DMP Mutual Support Thread (Part 6)

iwillgetoutofdebt

the_tooth_fairy wrote: »

You have done the right thing to 'take the plunge' - can you imagine how much interest everyone on here would be paying if we all kept our heads in the sand? In the early days of our DMP, I kept strong when any creditors called by reminding myself that we had paid them LOADS over the years and now it's, quite literally, payback time.

Wish you well, along with everyone else who's posts I've been reading, two years is not really that long to retrieve yourself from all this, and like the rest of us, learn how to deal with money in the future sensibly, and not line any more of the credit companies' pockets.

ttf.

This really struck a cord with me TF. I keep hearing about Bank employees bonuses, and the boss of RBS earning £10million a year and thinking, that's where all my interest and late payment fees have gone then :mad: If I could live "off-grid" and without any money then I would jump at it just now - not so easy with two small children (not to mention that I do like my creature comforts :rotfl:). I really never want any credit again - I don't want to line the fat cats pockets any more.

at_my_wittsend

lilyb131, hi, try CCCS about DMP as well, they never asked how I had wasted masses of money, they don't worry about that just how to get you back on your feet. Have you tried the CCCS online debt remedy thing, it will tell you what options are best for you. IVA's, I am not to keen on, you will pay more than on a DMP and it's a halfway house to Bankruptcy, screw up one that's it. So if IVA set up for 5 years at a figure above £300 (the pick, they have copies of all credit cards bills, bank statements etc) you have a change of circumstances in that time, it could really come back on you. I only know bits from what I read.
I am on a DMP, have been for 18 months ish, it has it's ups and downs every 6 months ish but you roll with the punches. I have one debt with a DCA and another just gone to a DCA which was not my fault, there is another thread re this, the rest are still with the Creditors, for how long, I don't know, I just keep paying what I can afford and that's all you can do. I forget I am on the plan at times to a degree and then things crop up where you need money fast and more than you have for emergencies etc and then it hits home but you get through it. Good luck and think hard before making any decisions on what to do. There are pitfalls with all options. Have a good read of this site it is so helpful and in all honesty, I am so glad I got my head out of the sand and did a DMP.

Moosey21

Hi,

My very post on here but have found this site has been a lifesaver to me!

Started my DMP in Nov and so far so good. Going to take a while to clear all my debts but I've finally faced my demons and am on the road to recovery!

The majority of my creditors have frozen any interest payments and charges, with the exception of HSBC. They did call me quite a lot at first saying that the payment offer made by CCCS wasn't accepted, by I told them that was all I could afford and left it at that.

They are still continuing to charge me interest and charges which amount to more than what I'm paying through CCCS, so in effect getting me further into debt.

Does anyone have any advice as to anything I can do about this?

Much appreciated

massivedebts

lilyb131 wrote: »

Hi Everyone

I am new on here just wanted to say hello and ask if anyone has any advice for me

I have 30,000 in unsecured debt with my husband spread across credit cards and a personel loan.

I started this week feeling quite positive and decided this was the year we were going to get this mess sorted I had a phone appointment yesterday with payplan and was sooo embarressed going through the mess that is our finacial situation. At the end of the appointment he asked how me and my husband got in so much debt I tried to explain yes we have been stupid with money but have had some bad situations as well redundancy and ill health. He rang me back and said that we had two options an DMP paying £300 a month he painted quite a bad picture of this explained there could be CCJ's etc he seemed to think it was better to go for a IVA (this scares me to be honest I feel like this is just like bankruptcy).

I came off the phone feeling quite deflated he also said my husband needs to check either won't affect his job as he works for a bank in call centre.

Has anyone any advice on which would be best a DMP or IVA and anyone work in the banking industry on a DMP??

Thanks a very tired Lily
x

Hi Lily
Well done for posting and getting as far as you have! I was you a year ago feeling really positive and after speaking to payplan I felt that they were pushing me for an IVA when all I wanted was a DMP. I'm with CCCS and doing just fine with my DMP, in fact CCCS advised me that I wouldn't be eligible for an IVA so had the option of BR or DMP. This is in no way implying that CCCS are any better than Payplan, they were just better for me!
I believe there is a regular poster on here that works for a bank, hopefully they'll pop on soon and reassure you. Anyway, it's just a short post as I'm off out, but didn't want to read and run and I'll post later. PM me if you're feeling low and want any Q's answered that you'd rather not post.
Take care and keep smililng!
MD xx

ianmak

massivedebts wrote: »

Hi Lily
Well done for posting and getting as far as you have! I was you a year ago feeling really positive and after speaking to payplan I felt that they were pushing me for an IVA when all I wanted was a DMP. I'm with CCCS and doing just fine with my DMP, in fact CCCS advised me that I wouldn't be eligible for an IVA so had the option of BR or DMP. This is in no way implying that CCCS are any better than Payplan, they were just better for me!
I believe there is a regular poster on here that works for a bank, hopefully they'll pop on soon and reassure you. Anyway, it's just a short post as I'm off out, but didn't want to read and run and I'll post later. PM me if you're feeling low and want any Q's answered that you'd rather not post.
Take care and keep smililng!
MD xx

Similar to me Lily & MD, they didn't make me take an IVA, but they certainly encouraged me to. Went for a DMP and haven't looked back. PP have been great too, just ignore it if they try to sell you stuff.

Oh, and do what's best for you.

katkins2

Moosey21 wrote: »

Hi,

My very post on here but have found this site has been a lifesaver to me!

Started my DMP in Nov and so far so good. Going to take a while to clear all my debts but I've finally faced my demons and am on the road to recovery!

The majority of my creditors have frozen any interest payments and charges, with the exception of HSBC. They did call me quite a lot at first saying that the payment offer made by CCCS wasn't accepted, by I told them that was all I could afford and left it at that.

They are still continuing to charge me interest and charges which amount to more than what I'm paying through CCCS, so in effect getting me further into debt.

Does anyone have any advice as to anything I can do about this?

Much appreciated

Hi there Moosey,

The only advice I can offer is to keep writing to the creditor and keep asking. I too have this problem, 6 months into my DMP and still being charged interest. I've written a couple of times with no luck, not even a reply (charming!!). I have today sent a letter of complaint as apparently they HAVE to respond to this, even if its to tell me to get lost lol. The National debtline has a good selection of template letters. Good Luck

saskia1

lilyb131 wrote: »

Hi Everyone

I am new on here just wanted to say hello and ask if anyone has any advice for me

I have 30,000 in unsecured debt with my husband spread across credit cards and a personel loan.

I started this week feeling quite positive and decided this was the year we were going to get this mess sorted I had a phone appointment yesterday with payplan and was sooo embarressed going through the mess that is our finacial situation. At the end of the appointment he asked how me and my husband got in so much debt I tried to explain yes we have been stupid with money but have had some bad situations as well redundancy and ill health. He rang me back and said that we had two options an DMP paying £300 a month he painted quite a bad picture of this explained there could be CCJ's etc he seemed to think it was better to go for a IVA (this scares me to be honest I feel like this is just like bankruptcy).

I came off the phone feeling quite deflated he also said my husband needs to check either won't affect his job as he works for a bank in call centre.

Has anyone any advice on which would be best a DMP or IVA and anyone work in the banking industry on a DMP??

Thanks a very tired Lily
x

hi Lily

just to let you know both myself & my hubby work & worked for a bank (he was made redundant) and being on a dmp is fine.

I had to discuss with my line maager the finiancial mess we were in but couldn't have been more surprised as felt i was being supported,

i do wish i hadn't taken out umpteen cards etc but we/ i did and now having to deal with it.

even if you go down the iva route (i personally wouldn't) it should still be ok - tell your hubby to look intio his internal HR polices.

take care

sas

bobbych_2

lilyb131 wrote: »

Hi Everyone

I am new on here just wanted to say hello and ask if anyone has any advice for me

I have 30,000 in unsecured debt with my husband spread across credit cards and a personel loan.

I started this week feeling quite positive and decided this was the year we were going to get this mess sorted I had a phone appointment yesterday with payplan and was sooo embarressed going through the mess that is our finacial situation. At the end of the appointment he asked how me and my husband got in so much debt I tried to explain yes we have been stupid with money but have had some bad situations as well redundancy and ill health. He rang me back and said that we had two options an DMP paying £300 a month he painted quite a bad picture of this explained there could be CCJ's etc he seemed to think it was better to go for a IVA (this scares me to be honest I feel like this is just like bankruptcy).

I came off the phone feeling quite deflated he also said my husband needs to check either won't affect his job as he works for a bank in call centre.

Has anyone any advice on which would be best a DMP or IVA and anyone work in the banking industry on a DMP??

Thanks a very tired Lily
x

Hi

I just thought I would offer some help here. You say you have 30,000 in debt, and are only going to pay £300 a month? I take it Payplan went through your in/outs with you, and they came to that figure as your only spare amount? If so, then THAT is your problem, £300 will not be enough to share amongst the creditors, and some will file CCJ's

I started my DMP 3 years ago, with £27,000, and I am paying £697, so more than double, and it is taken 3 1/2 years to pay it off.

So, dont blame Payplan, as they can only work with the income you have spare, and they are just going in experience, when they will be informing you that you may end up with CCJ's, as creditors will expect a min amount, which you probably will not be able to cover. So to that end, an IVA seems the better option

gaztop26

Hi all,

Haven't posted for a while. Haven't had to, since DMP set up with CCCS all 8 creditors went quiet. All accepted and stopped charges and everything ticking along nicely.

Then today I received 2 letters from different creditors;
MBNA to say that as long as I carry on making my payments then my account will have no charges or interest added upto the point the debt is cleared. :beer: They have (of course) closed the credit facility!!
Barclayloan to say all charges and interest will also be stopped until the debt is cleared.

All of this was un-prompted and unexpected. I tought i would have to have a 6 month review with them at least.

Oh well happy days... only 6 years to go! :rotfl:

crispycornflake

bobbych wrote: »

Hi

I just thought I would offer some help here. You say you have 30,000 in debt, and are only going to pay £300 a month? I take it Payplan went through your in/outs with you, and they came to that figure as your only spare amount? If so, then THAT is your problem, £300 will not be enough to share amongst the creditors, and some will file CCJ's

I started my DMP 3 years ago, with £27,000, and I am paying £697, so more than double, and it is taken 3 1/2 years to pay it off.

So, dont blame Payplan, as they can only work with the income you have spare, and they are just going in experience, when they will be informing you that you may end up with CCJ's, as creditors will expect a min amount, which you probably will not be able to cover. So to that end, an IVA seems the better option

Oh well that's really helpful :rolleyes: with help like that she'll probably not bother coming on here again!!! and if I take any notice of your advice I may as well throw in the towel now with the amount of my debt!! Oh, and don't forget creditors have to vote in favour of an iva, they are not guaranteed!!!!!!!!!!!!!