DMP Mutual Support Thread (Part 6)

suze72

mummum2 wrote: »

Also....update from me with regards to taking over doing my own debt management. As previously mentioned wrote to all creditors on 8/3 stating that after 2+ years was taking over doing my own DM and thus far, Lloyds credit card have accepted new amount for 6 months, North Rock loan (got ppi back so from £16K owning gone to just over 10K), accepted for 1 year and Egg also accepted, but have not given me any indiction of the time frame, so hoping that this is for the duration.

Still to hear from Cahoot, MBNA, Abbey, Lloyds (Loan, also got PPI back from those and from debt of £13K now owe just over £5K) and Lloyds O/Draft, all these were going nicely with DMC, but wanted to stop paying them and give all spare to creditors, originally DF was 9 years, now my own spread sheet is saying 5 years, just by stopping paying a fee (little confused as have been paying since Sept '07!). Not sure if all will continue to play ball, but hoping that 5 years could be turned to at least 3 years. Wish me luck. Hope you're all unstressed and keep strong.

MM2 x

Well done MM2, that's really brave of you to take the DMP on yourself, but what a result!

jim2007

Also trying to do our own DMP, how on earth did you get EGG to agree to a repayment plan? What is the tactics used!!! I am paying them each month and they still threaten me with court, going to my employer and having my house!!! I have received fantastic advice on here today though so no longer "running scared" !!!

Rhian82

They threaten to go to your employer?! What would they say?!

I've got one with Egg, not looking forward to their reaction :-(

mummum2

Hi Jim,

No tactic used I'm afraid, or at least not that I'm aware. It might be because I was with a company, (fee paying) for just over 2 years, although all was going well (seriously couldn't complain about them, did what they said they would, just got fed up paying a fee, when I knew that I just didn't want to pay a fee, I wanted this debt paid as soon as possible).

Egg had frozen interest and agreed to DMP as set up by DMC. I called all my creditors before posting letter with E&I, basically telling them that I wanted to set up on my own and as they had all agreed (apart from Lloyds, but that's for another time :mad:) with DMC would they be happy to receive a bit more (no longer paying fee) and all said they have no objections, so here I am. Don't know if it makes a difference to what is owning, my debt with now stands at £5,097 (credit card) and are getting £90.66, DMC was paying them £60.67.

Don't know the reason why some are accepted and others are given a hard time, keep sending your payments. Good luck.

MM2

ladyday

Hi I thought I'd post an update on my DMP progress as it's now been a year since I first contacted CCCS to set everything in motion.

I started out with credit card debt of £15,500 which rose to nearly £16,000 in the first couple of months of the DMP as some were still adding interest to the accounts, I owed money to 2 Egg accounts, Marbles and 2 Barclaycard accounts. A year later I now owe nearly £14,000, I still have about 8 years until I'm debt free but it feels great to see my payments actually reducing the amount owed and not just paying the huge amounts of interest they were adding every month.

All creditors froze interest within two months, one Barclaycard was passed to their inhouse DCA straight away which was ok and the other Barclaycard account reinstated interest at 3% after three months but that is the lowest amount I owe so I'm probably paying near to what the minimum payment was before the DMP. After 5 months there was a CCCS review and I had to reduce my payments by a quarter, luckily all my creditors accepted the smaller payments without any problems. The two Egg accounts were passed to a DCA at the beginning of this year and they've carried on accepting the amount Egg were receiving ok so far.

CCCS are very helpful when you feel like you are sinking. I would recommend speaking to your creditors rather than ignoring them, they've all been ok with me even though I was a nervous wreck the first time I answered the phone. I've kept detailed notes of every letter and phonecall, who I spoke to etc and I know my upto date balances for each creditor down to the last penny, I feel more in control that way and always have my notes to check if there are any problems. To anyone thinking about a DMP or just starting out I would say go for it, I wish I'd done this years ago

Rhian82

Thanks so much for that post - we're just starting out on the road and it's great to get an idea of how it all pans out.

Twit_Head

ladyday wrote: »

Hi I thought I'd post an update on my DMP progress as it's now been a year since I first contacted CCCS to set everything in motion.

I started out with credit card debt of £15,500 which rose to nearly £16,000 in the first couple of months of the DMP as some were still adding interest to the accounts, I owed money to 2 Egg accounts, Marbles and 2 Barclaycard accounts. A year later I now owe nearly £14,000, I still have about 8 years until I'm debt free but it feels great to see my payments actually reducing the amount owed and not just paying the huge amounts of interest they were adding every month.

All creditors froze interest within two months, one Barclaycard was passed to their inhouse DCA straight away which was ok and the other Barclaycard account reinstated interest at 3% after three months but that is the lowest amount I owe so I'm probably paying near to what the minimum payment was before the DMP. After 5 months there was a CCCS review and I had to reduce my payments by a quarter, luckily all my creditors accepted the smaller payments without any problems. The two Egg accounts were passed to a DCA at the beginning of this year and they've carried on accepting the amount Egg were receiving ok so far.

CCCS are very helpful when you feel like you are sinking. I would recommend speaking to your creditors rather than ignoring them, they've all been ok with me even though I was a nervous wreck the first time I answered the phone. I've kept detailed notes of every letter and phonecall, who I spoke to etc and I know my upto date balances for each creditor down to the last penny, I feel more in control that way and always have my notes to check if there are any problems. To anyone thinking about a DMP or just starting out I would say go for it, I wish I'd done this years ago

Hi ladyday
Thankyou for your very positive post. There seems to have been a lot of unsure/negative type posts recently and your message is a little ray of sunshine!:)
I think the majority of us just get on with the day to day living on a DMP and don't have to deal with the very low moments that some unfortunately have.
My debt level is similar to yours but my DFD far into the future but I'm holding on and trying to be positive!
Thanks for your your update-hope you can get your DFD reduced even further!

'Twitty'

ianmak

My excitement of the day is receiving a letter from the dreaded Moorcroft, saying I'd defaulted a payment. Spoke to them on the phone and they said they'd received payment from PayPlan around 7 or 8 days later by cheque, rather than the usual BACs. All is ok though. For now...

Anyone else had issues with this?

dmb_2

Thanks ladyday for sunny outlook. I started my DMP with CCCS on 1 Dec 2009 and so far things seem to be going swimmingly. Most creditors froze or reduced interest. Barclays at 3%. Egg still adding normal interest. I had review after 5 months and have increased payment slightly so hoping Egg will see sense. Agree totally with you that anyone in serious debt should contact one of debt charities. Life becomes a lot lot easier. All my creditors have been very nice if I've had to speak to them on phone, but hardly get any calls now. (huge sigh of relief)

icecube2009

Can anyone give me some advice please. I have been on a dmp since May last year all going fine all accepted reduced payments ecxect LLoyds TSB (which i hear is normal) anyway got a letter from a solicitor this morning on behalf of LLOyds saying I have 14 days to pay the amount of £580 (this is just an overdraft on my bank account, andis only there because they continued making my credit card payments from my account once I went on the dmp) they will take legal proceedings against us...I am really worried now, what should I do? I dont have £580!