DMP Mutual Support Thread (Part 6)

ianmak

maxmax, I started out on a very similar amount of debt, and started out paying £158 a month, with a 20 year dfd, which was a very long time (and unusual for the creditors to accept). Luckily pretty soon I managed to double payment and half the dfd. So I'd imagine a common amount would be 600 a month and a 5 year dfd (very roughly!). It all works out on how much surplus money you have leftover to pay your debts, which should be what they work out on Monday with you. Good luck!

Topcatcourtenay

Hi,

I am determined to take my debt by the horns in 2010 and so on New Years Eve, I completed the Debt Remedy on the CCCS website, and clicked the button for a DMP.
I felt like a weight was off my shoulders immediately! But since then have read some of the threads on here and am worrying whether I am doing the right thing.
We have built up a huge amount of debt mainly on cards but also a couple of loans, in total we owe near on 50K. Up to this point we have managed to meet all the minimum payments but only with a lot of juggling and we are getting nowhere. After everything is paid we have no money left at all and so continues the downward spiral.
My main concerns are
1) how likely are my creditors to agree to a DMP when so far they have all been recieving there money with no problem?

2) CCCS mentioned my DMP would start in Feb- I get paid at the end of the month and all my C/C's etc are due by the 1st.....would you say it was ok to send everyone a token £1 payment at the end of Jan with the CCCs letter, this would then give me some money to get my Maintenance charge up to date and my husbands MOT done which is now 2 months late??? and then send my first installment to CCCS at the end of Feb???or would this delay it starting and if it did does it matter??

3) My biggest fear and worry is all the nasty letters and calls people have mentioned on here from creditors...so far coz we have just managed to keep them all happy we haven't experianced this...is it very likely or is it quite rare to be taken to court etc.... I except we will now have loads of defaults after this DMP, but was hoping that was the worst they could do t me??? feel very scared about this and unsure how much I would have to deal with this myself or are CCCs there to help with this side of our creditors too???

I should add the debt remedy said to start at £450 p/m with a DFD of approx 8 yrs???

Thank you in anticipation of your reply!!!

massivedebts

Topcatcourtenay wrote: »

Hi,

I am determined to take my debt by the horns in 2010 and so on New Years Eve, I completed the Debt Remedy on the CCCS website, and clicked the button for a DMP.
I felt like a weight was off my shoulders immediately! But since then have read some of the threads on here and am worrying whether I am doing the right thing.
We have built up a huge amount of debt mainly on cards but also a couple of loans, in total we owe near on 50K. Up to this point we have managed to meet all the minimum payments but only with a lot of juggling and we are getting nowhere. After everything is paid we have no money left at all and so continues the downward spiral.
My main concerns are
1) how likely are my creditors to agree to a DMP when so far they have all been recieving there money with no problem? We started our DMP in April 09 having never missed a payment before 8 months in and ALL creditors have accepted and frozen all chges and interest!!

2) CCCS mentioned my DMP would start in Feb- I get paid at the end of the month and all my C/C's etc are due by the 1st.....would you say it was ok to send everyone a token £1 payment at the end of Jan with the CCCs letter, this would then give me some money to get my Maintenance charge up to date and my husbands MOT done which is now 2 months late??? and then send my first installment to CCCS at the end of Feb???or would this delay it starting and if it did does it matter?? Whatever feels best for you. We sent token payments for just one month and then our DMP kicked in. There are people on here who do a couple of months of token payments to give themselves the chance to buid up an emergency fund...............remember NO MORE CREDIT to fall back on!!

3) My biggest fear and worry is all the nasty letters and calls people have mentioned on here from creditors...so far coz we have just managed to keep them all happy we haven't experianced this...is it very likely or is it quite rare to be taken to court etc.... I except we will now have loads of defaults after this DMP, but was hoping that was the worst they could do t me??? feel very scared about this and unsure how much I would have to deal with this myself or are CCCs there to help with this side of our creditors too??? Try not to worry too much and try not to read too much on this site there are some scary stories!! I got myself into right 2 n 8 at the beginning of my DMP journey as I was convinced that NR were not going to accept our payment and take us to court etc.etc .........after I read a scary thread online. As it was NR were the first to accept!! It is a worrying time, but in my experience if you feel strong enough then take the calls when they come and just explain that you're seeking help from CCCS and give them your ref number...........the quicker they get to spk to you the quicker they'll stop ringing!

I should add the debt remedy said to start at £450 p/m with a DFD of approx 8 yrs??? We're £60k with a DFD of a million light years away!!

Thank you in anticipation of your reply!!!

Welcome to the board and well done for taking the step to tackle your debts......................I promise you and everyone else just starting out that it will be the BEST thing you have ever done....Yes it's scary and daunting to start with....My head was just buzzing and spinning non stop at the start, for the first few days I couldn't sleep with worry, I posted on here daily in tears convinced that I was doing the wrong thing and that I was going to lose my house etc..............How wrong I was. Our lives has changed so much in the last 8 months and I cannot stress enough how much the people on this thread have contributed to getting me to where I am today.

Take care and again WELL DONE.............it's the best thing you could have done;)

MD xx

lindsayr2403

maxmax wrote: »

would just like to thank everyone who has given us encouragement and advice:j

i took the plunge and phoned payplan today:eek:,the nice lady took my details and arranged a time for someone to call me on monday!!!:eek:.....
do any of you know if payplan are any better or more reputable than cccs or vice versa?

we have approx 38k worth of debt ( currently paying £1150 per month.....i know it varies from person to person....but would any of you guys know what a rough acceptable monthly payment would/could be on a dmp,

thanks again guys....girls,
we genuinely wouldnt have came this far if it wasnt for all your help.
max.

Hi there - just wanted to let you know that I bit the bullet and went on a DMP last year - I did try and deny that I needed to do it - but in the end I went ahead. My union from work recommended payplan and they have been fantastic with helping me - really really supportive - and reassuring - even when I phoned them frantic that bayliffs were going to knock on my door (which they never did)
As a guide - payplan think of EVERYTHING you might need to spend money on - down to kids activities and eyetests.... then they look at what you have left. As a rough guide, I was paying around the same amount as you mention above - and I now pay £250 per month to payplan and they take care of the rest. So far, all I have had is the continuation of monthly statements from my CC companies - but thats it.
Didnt know this group existed - nice to meet you all

Merecat_2

Maxmax

I have similar debt figures to yours, I am paying 297 a month. I think the repayment figure goes on what you have left after you have paid all your essential bills. I cut my monthly bill from £1200 a month to £297. I think it is harder being self employed though as you never know when you are going to have a bad month.

I have only been on this for four months and If you take my advice you will put some away incase you do have a downturn in you takings. Mine was December, its a good job I do not have any little ones otherwise I would of had to tell them that Father Xmas fell out of his sleigh going over Sydney Bridge lol.

Best of luck for your telephone call I am sure you will be fine. As I said though you are on the right forum so just yell if you are not sure of something, there are a lot of helpful people on here. x

bongo1

Hi
I have lurking around this site for ages now and have finally pulled my head out of the sand:T

My debts were at a stage where I was juggling my money around at the end of every month just about keeping my head above water......
I got in touch with CCCS just before xmas and I'm in the process of going on a DMP and changing banks etc. I have been overdrawn since 1996 and enough is enough I need to finally sort it out.......I have just over £20000 in CC and an OD.Im looking about 7 years to pay it off but I'm hoping it to be less.........
I have only missed one payment in the years I have had the debt and was a tad worried by taking the step. After reading loads of posts with people are in the same boat, it defiently helps me tackle my debts.

I will keep you guys updated as it unfolds. I actually feel pretty confident in myself which is totally new to me as I'm normaly worring about money all the time............

Onwards and upwards

Kev

Topcatcourtenay

Just wanted to say Thank you to Massivedebts for your reply.....and to you all really! Its given me some confidence knowing I am not alone and have some support from those that are in the same or similar boat to me!

I will keep you posted as to howit goes!!!

Topcat X

nat87

I am currently on a DMP with Payplan a few of the creditors have accepted but received a letter on Staurday from solictors on behalf of HSBC demanding the full amount really worried sick about this as they said they will take me to court if I don't pay. Has anyone had a similar experience I could have some advice off please. Thanks x

Toffee_Penny

A big warm welcome to all the newbies :beer:



Can I just ask, is everyone receiving regular statements from their creditors after being on a DMP for a while? We only ever get regular statements from Barclaycard and Next now, no one else seems to bother and hasn't done so for a few months now.

Surely creditors are supposed to be providing regular statements?


I know I could just request a regular update but I wondered if it was the same for others?

crispycornflake

Hi everyone,
I am still waiting for the cccs paperwork for my dmp so nothing to report yet. Was considering an iva but have decided against it for now and will see how it goes with the dmp once it is all up and running, just dreading constant harrasment but hopefully it won't come to that. I will keep u posted x