DMP Mutual Support Thread (Part 6)

ianmak

Another two newbies.

shandypants 367
purple115 368

ianmak

bongo1 wrote: »

Just a quick question......
Do you send your token payments to the address you normally would.... Like the pre paid enevlope (sp) address....??
Kev

Yes Kev, that's what I generally did. You may have trouble with any loans or overdrafts tho.

Julie67

Hi All, So pleased to have found this thread. Ours is a long and I am sure familiar story but I have finally convinced DH that a self administered DMP would be the way forward for us.
At the minute we have around £40,000 unsecured debt. We are not behind with any payments and have not defaulted on anything yet:eek: but our circumstances are about to change. My DH is self employed and normally earns at least £500 a week. This has reduced dramatically due to the recession and some weeks he is only earning half this. I have a good job and earn £2000 a month but I am currently off sick (being tested for MS) and I think it's unlikely I will be able to return to work for the foreseeable future and then I will probabl have to work part time or from home in some how. I am on full pay for 6 mnths (already been off 2 mnths).
I can see that everything is going to come crashing down around our ears and just can't sleep for worrying. This is not helping my health or our relationship and I know I need to act. Having read these threads I think a DMP would be the way to go, so that we pay all our secured debts and essentials and then look how much is left to begin to actually pay off the credit cards, loans and overdrafts etc. through the DMP. Am I on the right track? Even though I feel this is the right course of action I am not sure where to start. Any help or advice would be much appreciated.

crispycornflake

Hi Julie67,
welcome to dmp mutual support have u contacted cccs or payplan yet? cccs do an online debt remedy, they are a charity so their help is free. Might be an idea to have a look at that. From what u have said a dmp seems like the way forward.

mozzyc

Hello All

Well, a result with LLoyds TSB. Not only have they finally passed on the loan, they have promised that i will no longer receive any charges/interest added onto the loan, and as a goodwill gesture, subtracted £725 off the balance of the loan, and put £100 in our bank account for interest charged to us in the past few months.
This is a result of a long 5 year process with them, of writing, phoning............... It's been stressful, but I finally got through to someone who would listen and at least now I know that whatever we pay, will clear the balance of the loan, and not just cover interest and charges.
Yay!!!

Julie67

Thanks for the advice I am off to look at the CCCS debt remedy and will report back what they suggest.

mummum2

mozzyc wrote: »

Hello All

Well, a result with LLoyds TSB. Not only have they finally passed on the loan, they have promised that i will no longer receive any charges/interest added onto the loan, and as a goodwill gesture, subtracted £725 off the balance of the loan, and put £100 in our bank account for interest charged to us in the past few months.
This is a result of a long 5 year process with them, of writing, phoning............... It's been stressful, but I finally got through to someone who would listen and at least now I know that whatever we pay, will clear the balance of the loan, and not just cover interest and charges.
Yay!!!

:TGreat job. So happy for you, one less headache and my PPI on Lloyds loan has been upheld after almost 1.5 years and they will be paying me over £5K, not me directly but off my loan, but the interest accured will be paid into my account.

MM2

Triggles

mozzy - wow! what a great result finally for you! and I'm sure quite a relief as well!

daffy - wtg on bringing forward your DFD!

julie67 - we are doing a self-administered DMP also. I suppose we could have gone through CCCS, but DH was nervous enough as it is about this. We went through CCCS for advice, but have done our own DMP so far (only about 3 months now, so just in the beginning stages). I think that for DH it meant that we retained at least a little control over things. We saw the writing on the wall in our situation and while we knew we were floundering, we also knew that within a few months, our finances were going to hit a brick wall. So we immediately went to token payments, put aside some money in an emergency fund (as we knew we wouldn't have credit to fall back on in an emergency!), and now are making monthly greatly reduced payments, with a hope to increase them gradually. It definitely feels good to do this, despite how nervewracking it is.

Julie67

Hi Triggles, Our OH sound very similar people! He is also very keen for us to keep control. How did you physically start. Did you send copies of your SOA to creditors. I would rather do it ourselves if possible. I was thinking of starting by opening a basic account with the co-op so that we can have all the direct debits coming out of there and then writing to all the unsecured debt people, but along with the template letter did you send budgets or just offer them an amount. Sorry to ask so many questions but I want to start off on the right foot. Thanks Julie

ald65

Hi Julie67

just wanted to wish you well for your self administered DMP.
We are with Payplan and they have been fantastic and deal with any creditor queries etc. Im afraid Im too lazy to go the self administered route, however there are many who do and seem to get on fine.

good luck