DMP Mutual Support Thread (Part 6)

funkyfish586

HI all, i set up a DMP with payplan a week ago & am today sending out my token payments ( if i can manage to get out- awful morning sickness:rolleyes:)

im really worried about the repercussions of not paying them & in my current emotional state i may shout or cry down the phone at them lol.

I know its not going to be easy but i hope some at least agree x

Triggles

funkyfish - we were a bit terrified about sending out the token payments as well. We had previously never missed a payment, so it was very unnerving to cancel all the direct debits. I swear I felt like I was going to be pounced on as soon as I walked outside. LOL It's a little less scary now, and I'm making sure we communicate with them by letter each month, advising them of what's going on, and repeatedly requesting they stop charges and interest (in the hopes that at some point they will!).

I AM, however, much relieved that we are not stressing over being able to pay the rent and for food and nappies and such for the children. That was our biggest concern, was the money being taken out of the account before we could pay for essentials.

funkyfish586

triggles i know that feeling i dreaded payday as its all gone straight away. We have never missed a payment either & it makes me feel uneasy just canceling everything but i guess only time will tell how they will react. x

DotNetter

Hi all,

Just wanted to see if everyone had a good crimbo and to update you on my progress.

We had a good Christmas. the kids were happy with their presents which was a relief as we really had to budget ourselves and they were limited to £50 each! The also got some great presents from grandparents etc so that was all good.

We had our DMP acceptance pack through from the CCCS yesterday - start date of January 1st - whoooo hoooo!

my DW told me that we'd received a letter from Blackhorse regarding a store card - missed payment of £24 and they charged me a late fee of £25 so in arrears with them for £49

I rang them and told them about the DMP with CCCS and they conirmed that the CCCS had already been in contact with them and they would remove the charge and would not make any additional charges on the account - get in! I would note though that under the DMP they are going to be paid £29 a month and my agreement with Blackhorse is only for £24 so I'm guessing they'll be happy!

Cheers for now


Wayne

DotNetter

funkyfish586 wrote: »

HI all, i set up a DMP with payplan a week ago & am today sending out my token payments ( if i can manage to get out- awful morning sickness:rolleyes:)

im really worried about the repercussions of not paying them & in my current emotional state i may shout or cry down the phone at them lol.

I know its not going to be easy but i hope some at least agree x

Hi there,

We'd never missed any payments either but the process of setting up a DMP is pretty standard and you have to cancel DD's at some point

All of our creditros have been great so far - had some automated calls from Barclays and some calls/letters from Lloyds TSB and Blackhorse but when I rang them all they were fine as soon as I mentioned CCCS - I gave them the reference number (even if they didn't ask for it) and that was it. The agreed to hold any further calls for a period of 30days while they awaited contact from the CCCS.

Only Lloyds TSB asked for me to send them income/outgoings but I told them this would be supplied by the CCCS and they were fine with that.

There's lots of help and support on this thread so don't be afraid to ask.

If you want to know more about my own experiences etc then feel free to have a read of my blog where I'm documenting everything - see link in signature.

Cheers,


Wayne

crispycornflake

Hi, I have posted in another section where annie was asking about token payments, probably just should have come here first. We have done cccs online debt remedy, they are suggesting iva or low start dmp. I rang yesterday to speak to them because I had a lot of questions, we did not really want to go down the iva route, so were about to do the dmp. To cut a long story short the cccs guy was'nt very helpful but I appreciate they must have been really busy yesterday but now we are more confused than ever!! Help!!!

ianmak

What do you need to know Crispy?

crispycornflake

Hi ian and thanks for answering. I've got loads of things flying around in my head. Most of our payments are not due for a couple of weeks, but a couple are now late. How do I make token payments? I usually pay online or by dd but have cancelled all dd's and opened a new co-op bank account. I asked cccs guy and he just said don't pay them more than £5 but did,nt give any other info, can I pay them with my debit card or online bill facility or not? I am also seriously worried about further action, as our debt is enormous (100,000k plus) and the dmp payments are around 700 per month to start, are we wasting our time even attempting a dmp? Everything is such a big mess. I also asked him about oh's company car allowance situation, he has to have a decent car under 6 years old for his job so it will need replacing in about 4 - 5 years, cccs guy basically said tough!! But OH could lose his job because of this which I explained, cccs guy said we woul'nt be allowed to pay for a car because all the surplus money would have to go on the debt, so oh would have to keep the car for the whole duration of the dmp - over 12 years :eek: Help!!!!!

ianmak

Um ok.

Token payments for CCs can go to the address on the statements if you receive them still. I actually sent cheques from my old account (sneaky I know) with the giro slip at the bottom to that address. A lot of people on here though used Postal Orders and sent a covering letter letting the creditor know about the DMP, to that same address. As for payments to current accounts or loans, I'm not sure about as I forgot to send them!

Next the debt itself. Is it worth it? Well if you've a debt free date, however far off, then it's worth it. The alternative of paying minimum payments for the rest of your life isn't!

The issue with DMPs vs IVAs I can't find the documentation, but essentially if you are currently renting, then an IVA is an attractive option, as part of an IVA can attach part of the debt to your house (if you owned or paid a mortgage on one), so that if you ever sold it then your creditors would be entitled to some of your profits, I think.
See Martin's guide http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf in particular page 7 of the PDF which mentions the bit I wrote above.

Not sure about the car thing, however you are entitled to one, particularly if it's for your job. From my understanding you're allowed to carry on paying HP on a car if you are paying one. However not sure how the car allowance works. Does his work contribute money to buying a car or am I getting the wrong end of the stick here? Also not sure how that works if you were to buy a new car.

Hope that helps a bit, and ask if you have any further queries, someone's normally around to reply!

crispycornflake

Hi again Ian, yes u are right about the car his work pay him an allowance towards his car instead of company cars. He gets an annual amount paid monthly and taxed with his wage. The car is not on hp it was a fixed sum loan agreement which cccs said has to be included with dmp but car is 3 years old already and it will never last another 12 years with the mileage he does, and company will expect it to be changed when it is 6 years old. If he lost his job because of this we would,nt have any money to pay a dmp so it seems ridiculous what he said. Also we do own our own home but don't have any equity. Obviously if and when things improve with our financial situation we will pay more off the debt so it gets paid quicker.