DMP Mutual Support Thread (Part 6)

thestealer

ianmak wrote: »

Same here, I blame buying a property on my own, borrowing at almost 4 times my salary (Not all my fault, they agreed that amount!). I think even if I could have budgeted like I can now I would have struggled...

I agree entirely that responsibility for borrowing should be balanced by a responsibility for lending. I suppose one of the 'benefits' of the credit crunch is that banks/building societies are having to be a little tighter with the reigns on the cash for lending.

One of my friends is currently looking to buy a house and is bemoaning the fact he can't get a 100% mortgage based on 5 times his income..."good" I keep telling him, sadly it doesn't really register that an obscene amount of money would be disappearing from his paycheques for the next 25 years.

I guess after this DMP thing is all over I will be in a great position to allow others the benefit of my experience...if they'll listen

ianmak

That's the thing, I certainly didn't realise what I spent, that I certainly didn't budget for!

Triggles

Just had a letter. Well it was more like a wage slip. No identification on outside. Teared off the perforations and there was a message statiing Halifax were sending someone around. I am on a dmp with cccs and payments for this month have been paid. what are they playing at. Has anyone had one of these. Not nice.

We've had this from Halifax as well. I believe it just means they are going to ring you, as nobody has ever showed up at the door. I will admit to finding it rather annoying, as we've told them in 3 separate letters not to ring us, but to communicate strictly by post, but a number of our creditors don't seem to understand this. So unfortunately, we will be sending out a letter this month regarding contact by phone, wording it a bit stronger. And insisting that the few that are billing us for the pleasure of trying to ring us (when they don't have our current phone number - god only knows how they can justify charging us £12 for attempting to ring us when they don't have our number) refund the money for those particular charges.

funkyfish586

what a pooy start to the day the 1st of our creditors MBNA rejected our dmp offer & were really rude too. All finacial statements were sent on the 3rd & egg have accepted so far :beer:

really hope everyone else accepts but i cant see that happening lol x

mummum2

Update from me, after 2 years with DMC have written to all my creditors with I&E as I have taken over doing my own DMP, March payments will be paid by DMC and from April hoping to have all Standing Order set-up so I can do this myself. Will keep you all posted, have had verbal 'yes' from all creditors as I've been on DMP for past two years and feeling lots more confident and stronger to tackle this myself, want to be out of this noose by no later than 2013 God willing.

Will keep you posted.

MM2

thestealer

Just had my first creditor contact, sadly it was some automated nonsense from a catalogue. Press 1 if you are the account holder, press 2 if the account holder resides there etc...

I have decided I am quite happy to talk to creditors but I absolutely refuse to indulge machines, so I hung up

getinmyselfoutadebt

hi can i join this thread?
hoping 2 start on 1st april all paperwork signed and sent back to cccs.
Am i right in thinking that the next step is cccs sending the income/expenditure to creditors? do you think i'll be able to start on 1st april? now i know watt i have to do to get myself out of £14,000 worth of debt i just want 2 go 4 it and get on with it!!
The reason i am doing this is that i have been stupid in the past spending to much and now i cant even afford the minimum repayments!!

thestealer

Welcome getinmyselfoutadebt, to be honest, most people here are like the CCCS in that it doesn't really matter how the debt came to be there. There is a multitude of perfectly reasonable and legitimate reasons, the important thing is you are doing something about it...end of.

Have you sent off token payments to your creditors this month as a 'goodwill' gesture?

getinmyselfoutadebt

hi and thanks. i cancelled all my direct debits for my cards and loans.rang CCCS for advice and they told me to split the payment i will be paying them £346 between the creditors pro rata just until the dmp is set up.
The calculation they told me was something like;

debt x monthly surplus divide by total debt

I'm guessing this is how CCCs calculate when dmp is up and running.

Sent letters to credotors informing them future payments will be made through CCCS.

Have a new bank account with barclays! I'm alreadyy feeling better about everything. Just worried about what action creditors are going to take! Scary

ianmak

That's great, but maybe worth doing some kind of token payment in order to build up an emergency fund, before you start. Maybe worth asking CCCS about this. A lot of others on here will have done the same...