DMP Mutual Support Thread (Part 6)

yellowpinky

Glad we can be of help, Regret70, you're welcome. You're doing everything you can for the moment. It takes a while for the letters to stop and takes some creditors longer (sometimes a lot longer!) than others, but they do settle down eventually when they're getting regular payments.

yellowpinky

Sorry to have been a bit quiet, but things have been, well, a bit quiet!

My long-awaited lump sum has come through and now I've got to decide what to do. I e-mailed Payplan to ask if there was any possibility of using it for F & F's with a couple of creditors, and expected them to say no. In fact they said they could do it through their settlements department, and negogiate for me, but my credit file would be marked as Partially Satisfied. Or they suggested I could just pay off one or two creditors in full, and have my credit file as Paid In Full (but any defaults/CCJ's etc would still stay on my file). They did also give the proviso that other creditors might be upset if they found out, but seemed happy to give me advice.

I'd much prefer to try F & F's but is it better to do it myself, rather than through Payplan? Do I have any chance of doing it myself now I've told them?

Otherwise I'll just give them the money to distribute pro-rata - I'm just happy for the total to come down!

newbeginning_2

yellowpinky wrote: »

Sorry to have been a bit quiet, but things have been, well, a bit quiet!

My long-awaited lump sum has come through and now I've got to decide what to do. I e-mailed Payplan to ask if there was any possibility of using it for F & F's with a couple of creditors, and expected them to say no. In fact they said they could do it through their settlements department, and negogiate for me, but my credit file would be marked as Partially Satisfied. Or they suggested I could just pay off one or two creditors in full, and have my credit file as Paid In Full (but any defaults/CCJ's etc would still stay on my file). They did also give the proviso that other creditors might be upset if they found out, but seemed happy to give me advice.

I'd much prefer to try F & F's but is it better to do it myself, rather than through Payplan? Do I have any chance of doing it myself now I've told them?

Otherwise I'll just give them the money to distribute pro-rata - I'm just happy for the total to come down!

Hi, Good news re the lump sum, If I were you I'd go for F&F, at least that way you can see the debt shrink more hopefully, you can still go it alone, in fact I'm pretty sure I've seen a letter asking them to remove default as well - but I don't know where I've seen that. Maybe ask on the main board if you want the defaults gone.

Either way I'd definitely try for F & F

Erme

lauren123 wrote: »

Hi, This is my first post in here and since deciding to take out a DMP with cccs I have recieved my letter and agreement from them and have a few questions Im hoping some of you can help me with. Would be much appreciated.

1) They want all statements etc from my creditors...what do I do regarding my overdraft and family loan as I have no statements.

2) The letter Iam to send to all my creditors telling them about my DMP tells me to put a date in that my DMP starts...what date am I to put in?

3) The letter tells me to cancel any direct debits, do I do this now? Am concerned about charges etc

4) I have a nationwide loan, my last payment is the 27th of this month, do I leave the direct debit and pay or cancel as this was included in the DMP.

5) What do I do about my debit card? Do I open another basic account to get tax credits paid into etc as my current account has the huge overdraft Im paying off with DMP.

Sorry there's loads, would ring them but shut at 5pm and want to get the ball rolling! Thanks in advance. Lauren x

Is this CAP? If it's CAP you do exactly as they say but be warned the stress will get worse before your creditors accept your DMP. I'm now on my own DMP CAP/Frugal living challenge/Dave Ramsey based... Am paying about 1/4 of my income off debt wise (and aiming to pay more)...creditors want less but I want to get rid of the OD (next challenge)

Hugs

E

Erme

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!

Natwest are not the nicest of ppl. I did read you have a DMP? Just put the phone down on them and be firm every time you phone them saying you have a new DMP and it's upto them to accept it or that x or y (as in CAB/CAP whatever) are handling your debts and they'll be in touch. I am with natwest for debts and hate them...they screwed my head up big time and I was with CAP until Natwest started making nuisance calls. Am now with a different bank for every day banking and am happy. Just have natwest for debts and am trying to pay those off asap then it'll be au wiedersehn natwest! :T. I have a basic account that has my facilities but no overdraft so I can't get overdrawn (in fact if there's a risk the money just doesn't come out my account ). I mean it has a basic cashcard/electron card but that's it .

However...if my welfare check goes down in the next year then I'll be in panic mode cos things are just about as tight as they can get right now...

E

shortie1205

rayday2 wrote: »

Hello folks!

Thought I should show my face, I think this possibly year 3/4 for me now I may upset myself and work out my debt free date, but I can honestly say on the other side of it that I have been 3/4 years living without taking further debt on.. that sounds better!

Anyway hello to everyone and a quick question has anyone heard of the CASHflow scheme, I have one company (yes a catalogue!) who are obsessed with it.

For those who remember me, still got Lloyds on the go, and touch wood still 0% interest although I do have to write again to them as I have a letter accepting lower amounts and yet the statements think they are getting more, I was just waiting till I get both current statements in so I can write the same letter save some time (we have two accounts with them for credit cards).

I use the cashflow process. I am on a self managed DMP with natinal debtline and cashflow is a new tool/process where you fill in all your financial details on line, they are then reviewed with a cashflow specialist. If they agree that your figures are realistic the report is 'locked' so it can not be altered. You can then print off a financial statement to send to your creditors and they should be able to access your full report on the web site. All my 13 creditors were happy with this (took barclays a while to find the right dept/person who knew about it) as all major financial instituitions have signed up to accepting cashflow.

In the end it saves everybody time as it provides a financial statement in an approved format giving all relevant info.

Hope that helps

lauren123

Erme wrote: »

Is this CAP? If it's CAP you do exactly as they say but be warned the stress will get worse before your creditors accept your DMP. I'm now on my own DMP CAP/Frugal living challenge/Dave Ramsey based... Am paying about 1/4 of my income off debt wise (and aiming to pay more)...creditors want less but I want to get rid of the OD (next challenge)

Hugs

E

Sorry but what is CAP??

So far today I have...

1) cancelled direct debits (even though have one coming out next week):(

2) sent off the agreement and info cccs asked for

3) wrote letter to all creditors and included payment tokens for £1.00

4) Applied for another account, waiting to hear!

Am I doing everything right? Getting very nervous and its making feel a little sick!

thanks lauren x

mikon

Hi everyone new on this forum seeking your advice and experience.

Just got some concerns about one of my creditors CITI Finance I have notified them that i am going onto a DMP with CCCs I have also sent them a letter and copy of the Notification of DMP along with my DMP ref No. and made £1 token payments for the month of May. I have also asked for them to remove my telephone number from my accounts and contact me in writing which they have not.

Citi have just charged me £398 interest and charges and have put my minimum monthly payment up from £380ish to £1412 next month this is just compounding my debt problem.

Has anyone on here had any experience of CITI I am worried that my debt is increasing and the phone calls are now 3 a day its starting to get me down. I have spoken with CCCS and they are hoping to get a proposal offer sent this week to them.

Anyone got any advice.

Regards

cocker100

lauren123 wrote: »

Sorry but what is CAP??

So far today I have...

1) cancelled direct debits (even though have one coming out next week):(

2) sent off the agreement and info cccs asked for

3) wrote letter to all creditors and included payment tokens for £1.00

4) Applied for another account, waiting to hear!

Am I doing everything right? Getting very nervous and its making feel a little sick!

thanks lauren x

Hiya!

You are doing just fine!!!:T

Your new bank account should be a priority as you need to transfer your income into an account that wont swallow it up.

Other than that, sit back and wait for your creditors to reply. Believe me, they will be in touch.

It will be a bumpy ride in parts and sometimes you will feel that you are getting nowhere, but eventually everything WILL settle down and you will be able to stop worrying about debt and look forward to one day being debt free!!!:D

Good luck,

Cocker:)

CharliesAngel

Evening All

Hope we're all okay on this rubbishy rainy Wednesday (here anyway lol)..

Fab progress so far lauren123 :beer: you'll be fine, and had some great advice from those who know

Just had my yearly review with CCCS and went better than expected, raising my monthly payment and shaving 14 months off my debt free date :T just the three years to go :rotfl:

CA x