DMP Mutual Support Thread (Part 6)

Triggles

Julie - I'm sure CCCS can give you great advice on the best way to go about it. For us, the first month, I opened a current account in my own name in a bank where we had no debts. I basically made a list of all DH's creditors (all the bills are in DH's name), along with the addresses and account numbers, so I had a reference sheet. I used a template letter from this site (I'd link it, but I haven't been able to find the link - someone else should be able to though I hope!) basically saying that we were having financial difficulty and were in contact with CCCS Debt Remedy to find out the best way to bring our finances under control. In the letter, we also indicated that we were paying our creditors £1 token payments (postal orders) and would advise them as soon as our budget was worked out and we could let them know what we could afford to pay each month for the time being. I also requested they stop interest and charges on the accounts and that all contact be in writing by post only so that we could better keep track of the accounts.

So Nov/December we sent the token payments, while I was sorting out budget info and getting balance details from the statements. This month, we have finally set up SOs for all the credit card debts, although we are still using postal orders for the 2 loans. They will all get a letter in the next few days with our SOA and the breakdown of percentages of our unsecured debt (although I am not giving them details of the other creditors or account numbers and such even though some of them have asked for it). I am also not sending them proof of DH's income or our bank account info. The info is all listed on the SOA, they will have to go with that. Others on this thread have stated that even though they insist they need certain things, they really are not entitled to all the info they ask for.

We still get tons of letters insisting they want us to pay more and insisting we call them. But we don't, and they don't have our home phone number as we changed it a few months ago (actually for other reasons as well, but this did make life a lot easier for us!) and just never updated it with them. We continue to send them payments, and they have all received a letter with an update for November, December and January. Now they won't get one for a few months, but they'll get the regular reduced payments we sorted. Before summer, I'll review our budget and see if we can eke out a bit more towards the debt repayment and then up the payments accordingly, sending them another letter advising them of this.
None of them have agreed to stop interest or charges, and I suspect (which was confirmed in a letter from one of them) that this is because we haven't gone through CCCS or Payplan for our DMP, but are doing it on our own. But we're hoping that as we continue to make regular payments, keep in touch regularly, and raise the payments when we can, that they will see reason and make that change. Fingers crossed, anyway. Don't know how much help that all was, but there you go. That's what we've done so far.

Best of luck with yours.

ianmak

Julie67 - Loads of stuff here -
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=29_debt_management_plan

Ring them too if any queries, explain your situation and wanting to go self administered and I'm sure they could help?

msc1977

Hi Everyone,

Well i'm 12 months on from my light bulb moment and about 10 months into our DMP. I havent posted on here for ages but its nice to still see some names i recognise.:j

I thought i would pop back along and let you know how things have been for us. 12 months ago our situation was quite dire, we had just under 20 creditors and in the region of 53k debts between myself and hubby.:mad:

I took a significant salary drop some years ago after we started a family yet somehow (credit) we carried on living the lifestyle we'd been used to before...foreign hols, meals out, clothes etc etc and then hubby went on to short hours at work and bills and money that we were previously managing through juggling just couldnt be met....after spending a lot of time soul searching we decided that a DMP through CCCS was our best option....and they have been amazing.

We contacted them in mid January 2009 and agreed to make token payments for Feb & March 09 and our first DMP payment was in April last year. We used the 'spare' money in Feb & March to give us a bit of a buffer as we knew we would no longer have credit cards, and we opened up Lloyds TSB current accounts (no cheque guarantee & no overdrafts), I also retained my Nationwide Flex Account (which i used when abroad) and made that my main account due to my Natwest overdraft going into the DMP.

The calls and letters were pretty intense for a little while, but it really was only a little while. I answered the phone, gave our CCCS ref and politely advised they would be contacted in due course, with the exception of just one or two calls everyone was really pleasant and in the main very helpful. I just continually reminded myself that we were taking control, not ignoring our debts and paying what we could afford.

CCCS worked out a budget for us, and also based it on my husbands short hours so on the odd month where he's done a few more hours we've allowed ourselves a little treat and put the rest into the 'emergency fund'.

Yes our credit files are shot to pieces, but as i said on here many months ago, they would have ended up shot to pieces anyway if we'd carried on the way we were. At least this way we have control over our money and know we can afford to live, a knackered credit file is a small price to pay to know i can afford to feed my child at the end of the month.

Here is how we have faired with our creditors (most if not all have issued defaults now):-

Studio Catalogue (2 accounts) - accepting reduced payments (although not officially), no interest being charged, still getting monthly statements and overdue letters.

La Redoute Catalogue - accepting reduced payments through DCA (although not officially), no interest being charged, still getting monthly statements and overdue letters.

Grattan Catalogue - accepting reduced payments through DCA (although not officially), no interest being charged, still getting monthly statements.

Kays Catalogue - accepting reduced payments through DCA (although not officially), still charging interest, still getting monthly statements.

Barclaycard Credit Cards x 2 - accepting reduced payments on hubby's directly and through DCA on mine (although not officially), no interest being charged, still getting monthly statements.

Halifax Credit Card - accepted DMP, reduced interest being charged.

Mint Credit Card - accepted DMP, no interest being charged.

Natwest Credit Card - accepted DMP, no interest being charged.

Natwest Loan & Current Account - merged into one account - taken through DCA and to court - CCJ. Accepting reduced payment no interest.

Egg Credit Card - accepting reduced payments (although not officially), no interest being charged.

Egg Loan - accepting reduced payments (although not officially), no interest being charged.

Capital One Credit Cards x 2 - accepting reduced payments on mine directly and through DCA on hubby's (although not officially), no interest being charged, still getting monthly statements.


Of course, life has changed for us, and to be honest yes we're on a budget but we're actually better off...i have money for a haircut, i know i can afford to food shop till the end of the month and i can put petrol in my car. Those practical things go without saying but the relief of not ignoring our problems anymore is amazing. Its going to be another tough 6/7 years but give me the last 12 months anyday over the previous couple of years.


Thank you to everyone who gave us the support to go ahead and do this, and for anyone just starting out..only you can decide if it is the right thing for you, but you are in the right place for all the support and info you will need and it really isnt scary at all!!!:beer:

Kudox

Triggles thanks for the great post offering advice to Julie67.
I have just recently taken over my DMP myself after being with CCCS for over a year. I wanted to get back a bit of control over my finances and felt that there were certain things CCCS couldn't help with.
I don't want to give anyone the wrong impression when I say that, CCCS were great most of the time and really do take the pressure off at the begining when you feel like you're drowning.

So far a few of my creditors have requested new budget/wage/expendiure information but I've just reiterated that nothing has changed and I'm not prepared to send copies of wage slips and bank statements etc as some have asked for, if they don't like this it's tough basically, as far as I'm concerned they're not entitled to see that.

So we'll see how it goes, good luck to everyone going down this route.

Hope evryone is doing ok, I don't get chance to post so much these days but try to catch up as often as I can.

Mozzyc, I'm so chuffed you had a result in your ongoing battle with Lloyds,:beer: I've been through this with one of my creditors(in fact still am) and appreciate the sheer frustration you go through.

Toffee_Penny

Good to hear from you MSC :beer:

We had to phone CCCS and ask to reduce our payment this month to make a token payment of £5 each to our creditors, I feel so bad :o:o OH works in the building trade and has been off since the middle of December :eek: I suppose I was kidding myself that we could muddle through and been praying the bad weather would pass quickly, luckily we had a little ppi refund money to see us through Christmas and make Decembers payment.

OH does have work but its the poor weather that has held him back and its getting on for a month without wages. I just didn't want to admit that we couldn't afford to pay I suppose that horrible feeling of guilt never really goes away no matter how long you been on a DMP, it is always there

Whats the worst they can do? Lloyds are already charging me interest, swallowing my DMP payment anyway but I just hope the others will be ok, after all it is our first hiccup since we started but I just don't know why I feel so bad about it, almost like its a massive failure somehow I think I have concentrated so much on the end, our debt free date I haven't took into account little setbacks along the way.

Never mind eh? :rolleyes:

Toffee_Penny

KUDOX!!! Hello girlfriend :beer:

:rotfl::rotfl::rotfl:

Kudox

Toffee_Penny wrote: »

Good to hear from you MSC :beer:

We had to phone CCCS and ask to reduce our payment this month to make a token payment of £5 each to our creditors, I feel so bad :o:o OH works in the building trade and has been off since the middle of December :eek: I suppose I was kidding myself that we could muddle through and been praying the bad weather would pass quickly, luckily we had a little ppi refund money to see us through Christmas and make Decembers payment.

OH does have work but its the poor weather that has held him back and its getting on for a month without wages. I just didn't want to admit that we couldn't afford to pay I suppose that horrible feeling of guilt never really goes away no matter how long you been on a DMP, it is always there

Whats the worst they can do? Lloyds are already charging me interest, swallowing my DMP payment anyway but I just hope the others will be ok, after all it is our first hiccup since we started but I just don't know why I feel so bad about it, almost like its a massive failure somehow I think I have concentrated so much on the end, our debt free date I haven't took into account little setbacks along the way.

Never mind eh? :rolleyes:

Hey TP good to hear from you.
Sorry to hear you're going through a rough patch, I remember this time last year how we were both going through the same thing with OH's work, can you believe so much time has passed:eek:
Try not to be so down on yourself about reducing the payments, as you say it's only the first time since you started, it's just a little setback in the grand scheme of things.
I must admit my OH has been struggling workwise since before christmas mainly due to the snow:rolleyes:, he's got work on just cant get to it half the time .
Hope things improve soon for you TP

Toffee_Penny

I know time flies eh? :rolleyes:

I know I shouldn't be too down, my god have you read some of the stories on this forum? NOW I feel ashamed that my problem isn't all that bad.

It's just after a while you tend to forget the debt and carry on making the payment like its another bill but then worrying about how we could pay it if we didn't do this, or not paid this and the whole big 'I am in debt' dilemma has reared its ugly head into our thoughts and I don't like that.

Plus I had my car tax reminder through for the end of the month and I just want to 'arrrrgggghhhhhh' :eek:

I need to win the lottery so bad

msc1977

Hi TP & Kudox...both names i remember:-)

TP, you havent failed regardless of what it feels like! You've made the right, sensible decision for you and your family.

Its easy for me to say as we've not had to reduce payments up to now but i do truly believe that if the reason for doing it is genuine then you've made the right choice.

Hope things get better for you soon. x

Kudox

I know what you mean about forgetting about the debt, or at least shoving it very far into the background, after the first few months of panic that really is what happpens.
Everything goes quiet, the phone stops ringing, and you start to breathe again after almost not realising you were holding your breath for so long.
Since taking on the DMP myself, the letters have started landing on the mat again and it's a big reminder of the s*** you're in:eek:
The difference now is I'm way stronger than I was then and I can now see the wood for the trees, after all nobody died, it's just money at the end of the day, and half of that we don't really owe if you look at all the interest and fees we've paid over the years:mad:
Don't get mad get even thats my new motto:beer::beer::beer:
If you do win the lottery don't forget about your old pal Kudox:rotfl::rotfl::rotfl::rotfl: