DMP Mutual Support Thread (Part 6)

mozzyc

I've posted this in the main forum, but guess this is the best place for all of us on a dmp -

Just want to see other people's experiences with this. Our 5 year DMP is actually going to be almost 9 years, hopefully no longer, due to interest and charges being added.
I do realise that this is an estimate, and will only happen if all your creditors stop interest (which is my experience, doesn't happen), but just want to see how long other people's have lasted compared to what they thought it was going to.
Or of it did only last the length of time you were told by your dmp company when you started your plan - i'd like to hear.

Thanks

Triggles

mozzyc - we havne't been on ours very long, and I haven't looked at our debt free date - right now it's just too depressing as I'm sure it's well well into the future. especially with all the interest being added monthly.

We just recently got a notice of legal action from MBNA regarding 2 of DH's accounts, and that was only after missing 3 payments. Considering we've kept them advised every step of the way, made token payments and then set up standing orders for reduced payments, sent them SOA and everything, you'd think they wouldn't be quite so aggressive. *sigh*

iwillgetoutofdebt

:wave: Littlesmurf. Glad to see you here finally

I have just found out that Egg have accepted my DMP for all three accounts, and, even better, they are freezing interest and charges :j

Still waiting to hear from Marbles (although they have gone quiet so that must be a good sign) and Tesco and Mint (who have requested a copy of my marriage certificate as I never got round to changing my name on these accounts).

I can't believe that I didn't do this years ago. I actually feel good about life again

DevonGirl

Triggles wrote: »

mozzyc - we havne't been on ours very long, and I haven't looked at our debt free date - right now it's just too depressing as I'm sure it's well well into the future. especially with all the interest being added monthly.

We just recently got a notice of legal action from MBNA regarding 2 of DH's accounts, and that was only after missing 3 payments. Considering we've kept them advised every step of the way, made token payments and then set up standing orders for reduced payments, sent them SOA and everything, you'd think they wouldn't be quite so aggressive. *sigh*

Hi there - I totally agree - it is very depressing to look at the end date - I think mine is about 2017!!! And how I'm going to live for the next 7 years on my £150 p/m food/toiletries budget is beyond me. If you do want to look at the date though, you'll find it on your plan if you're with CCCS. They also have a debt calculator whereby you can work out how much quicker you'd pay off your debt if you paid more a month. Presume PayPlan will have a similar calculator. I think the solution is to just keep pushing on...

Incidentally if you're new to a DMP, just to add that although creditors are quite aggressive, they do eventually calm down a bit. I still get the odd bit of hassle but just keep paying my monthly amount and ignore them!
Best wishes
DG

Triggles

Devongirl - thanks. I certainly hope they calm down soon. It's really DH's debts, but I am helping him with his paperwork, as he is doing his own DMP. We have had a few of the creditors say they won't accept it unless it's through CCCS or Payplan, but I'm hoping that after maybe 6 months of receiving regular payments from DH, they will realise he is seriously trying to get this sorted and plans to make these payments regularly (they are on standing orders) and then they may settle a bit and stop the interest and charges. God sometimes it seems like such an uphill battle.

mozzyc

Triggles wrote: »

mozzyc - we havne't been on ours very long, and I haven't looked at our debt free date - right now it's just too depressing as I'm sure it's well well into the future. especially with all the interest being added monthly.

Yeah, I guess i'm just trying to figure out how people have succeeded with getting the interest stopped. Whether anyone has managed to get ALL the creditors to stop.
And whether anyone has got to the end of their plan with Payplan, and had any 'excess interest added since the plan began deducted'. This is what payplan suggests to me, but doubt if that ever has or can happen. I know they say they can only try, but would like to hear if anyone has actually had this done?

Becky86

Hi everyone

I am new to this forum but have been having a look through this thread and found it very helpful and it has already answered lots of questions I had.

I am starting a DMP soon as myself and my partner have debts of £15,000. It all seems a bit scary at the minute.

I have a couple of questions if anyone could help. We owe £4000 to my partner's father for a loan. We repay him £300 a month and we have £2700 left to pay. However, Payplan are ringing me tomorrow and they want me to have details of the bank account where my father's partner would like the repayments to be made.

At the minute we just hand him the cash once a month and that seems to work quite well. The reason for this is because he does not want his wife to get hold of the money (!)

Do you think we would still be able to do this or do we need to pay it into a bank account?

One other question is that we know our credit rating will be affected for six years but I just wondered if this would go as far as us not being able to take out new contracts on our phones?

Sorry for the ramble, and thanks in advance for anyone that can help!

Becky x

lozzam

Hi Becky. Not sure about the other questions you want answered, but I can tell you that we have just been able to move our phone and broadband from BT to Virgin despite having been on a DMP for 4 years and our credit report showing several defaults. Not sure if we and/or Virgin are typical, but just to say that it isn't all black.

DevonGirl

Triggles wrote: »

Devongirl - thanks. I certainly hope they calm down soon. It's really DH's debts, but I am helping him with his paperwork, as he is doing his own DMP. We have had a few of the creditors say they won't accept it unless it's through CCCS or Payplan, but I'm hoping that after maybe 6 months of receiving regular payments from DH, they will realise he is seriously trying to get this sorted and plans to make these payments regularly (they are on standing orders) and then they may settle a bit and stop the interest and charges. God sometimes it seems like such an uphill battle.

Hi Triggles
Has your DH gone onto the National Debtline website? They provide template letters which are good for people following their own self-made DMPs - they're worded really well. Plus they have loads of fact sheets about drawing up a fair budget and fair repayment offer budget.

Here's the link (for England and Wales)http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6
or for Scotland
http://www.nationaldebtline.co.uk/scotland/

Just a thought - sorry if I'm teaching my grandmother to suck eggs etc
DG

bailey59

Hi everyone, not been on here since before Christmas as I'm having quite a tough time of it all and I just couldnt bear to come on here and face up to it all.

Anyway my DMP started on the 1st Jan this year, in the meantime my DH had his hours cut and lost nearly £800 in wages over an 8 week period (Dec - Jan), so we have had to reduce our monthly amount straight away which I'm sure wont go down well at all with our creditors. I have also been under threat of redundancy for some time now but today looks like being D Day. I am waiting for my boss to come back from his meeting to tell me but it really does not look good at all.

The most distressing part of it all is that I am trying for a baby but if I get made redundant then fall pregnant I wont receive any wage or maternity pay and I dont know how we will cope at all then so we have stopped trying now. I'm not sure what if any benefits I would be entitled to but without a wage from me we wont be able to afford all of our essential bills. I cant afford to wait a year to see if I find another job then become entitled to maternity pay as I'm 39 this year. This would be my 1st baby so its not like I'm being greedy or anything.

Anyway today and the last month have not been good so I decided to come back on here for some TLC.

Has anyone been in a similar position? Has anyone started a DMP then fell pregnant? Or started a DMP then lost their job then got pregnant?