DMP Mutual Support Thread (Part 6)

tass

crispycornflake wrote: »

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!!!!!!!!!!!!!

When we started our DMP more than seven years ago we owed over £50,000 - our payments have over the years gone up to £440. But the point is we started out looking at clearing our debts in more than ten years. We went with CCCS and not once were we asked how we got into debt. The guy we had our initial interview with couldn't have been less interested in how we got there - more how we could fix it. He did suggest bankruptcy but we really didnt want that and they were happy for us to do what we were happy with.

crispycornflake

How is all going now Tass? I am just starting my dmp journey so have a long journey ahead. Did your creditors take further action such as ccjs or charging orders? Did they stop interest/charges? We are also looking at a number of years to pay it all off but like you hope we can reduce it by increasing the payments asap.

tass

crispycornflake wrote: »

How is all going now Tass? I am just starting my dmp journey so have a long journey ahead. Did your creditors take further action such as ccjs or charging orders? Did they stop interest/charges? We are also looking at a number of years to pay it all off but like you hope we can reduce it by increasing the payments asap.

Was the best thing we ever did. Because we're in Scotland we dont get ccjs - but one of our debtors did go to court and got a decree for payment by instalments - the same instalment we were paying anyway - but that allowed them to go the court of session and ask for an inhibition against my husband (because the debt was in his name) - that is similar to a charging order in England (I think) - it only means we can't sell the house without repaying that debt - doesn't make any difference to us really.

We are really fortunate in that we are about to offer full and final settlements to our debtors including the one with the instalment decree. We'll see how it all goes but will post on here once I know what level they are all going to accept. We're not entirely sure where to start but will keep it low to start with so there is room to negotiate upwards.

We have had some sticky moments over the years but life would have been a lot worse but for our dmp. My biggest regret is taking a consolidation loan from First Plus a year before we started our DMP - we should never have done that and if I was ever going to give advice it would be don't ever do that - if we had known about the cccs at that point our debt would have been paid a long time ago ...

DotNetter

Hi all,

I'm updating this thread while also updating my blog (see signature for link).

Our DMP started on the 1st of January and so far so good.

We had a letter from HSBC last month offering to accept our reduced payments providing we took out a managed loan. The loan would have been to combine our credit card and overdraft debts and would have been for 80 months @ 7%APR.

I thought this was a fair offer; we currently pay them approx 20%APR over the debts!

I contacted the CCCS having sent them the offer and they told me to turn it down!? I was confused by this as I though tit was a fair and just offer.

They advised that they were seeking a stop to all interest and charges and that they expected HSBC to pass the debt on to a DCA instead?

I don't have any experience like CCCS in these matters so I have followed their advice - I'm hoping they have given me good advice!

I also had a letter from CCCS advising me that CitiBank had refused our reduced payments. I've also had letters from CitiBank advising me that my promotional APR of 9% has been removed due to non-payment and I am now on 24.9% APR!!!!!!!!! what gits!!!

Anyhow, CCCS advised that they would more than likely also pass the debt on to a DCA so just waiting to see now

Anyone had experience of the above before???

Regards,


Wayne

pwally2

Hiya Dotnetter,

Had similar thing with First Direct. I took out managed loan for my overdraft and wife and mine joint account. This was before we went on DMP with CCCS. First Direct are now offering same for my wife on her own account and as with yourself the CCCS said to not do it. So we havent and like you will wait and see the response we get from First Direct.

pinkpower

Just an update on the Next issue. I spoke to CCCS and they said that a cheque was sent on 16th December, but hadn't been cashed yet. I then spoke to the collections depatment at Next who said that CCCS send in one cheque to cover over 2000 accounts, and that at certain times of the year there was a delay in divvying it out. They said not to worry, it would all be sorted and my payment plan would automatically be reinstated. They couldn't have been nicer or more helpful. Hope that sets other minds at rest as I was a bit worried about the plan being totally derailed.

geoffmr1

Be careful of managed loans. A lot of creditors try to get people to take out managed loans when they know the agreements they currently have are unenforceable in court, thats if they even still have the agreements. This is a tactic which Egg has used on numerous occasions even though they know their old agreements are on sticky ground.

I'm not saying it's a bad thing, I just want people to be very careful before putting your name to any agreements.

emmiloam

pinkpower wrote: »

Just an update on the Next issue. I spoke to CCCS and they said that a cheque was sent on 16th December, but hadn't been cashed yet. I then spoke to the collections depatment at Next who said that CCCS send in one cheque to cover over 2000 accounts, and that at certain times of the year there was a delay in divvying it out. They said not to worry, it would all be sorted and my payment plan would automatically be reinstated. They couldn't have been nicer or more helpful. Hope that sets other minds at rest as I was a bit worried about the plan being totally derailed.

I was just about to reply to reply to your previous message to let you know what had happened. I've had this 3 times with Next now, but they always refund the service charge and reinstate payment plan. Just make sure you always keep an eye on your statements, as I've only been on DMP for a year and as I say had this happen 3 times already.

Glad you got it sorted.

Em

pinkpower

Thanks Em!

pinkiepie68

Thanks emm and pinkpower. I have been laying eggs about this as I got a my statement on Saturday and a nasty letter today asking me to call them. I then got a very unpleasant person at Next Collections who told me that as I had called after 4pm today they were not able to help me. I had to speak to the "daytime team" who could adress my issue (this was after asking me for £ 1,020 to settle the account in it's entirity - lol!!!). I have to take time back from work to call them tomorrow between 8am and 4pm, so I feel a bit more confident in my ground now!. Thanks again - things like this really show what a fantastic resource this forum is!:T

Pinkiepie