn't even listed on it, which is why we went to lloyds, as we couldn't understand the debt going up. But were told to phone collections, as no one else but them can deal with it. The girl there said 'but it is going down, from this time last year its gone from 12000-11000' but then i told her 5 years ago when we took out the dmp, the debt was 12000. So hardly anthing has changed! And in 5 months, it's gone from 10000-11000!

Hi mozzyc,

I may have missed one of your posts so please bare with me if I go over something you've already said.

You should apply for a copy of your CCA via an SAR which will cost you £10. It doesn't matter whether you already have a copy because this request is to find out whether they still have a copy of the original along with all the terms & conditions. In an SAR you ask for the original credit agreement alongside all details they hold on you, which also includes all your statements from the time the loan was taken. They have 40 days to give you this info.

Assuming for a minute they do still hold the original agreement & it's all enforceable (which I sincerely doubt as it must be over 5 years old at least), then the next thing to look at is the rate of interest they are charging & whether they are allowed to under the T&C's they sent. £120 a month seems ridculous to me but without seeing the agreement I cannot say for sure.

I certainly wouldn't want them taking you to court just yet, I say that because they would put on solicitors charges to the debt they were claiming. That could be anything, it doesn't mean the judge has to agree to them & usually when they are stupidly high they don't, but they will award them something. On top of this you don't want to agree with the amount they are claiming if there is interest & charges which are unfair. The problem then becomes that you'd have to fight them. The charges really would rocket if you did that, especially as it cannot go the small claims route, it would have to be the fast track court route which allows them to add on whatever charges they deem fit. My 10k debt with HFC would virtually have doubled if I'd lost in court, they had requested something in the region of 8.5k in fees.

geoffmr1

workinonit wrote: »

Hello All, periodically check what's being said on here, a lot of it helpful. Only just signed up and posted in the CCCS thread.

Seems this might be where all the cool kids are though, so thought I'd say hello/ask my question here.

Been on DMP with CCCS for almost 3 years, all running smoothly, debts have about halved from over 30k.

Hoping in the Spring I might have some surplus cash to offer some F&F's.

I'm concerned about the implications if they get rejected - might they expect larger payments or take me off the 0% interest if they think I have some more money (I don't right now, but working on it!)

Also if they get accepted, is there a chance of a default being registered as part of the process? I have 1 from NW and 1 from Egg, but my other creditors - Marbles/HFC, MBNA, Barclaycard haven't as yet. Seeing as the others are coming up to 3 years old, I'm very keen do to start the 6 years clock on others.

any advice/experience in this situation.

thanks in advance.

Hi workinonit,

If you get the opportunity to do some F&F offers then give it a go. You always state in the letter when offering a F&F settlement that the lump sum is only available if the offer is accepted, you also make it a condition of the offer that your credit file is marked as fully satisfied & I usually request that any defaults that have been registered are removed.

Strangely enough though the firms that haven't defaulted you or sold the debt on are less likely to accept any offers, this is because the account you hold with them is still open. They won't default you just for making an offer.

Some creditors may write back & ask where the lump sum is coming from, not all do this by any means but you do get the odd one that wants to know. I usually say a family member is willing to loan me some money but only on the condition my debts are repaid in full, obviously though it would be upto you what you want to say.

Hope this helps.

Twit_Head

geoffmr1 wrote: »

so please bare with me

/QUOTE]

Oh but I hardly know you!

(Sorry - just couldn't resist!!!)
'Twitty'

Twit_Head

the_tooth_fairy wrote: »

Hey Twitty, glad you're feeling a bit better,we put up our Xmas decs yesterday too. even though I could see Santa and his little helpers in Hell. Realised now I've always hated Xmas. but at least before I could spend money on nice stuff to mask the pain. Am not looking back though. Onwards and upwards, as they say. Bah Humbug!! At least there's a few days off work...

Just put some money aside for cheap sherry and you'll be fine......
Have you put the brussel sprouts on to cook yet?
'Twitty'

bigmommamuppet

kingston_2730 wrote: »

Hi I'm new to this and need some info/advice. I have been recommended a DMP by CCCS but the amount they feel we can pay is totally not achievable for us this is because the online budget did not allow for a lot of things that we have to pay out. They are recommending that we pay £2000 over 5 years. What I am wondering is, is it possible to pay less over a longer time?

Welcome aboard Kingston, the CCCS debt remedy program is fairly comprehensive and does cover most things; therefore you may need to give CCCS a call to discuss your additional payment commitments. CCCS and Payplan both work to the government guidelines on what is classed as a reasonable standard of living based on your family size. Therefore depending on what these payments are for, you might not be able to include them as part of your I/E. For example a full sky package of £40 quid(ish) is not acceptable as part of a DMP I/E but most creditors will let you keep the basic package.

Therefore once you've filled in your budget planner (for a realistic amount that you can survive on each month) the amount left then gets divided up between your creditors. So in essence you can't just chose the monthly amount you want to pay back ~ all spare pennies goes to reducing your debt.

Post a SOA (link on the front DFW page) and we can have a look and see what we can do.

Becks

workinonit

thanks for your reply geoffmr1, that's really helpful.

workinonit

as a follow up, do you (or anyone else of course) have any experience of what level of offers to make? If I was to offer to my defaulted ones first they are NW CC £1000 and Egg £4000. I realise this isn't an exact science, but ballpark figures for first offers?

Seems a bit strange to make offers to the ones that were least helpful, but if I can pay them less I can pay the ones that have been more helpful back in full quicker.

geoffmr1

workinonit wrote: »

as a follow up, do you (or anyone else of course) have any experience of what level of offers to make? If I was to offer to my defaulted ones first they are NW CC £1000 and Egg £4000. I realise this isn't an exact science, but ballpark figures for first offers?

Seems a bit strange to make offers to the ones that were least helpful, but if I can pay them less I can pay the ones that have been more helpful back in full quicker.

Hi,

I was talking about this with someone on here last week. When a firm, eg Egg, sell debts on to a debt collection agency they usually sell them at a rate of between £0.20 & £0.40 per £1 you owe.

I would start at the lowest figure & work your way upwards over a period of time. Don't forget if a creditor is going to sell a debt on they'd rather conclude a deal with the person that owes money than a DCA because it will still take them a long time to ever see that money.

geoffmr1

Twit_Head wrote: »

geoffmr1 wrote: »

so please bare with me

/QUOTE]

Oh but I hardly know you!

(Sorry - just couldn't resist!!!)
'Twitty'

You've made me blush now :blushing: :rotfl: