DMP Mutual Support Thread (Part 6)

harvey180

Thanks for the reply.

We are in a very similar position. Our little one just turned 1this month and my other half has just secured a part time position.

My problem is I don't want to do anything that will upset our other creditors and cause them to start pressing for repayments.

Equally I don't want to get a CCJ as I've managed to avoid them so far.

thanks.

Maximillion

Morning all, I hope you don't mind me joining in I've a question (no doubt asked before).

I'm weighing up the options for tackling my debts. I've tried the CCCS debt remedy & it recommends either a DMP or IVA. I understand the IVA is more serious than the DMP but the idea of there being a fixed term (usually 5 yrs) and the creditors not chasing for the debts sounds quite appealing compared to the level of harassment and effort users of this thread report. My car is leased and I'm in negative equity, I have minimal savings other than a pension.

So I'm wondering what makes a DMP a preferential option? (thank you for your time)

BTW I've read the MSE guide to IVA's - as far as I can tell the main issue is flexibility and that they may force me to stop pension payments. what about the aftermath? I understand adverse credit file content remains for six yrs with either option.

I have a stable job (as stable as anyone's). my biggest problem is a fluctuating income. I need a cash buffer to accommodate this.

ianmak

firstcrowcounter wrote: »

Morning all, I hope you don't mind me joining in I've a question (no doubt asked before).

I'm weighing up the options for tackling my debts. I've tried the CCCS debt remedy & it recommends either a DMP or IVA. I understand the IVA is more serious than the DMP but the idea of there being a fixed term (usually 5 yrs) and the creditors not chasing for the debts sounds quite appealing compared to the level of harassment and effort users of this thread report. My car is leased and I'm in negative equity, I have minimal savings other than a pension.

So I'm wondering what makes a DMP a preferential option? (thank you for your time)

BTW I've read the MSE guide to IVA's - as far as I can tell the main issue is flexibility and that they may force me to stop pension payments. what about the aftermath? I understand adverse credit file content remains for six yrs with either option.

I have a stable job (as stable as anyone's). my biggest problem is a fluctuating income. I need a cash buffer to accommodate this.

IVAs won't suit everyone, unfortunately only you can decide what's best for you. Please note that ALL of your creditors would have to accept the IVA, and there is no flexibility. If you lose your job (God forbid), then you could be in deep trouble.

DMPs do allow for flexibility, and it's a gentleman's agreement with the creditors. There is no guarantee they'll stop interest, or accept. But that's the risk you take...

smcshane

Hi All,

Just thought I write a quick post to let everyone know how things are one year on and especially to all those newbies or people considering a DMP.

Well, as you can see from my signature my debts have gone down by £5200 this is the first time in 13 years :j and I am hoping to clear another 5K by the end of the year! My creditors have gone down from 10 to 9, I had a small balance with NEXT which has had it's last payment made to it in April, so I am about to send a letter to them requesting they close the account.

Life still isn't easy but it is definitly more fun and less damaging to my relationship and I now feel I can live again but in a much more frugal way. I have learnt alot about myself and realised that the local charity shops are great for buying clothes, especially when you find gorgeous silk Topshop tops for £2.99 as I did yesterday:rotfl:.

I still have a long way to go but the likelyhood of me and my partner having a child is more of a realistic option, it may still be 4ish years away but it is a growing dream rather than a diminshing one.

I also now find I am enjoying work more and becuase I sleep can put in more time and effort which has already resulted in one promotion and a possibility of another in 6 months.

Creditors have been ok! I have spoken to them all at some point during the last year and as long as you are calm and now your stuff they seem to be happy. Not all have stopped interest but all have reduced by some description so I see a fall every month. Monthly payments are 60% of what they should be and for some of my creditors this means that I am close to paying my contractual payments (due to CCCS calculations) as is the case with Halifax CC who tell me every two months that I am only paying £20 less than required, hopefully they wont decide to put interest up again if I start paying more:D.

Well hope the post has made a difference to some and passed on the ositive vibe whcih has come from getting my head out of the sand and getting on with getting it sorted!

Best Wishes

Sx

Mambot

Hi All, I finally started my DMP on the 1st of May. Its been ok so far when i've been making my token payments for the last month the banks and cards seem to be fine with me explaining my situation and that i'm with CCCS. Fingers crossed it'll stay like this. I've actually found it quite good being on a budget for the last couple of months - something new and exciting for me and even the BF commented that i'm more relaxed now things are being sorted out.

I've stared to try and boost my income with surveys and a bit of mystery shopping, all thanks to MSE!

ianmak

Mambot wrote: »

Hi All, I finally started my DMP on the 1st of May. Its been ok so far when i've been making my token payments for the last month the banks and cards seem to be fine with me explaining my situation and that i'm with CCCS. Fingers crossed it'll stay like this. I've actually found it quite good being on a budget for the last couple of months - something new and exciting for me and even the BF commented that i'm more relaxed now things are being sorted out.

I've stared to try and boost my income with surveys and a bit of mystery shopping, all thanks to MSE!

Well done you! Good luck with it all, and welcome to the thread! Any questions, just ask on here.

Twit_Head

smcshane wrote: »

Hi All,

Just thought I write a quick post to let everyone know how things are one year on and especially to all those newbies or people considering a DMP.

Well, as you can see from my signature my debts have gone down by £5200 this is the first time in 13 years :j and I am hoping to clear another 5K by the end of the year! My creditors have gone down from 10 to 9, I had a small balance with NEXT which has had it's last payment made to it in April, so I am about to send a letter to them requesting they close the account.

Life still isn't easy but it is definitly more fun and less damaging to my relationship and I now feel I can live again but in a much more frugal way. I have learnt alot about myself and realised that the local charity shops are great for buying clothes, especially when you find gorgeous silk Topshop tops for £2.99 as I did yesterday:rotfl:.

I still have a long way to go but the likelyhood of me and my partner having a child is more of a realistic option, it may still be 4ish years away but it is a growing dream rather than a diminshing one.

I also now find I am enjoying work more and becuase I sleep can put in more time and effort which has already resulted in one promotion and a possibility of another in 6 months.

Creditors have been ok! I have spoken to them all at some point during the last year and as long as you are calm and now your stuff they seem to be happy. Not all have stopped interest but all have reduced by some description so I see a fall every month. Monthly payments are 60% of what they should be and for some of my creditors this means that I am close to paying my contractual payments (due to CCCS calculations) as is the case with Halifax CC who tell me every two months that I am only paying £20 less than required, hopefully they wont decide to put interest up again if I start paying more:D.

Well hope the post has made a difference to some and passed on the ositive vibe whcih has come from getting my head out of the sand and getting on with getting it sorted!

Best Wishes

Sx

Oh well done you!!! :j
Just great isn't it to finally see those numbers coming down?
However - yah boo beat you! Got myself Karen Millen silk top from car boot sale for £2-50
I wonder if we all had loads of dosh would we still watch the pennies? I believe we would now - so ingrained to get the most for our money.
Keep plugging on to clear those debts.
Finally (and with apologies!!!) as today must be Star Wars day - 'May the Fourth be With You'

'Twitty'

the_tooth_fairy

Twit_Head wrote: »

Oh well done you!!! :j
Just great isn't it to finally see those numbers coming down?
However - yah boo beat you! Got myself Karen Millen silk top from car boot sale for £2-50
I wonder if we all had loads of dosh would we still watch the pennies? I believe we would now - so ingrained to get the most for our money.
Keep plugging on to clear those debts.
Finally (and with apologies!!!) as today must be Star Wars day - 'May the Fourth be With You'

'Twitty'

That's right Twitty, it IS brill to see the amount reducing. Talking of still watching the pennies, OH took me out for a birthday lunch last week with some o/time money he had. I couldn't help thinking " I could make this at home for far less!!". However it was lovely to really enjoy something you know is paid for.
Woohoo!! Our EIGHTH payment went to Payplan today!! and to think the last 6 months went to Halifax's 6k of added interest. Grrr...:mad:

ttf x

Hopelessly_Hopeful

Hello everyone

Hope you are all doing ok.

I was getting nusiance texts vis my landline ansaphone from Philips. Don't know what debt it was in conjunction with. Googled it and appears to be a time waster and costs a small fortune to respond too. No letters in the post grrrr. anyway called BT and they gave me an automated number to opt out of these messages, perfect. If anyone else needs it 0800 587 5252

Hope that helps

HH x

scouselad1974

Hi

Thank you for sharing that information, I have just turned automated text calls off, maybe a bit of peace now from a certain creditor