DMP Mutual Support Thread (Part 6)

cocker100

lauren123 wrote: »

Thank you, would you mind explaining how I send payment tokens? :beer:

Send a payment with each of the letters that you send to your creditors. Most people use a postal order for this. You fill it out in the same way you would a cheque. Make it payable to each creditor. £1 will suffice.

You could send a cheque instead, but not from the account going into the DMP as they would bounce!!! I use cheques from my partners bank account as she isn't part of the DMP.

Cocker:)

cocker100

newbeginning wrote: »

Cancel your direct debit and send a Postal Order for £1 to address on statements for the credit cards along with a letter telling them about DMP, I sent mine with a copy of the DMP Notification letter CCCS send you.

Hope this helps

Beat me again!!!!!:D

regret70

hello

i hope im in the right place. i have been on the other dmp forum but it doesnt seem as busy. i am currently setting up a dmp with cccs, i began the process on 28th april but it is yet to be set up as cccs kep asking for some more info, which i have sent and im hoping they contact me tomorrow.

I just want confirming that i have done the right thing. i got in a mess with loans and cc and have a total of £22000 over several creditors. i have dafaulted on most loans now and cant catch up with the payments and they were unwilling to accept any offers i made so i contacted cccs who advised a DMP. it is all alien to me so i am just hoping this is the right thing to do.

i am also very frightened about going to court, is this likely to happen?
the worst creditors seem to be natwest with my overdraft. i have an overdraft of 3k and stupidly went over it, i had a month where it all went wrong and i went 800 over the overdraft. i cant understand why natwest didnt block my card before then as it seems that whenever i try to use cards now they are all declined straight away!

please can someone confirm that i have done the right thing? i am dreading the dmp not being set up for june now as the thought of all the letters coming through the door is making me feel ill again. i feel like i could have a breakdown

sorry for moaning!

lauren123

So this is how far ive got...

have signed the agreement and included pay slip, statements (some I cant find latest so from a couple months ago) and for the 2 loans I have included the info they will need. Will post tomorrow.

I will send letters and payment tokens to all 9 creditors on thursday.

Cancel direct debits asap...very scared about doing this

I need to try and get another account open this week and transfer income.

Question about my overdraft...its being reduced by £60 every month...do I need to make sure this is paid until DMP is up and running or leave it and brave the nasty letters (if I exceed this again its being passed to credit people)

Lauren :beer:

newlywed

I just cancelled all the DD's on internet banking. When the people who were meant to get the DD's rang to query it, I just told them I was changing my bank account (coz it was true) and just gave my new bank details to those who I wanted to keep as DD's (eg, mobile, car insurance etc).

As soon as the others get notification from CCCS, they know why you cancelled the DD so don't question it anymore.


You usually only get fees if your DD bounces when you have no money in your account, not for cancelling the DD yourself

newlywed

regret70 wrote: »

i hope im in the right place....

i am also very frightened about going to court, is this likely to happen?
...

please can someone confirm that i have done the right thing? i am dreading the dmp not being set up for june now as the thought of all the letters coming through the door is making me feel ill again. i feel like i could have a breakdown

sorry for moaning!

Hello, you are in the right place.

No one can guarantee they won't go for a CCJ but you don't have to attend the court then anyway. If it makes you feel better I had much more debt than you and still haven't had any court proceedings yet (3 full years into the DMP).

I know it was completely the right thing for me. I only wish I'd done it sooner

As for all the letters coming through the door, well as soon the DMP is set up, most creditors tend to go quite quiet. I dreaded the phone calls but in the end only got about 3 - and one of those was to say thanks, we accept the DMP.

You needed help, you tried to sort it and couldn't, now you've got help from the CCCS so just take a deep breath and see what happens. Even if just ONE of your creditors stops interest, you will be better off won't you?

When you make your first payment on the DMP it will feel like a huge weight has been lifted from your shoulders.

Don't worry about moaning. We all had loads of questions and worries when we started on the DMP

ianmak

regret70 wrote: »

hello

i hope im in the right place. i have been on the other dmp forum but it doesnt seem as busy. i am currently setting up a dmp with cccs, i began the process on 28th april but it is yet to be set up as cccs kep asking for some more info, which i have sent and im hoping they contact me tomorrow.

I just want confirming that i have done the right thing. i got in a mess with loans and cc and have a total of £22000 over several creditors. i have dafaulted on most loans now and cant catch up with the payments and they were unwilling to accept any offers i made so i contacted cccs who advised a DMP. it is all alien to me so i am just hoping this is the right thing to do.

i am also very frightened about going to court, is this likely to happen?
the worst creditors seem to be natwest with my overdraft. i have an overdraft of 3k and stupidly went over it, i had a month where it all went wrong and i went 800 over the overdraft. i cant understand why natwest didnt block my card before then as it seems that whenever i try to use cards now they are all declined straight away!

please can someone confirm that i have done the right thing? i am dreading the dmp not being set up for june now as the thought of all the letters coming through the door is making me feel ill again. i feel like i could have a breakdown

sorry for moaning!

I can't say if it's the right thing, as a DMP doesn't suit everyone. However, think of the alternatives?

I started my DMP with 38k of debt and a 20 year debt free date(!). I didn't think how far away that was at the time, just that I was dealing with my debts. PayPlan have been brilliant with me, dealing with the creditors. Yes you will get phonecalls and letters, and some people struggle with them. I've been open with my creditors from the start, and I think (personally) that it's helped. I feel that avoiding them just antagonises them...

Lauren - As those helpful people above have said, you need to do the following when starting the DMP:

Cancel any Direct Debits with your creditors, and send token payments of £1 to each one, per month (ie, instead of your normal monthly payment).

If your overdraft is going onto your DMP, and/or if you have a loan with the same company as your current account, setup a basic bank account (you'll have to ask for this, as most don't offer it. You need something with no overdraft) with a creditor with whom you have no ties. I picked the Co-Operative bank, and I can't fault them.

If you do setup a new account, you will need to transfer any wages, tax credits, utility DDs etc over to the new account (once setup). I did all of the DDs over the phone with each company, and they were all fine with this.

Erm, other than that, be prepared for the phonecalls and letters, some will be nasty, some will be fine. If you choose to pick up that phone, or read the letter, explain you're on the DMP, give your reference number if you have one, and don't give them any extra money, no matter how much they ask!

Good luck everyone!

yellowpinky

Hi regrets70, welcome to the DMP support thread!

I'm sorry things are so stressful for you at the minute, it is absolutely terrifying first facing to everything, and worrying what's going to happen to you. I was exactly where you are now last year and was in a terrible state then.

You have made two of the right steps -

a) getting help from one of the free debt help charities, like CCCS, and

b) finding the Money Saving Expert Debt boards.

There is always someone on here who has been through what you are going through (we're all on DMP's here) and will know the answers or can just offer support.

Please try and look after yourself, nothing is worth making yourself ill over it. CCCS are an excellent organisation and will know exactly what to do to help you, and you are in the right place by coming here. Have you been asked to send Hold Action letters or token payments in the meantime until your DMP is in place?

Best wishes YP

regret70

yellowpinky wrote: »

.
Have you been asked to send Hold Action letters or token payments in the meantime until your DMP is in place?

Best wishes YP

thanks for all your replies.

yes i made token payments to all of them and sent the letter cccs gave me to send out. it has pretty much gone quite but still getting letters from natwest and santander. guess i jsut need to see what cccs say tomorrow as they will hopefully get the rest of the info they asked for.

thanks for your help i feel a bit happier now.

newlywed

The one thing you do need to remember is that to start with on the DMP your debt may seem to go UP!! I know that sounds mad, but to start with the creditors haven't agreed to anything, and you are making reduced payment so the interest and charges may get added. You need to just take a deep breath and go with it for a couple of months. After the first few DMP payments get to creditors (some react quicker than others), they believe you are serious and then start agreeing to the DMP and reducing or stopping interest and charges. Then your debt goes down!

So be prepared but don't panic.