DMP Mutual Support Thread (Part 6)

maxmax

nataz wrote: »

Well todays the day, we are sending off our Notification of DMP letters today. Cant say Im looking forward to whats to come. We've got 7 creditors, so thats gonna be a lot of letters etc! Has anyone got any tips?
I've just finished changing the bank over, so the overdraft with Natwest is the last to be done. Cant say Im looking forward to hearing from them, seems people have had lots of negative letters and calls from them.
Just to make me worry more I noticed when getting the proof of income together last night, that my child tax credit is gonna go down by £80 in April. We only have £139 to pay creditors to start with. Not sure what to do now. Dont think I can cut the money from elsewhere. Why are things never easy

hi nataz,try not to worry,we are starting down the dmp route also....you are not alone,we owe 10 creditors 40k....and our payments are 350pm,
as far as im aware,if thats all you have,then thats all they can get,but there are people more qualified on here to speak about that:T

we are just new starting out too.......there are thousands of people feeling like us right now,so hang in there:D
max

maxmax

just a quickie.....it says on the back of my cc statements if you are paying by cheque to make it payable to yourself not the bank.......does this apply to postal orders as well?
we are sending off our token payments today
thanks max

anyhelptaken

hi all,

well i read this forum every day and keep up to date but have not posted much. things have been going ok for me i ahve been on a low start dmp since april 09 and things have been quiet, unfortunately on the 3rd January my mum died, she lived with me and my sister, as my sister an i paid the mortgage she paid all the utility bills as her contribution.

I had to contact CCCS yesterday as you can well imagine i am now going to ahve to pay for half of all the household bills, it is going to take my payment down by over a half, i spoke to cccs and they said you can only pay over what you can afford and it may not be the best situation but you can only pay what you can afford, and that the minimum they would accept is £5 per creditor, i know its not going to be that little, but i am getting worried again.

Has anybody experienced a drop in payments by as much as this?

AHT

Julie67

Hi All,

Just a quick update. I posted on here a few days ago as I am planning to go down the Self Administered DMP route. My DH was very sceptical. We owe £43,000 to 6 creditors. We have not missed any payments yet but due to our situation (he self employed and not much work around and me off on sick and unlikely to be able to return to my old job) I can see things getting very difficult very soon.
His reasoning is he doesn't want to wreck our credit rating and if we do go DMPthen it will be 6 yrs before we can apply for another mortgage by which time he will be 54. DH thinks if we just hang on things will improve work wise and we will be able to manage our payments and pay off the debt quickly I am really confused but have agreed to wait a month and review. Has anyone been in a similar situation were you can't agree on the best way forward.?

saskia1

Afternoon fellow DMP'ers (thay sounds weird... DMP friends!):rotfl:

haven't posted for agggeeesss - basically what with xmas & the weather its takes all my effort just to swicth my laptop on!!!

am writing this whilst at work -i am that bored.

Anyway - hello!

6 months into DMP and all going 'ok' -i say ok as am due my cccs review in a few weeks and i was hoping to have increased payments by now - but hubby was made redundant a while back and has now landed a fab job but salary about £4k less than what we are used too - scary or what.

thankfully i have a bonus due in feb so will be able to survive until his pay increases (which it will after the probationary period) but am feeling just a tad bit scared at the mo - dunno why - think we all have these days.

creditor stuff -Lloyds (CC £8K) sent me a 'lovely' letter saying if i pay them £6.5k they will clear my debt - - hang on - looks in my purse --nope haven't got that - so i have declined the lovely offer & asked if they will still accept my dmp payment - haven't heard - i suspect they are flinging my file at the dca as i type. or their solicitors.

i want to say hello to everyone on the DMP thread - without this i would have spent many a night in tears clutching bills - each & every one of you are life savers.

& to all the new DMP peeps - it honestly DOES get better - look how much i owe and i can still smile!!

sas xx

nataz

MaxMax - I hope not, ive just sent my postal orders payable to the banks... now am worried

pwally2

Hi Anyhelp taken,

My wife and I have had to reduce our CCCS payment from £939 down to £70 this month!!! ( lots of reason some silliness on my part but also paying off new debts didnt realise I had0 after this month payment going up to £319 then after 6 months we should be in postion to increase payment back up. I have also applied for a second job ( cant believe there are only 24 hrs in a day!!!) and if i get that hoepfully can throw another few hundred pounds at debt!!! Is so furstrating but i guess we spent the money so must take the consequences!!! Be interesting to see what are creditors make of the reduced payment next month!!! Fingers crossed!!!

anyhelptaken

thanks for that, may payments are going to go down from £273 to about £110, but i cant see me being able to increase for quite some time, i guess i ahve just got to take the consequences, things were going nicely.

2 of my debts are now with DCA i just hope they will accept the new figures.

I always new this would happen at some time but cam a little bit sooner than expected.

newlywed

pwally2 wrote: »

Hi Anyhelp taken,

My wife and I have had to reduce our CCCS payment from £939 down to £70 this month!!! ( lots of reason some silliness on my part but also paying off new debts didnt realise I had0 after this month payment going up to £319 then after 6 months we should be in postion to increase payment back up. I have also applied for a second job ( cant believe there are only 24 hrs in a day!!!) and if i get that hoepfully can throw another few hundred pounds at debt!!! Is so furstrating but i guess we spent the money so must take the consequences!!! Be interesting to see what are creditors make of the reduced payment next month!!! Fingers crossed!!!

If it's a one off, you'll probably find they won'd worry too much. I have had to do this a couple of times over the last 3 years and the only one that grumbled was the one still charging a low interest rate - the second time round they defaulted me, sent it to debt collection agency and stopped all interest I did ring them to notify them all that it was a one off and that things would return to normal - they were all fine about it

newlywed

anyhelptaken wrote: »

thanks for that, may payments are going to go down from £273 to about £110, but i cant see me being able to increase for quite some time, i guess i ahve just got to take the consequences, things were going nicely.

2 of my debts are now with DCA i just hope they will accept the new figures.

I always new this would happen at some time but cam a little bit sooner than expected.

The point of a DMP is allowing you to LIVE whilst still paying off your debts at a rate you can afford.

That's the point. Forget the debt free date for now, concentrate on having money to budget for all that you need right now