DMP Mutual Support Thread (Part 6)

CCCS_Sarah

PosyPosy wrote: »

Glad I found this thread. Am at a bit of a loss as to what to do; I initiated a DMP with CCCS yesterday online, and am waiting for the paperwork to come through. Thing is that Egg called me today to "discuss my account", I asked them to call back tomorrow as I was going into a meeting - but what do I say to them when they do call (which they are doing tomorrow at 10.30)? Shall I explain that I am setting up a DMP with CCCS and offer them a small payment now? OR should I just not speak to them (or any other of my creditors) and let CCCS deal with the communication? In kind of limbo at the moment.

Hello,

You would need to make token payments until your dmp is set up. There would be nothing wrong with letting them know that you are going on a DMP. Just let them know CCCS will be in touch soon.

Good luck with your plan

Sarah

CCCS_Sarah

Jilksy wrote: »

Hello!

I'm new to this and have a few questions about going on a DMP with CCCS.

I have debt of approx £18k and have been offered a monthly contribution from CCCS of £500 per month over 3 years. My thoughts are:

a) that is a lot of money! It basically leaves me with £250 per month after rent, utilities, bills and a very basic food budget (which in reality i'm probably underestimating). The thing that worries me is not being able to cope with any unexpected expenditure like car repairs (and yes I do need it!) or any unexpected bills. The plus side of course is being debt free after three years, which is nothing really.

b) Is this £500 per month for three years more or less guaranteed?

c) I'm a bit confused about how it all works. From what i've read on here, the creditors don't have to accept the offers from CCCS and interest and charges continue to be applied until you may end up with a CCJ. Do CCCS support you while this is going on? How does any outstanding interest or charges ever end up being resolved and a line drawn under it? What do you do with all the correspondence you receive from the creditors eg late payment letters and over-limit statements?

d) I'm currently with Barclays, including overdraft. According to the quote i've just got from CCCS, Barclays will allow you to keep on your account if you enter into a DMP with CCCS. Does this apply for accounts with attached overdrafts too?

e) If I end up needing to, is trying to get a basic account set up relatively painless? I Can see them all refusing me!

I'd appreciate any advice. This needs to be sorted out once and for all.

Here goes.... Let me know if you have any other questions, hope this helps.

a) that is a lot of money! It basically leaves me with £250 per month after rent, utilities, bills and a very basic food budget (which in reality i'm probably underestimating). The thing that worries me is not being able to cope with any unexpected expenditure like car repairs (and yes I do need it!) or any unexpected bills. The plus side of course is being debt free after three years, which is nothing really.

Your budget needs to reflect your situation and cover your living costs. If you have not worked to a detailed budget before then it may take a couple of months to get used to it. But if you are really struggling, then you would need to discuss this with the CCCS. Keeping a spending diary often helps as you can see exactly what you are spending.

b) Is this £500 per month for three years more or less guaranteed?
As mentioned, the budget reflects your situation. So if you have no changes your payment will stay at the £500. You will have a review ever 12 months to make sure everything is going ok. If there is any major changes though you would need to let the CCCS know.

c) I'm a bit confused about how it all works. From what i've read on here, the creditors don't have to accept the offers from CCCS and interest and charges continue to be applied until you may end up with a CCJ. Do CCCS support you while this is going on? How does any outstanding interest or charges ever end up being resolved and a line drawn under it? What do you do with all the correspondence you receive from the creditors eg late payment letters and over-limit statements?

I would recommend that you keep them all in a file and to keep track. Some creditors may agree to the DMP straight away, others may take a little longer, but the key thing is they can not have what you have not got.

d) I'm currently with Barclays, including overdraft. According to the quote i've just got from CCCS, Barclays will allow you to keep on your account if you enter into a DMP with CCCS. Does this apply for accounts with attached overdrafts too? A new account would be set up at Barclays away from your overdraft. Or you could choose to open another bank where you have no debts, it’s up to you.

e) If I end up needing to, is trying to get a basic account set up relatively painless? I Can see them all refusing me!

Everyone is entitled to a basic bank account; you could choose one off this link

http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

ianmak

Erme wrote: »

That coop account ppl keep saying sounds good . Might mention it to my local debt advisor...I am with santander cos my local branch are lovely (but they were better when they were abbey) and my local branch are fully aware of my debt busting plans and help me wherever they can to save money. I am with them cos of the local branch - no other reason - else I would have gone elsewhere...

Blessings

E

I really like my co-op account, because their telephone banking is really good, and england based, I have two branches relatively nearby (one near where I work in London, and another near where I live) - pretty quiet and old school too... and their internet banking is great.

mikon

Hi everyone

I am new to this thread so would like some advice. I am in the process of setting up a DMP with CCCS. They are currently sending a proposal to all my creditors with a copy of my SOA.

My Creditors are

Barclaycard
Barclays Bank (overdraft)
Northern Rock Loan
Barclay Loan
CITI Finance
Next
Argos
M & S CC
HFC
Co-op

The majority have put my accounts on hold for 30 days, except CITI and NEXT. Citi have slammed me with a default notice and ring me about 5 times a day. NEXT have said £1 token payment is unacceptable if I do not pay then they will hand the £240 debt to an external DCA. Admittedly they have not had sight of the proposal or SOA.

My worry is Barclays who up until now have been great but I have heard and read some horror stories about their in house DCA Mercers has anyone got Barclays as a creditor on their DMP and what have your experience been. I am not worried about DCA as the interest is stopped but I do not want the telephone harassment or people knocking on my door.

I would appreciate your feedback thank you for taking the time to read my posting.

Regards

lauren123

Can anybody please help me re my overdraft with nationwide, at the moment the are currently reducing it by 60quid on the 30th each month.

I have only just sent all the forms/letters and tokens to everyone.

What Id like to know is if I need to make sure that 60quid in there ready to be reduced or now Im doing a DMP i leave it?? thanks

ianmak

lauren123 wrote: »

Can anybody please help me re my overdraft with nationwide, at the moment the are currently reducing it by 60quid on the 30th each month.

I have only just sent all the forms/letters and tokens to everyone.

What Id like to know is if I need to make sure that 60quid in there ready to be reduced or now Im doing a DMP i leave it?? thanks

I added a £400 OD to my DMP, and it took about 5 months for them to do anything (by which time the debt was £500), and they then passed eventually onto Moorcroft DCA, who are gits, to be honest.

At the end of the day, don't pay that £60 in, just give them a £1 token payment.

lauren123

ianmak wrote: »

I added a £400 OD to my DMP, and it took about 5 months for them to do anything (by which time the debt was £500), and they then passed eventually onto Moorcroft DCA, who are gits, to be honest.

At the end of the day, don't pay that £60 in, just give them a £1 token payment.

Thanks, Ive already sent a token to them! Thing is my tax credits go into this account each week and co-op still havent made a decission about opening my new account. If I havent heared by start of next week, i'll see if can temp get them paid into my partners. Nationwide have told me if I exceed my OD limit once more it goes straight to a DCA!

CharliesAngel

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(no i'm not drunk) :rotfl:

yellowpinky

OK, spanner in the works.

My HSBC card account went to Metropolitan in April. They accepted quickly but said in their acceptance letter my payments had to reach them on the 1st of each month. I can't change the date and my payments have always got to them via Payplan about the 16th. They sent a Missed Payment letter just after the acceptance and I asked Payplan about this and they said it was just automated and I didn't need to do anything. I got another one last week, and probably stupidly, ignored it, thinking things would just settle down. Now I've had a Final Demand and a threat to pass my account to a Debt Recovery Specialist! I've been making my payments regular as clockwork, it was them that changed the payment date! Also the letter says I have to respond in seven days, and it took five to reach me.

I've had this money come to me and was going to do some Full and Finals on certain creditors (in the end Payplan said it was ok to do this myself as long as I kept them up to date). I wasn't going to approach Metropolitan yet because I have an overdraft with HSBC as well and was hoping this might get passed on to a DCA too first, so I could do both together. So I will have to make offers to them both first now I think. How are Metropolitan with final offers, does anyone know? What sort of figure should I go for to start with? Or are there any stalling tactics? I feel rushed into this now!

CharliesAngel

lauren123 wrote: »

Thanks, Ive already sent a token to them! Thing is my tax credits go into this account each week and co-op still havent made a decission about opening my new account. If I havent heared by start of next week, i'll see if can temp get them paid into my partners. Nationwide have told me if I exceed my OD limit once more it goes straight to a DCA!

Hey Lauren

Are you adding your nationwide OD to your dmp? If you are then they'll be contacted by your provider CCCS / Payplan to give them the amount you'll pay them each month.. they won't be able to 'sell' your account to a DCA without a default notice (correct me if i'm wrong guys) so I wouldn't worry too much.. plus nationwide are more stroppy sounding than they actually are.. they've threatened to sell my account after they defaulted me.. i said that's fine, because usually a DCA will stop charges and interest and are quite happy with a dmp as long as you keep paying every month.. they've not done yet!

With regards to tax credits are they paid with your salary? As soon as Co-op give you your account number and sort code you can pay into the account (give them a call again and see if they can give you your details, they very rarely refuse basic bank accounts, in fact i don't think they can refuse - I had to call them as I'm paid weekly and had to move everything).

Hope everything sorts itself out soon!

CA x