DMP Mutual Support Thread (Part 6)

lauren123

I heared from cccs for the 1st time since sending off all my documents etc and got an email from then saying they needed an outstanding balance for my nationwide loan, before they contact my creditors.

Can I call them and tell them the exact amount or do they need it in writing from nationwide, ive never had any statements etc from them so would need to contact them and will take ages!

thanks lauren

essex_jim_2

Hello!

Ok, I've got about 10k worth of debt, not huge but a massive bulk of it is in payday loans and I can't shift them off. My credit rating is shot to bits hence me taking payday loans out, so ultimately a consolidation loan is out of the question (I have tried!) I want to take out a DMP. I've slowly been learning about these over the past few weeks and just need some impartial advice from people, I'm really certain I want one. I know it won't do my credit rating much good but I've had debts for years with god knows how many missed payments. I done a credit check once and it was very bad indeed.

My main question is who to go with? I spoke to a company this morning who seemed really nice. We worked out a payment scheme of around £400 a month and for the debt to be cleared in under 2 years. To be honest I was more than happy to take this and he's sent the paperwork to me today, however, upon reading more on google I've seen nationaldebtline. I gave them a buzz and they say they do the same but don't charge as they are a charity? In which case this seems by far the better option, as surely I'll get everything paid off quicker. Is this what most people use? In which case what is the point in the companies who charge? Pros/cons to both?

Another question is that reading through the thread it seems alot of you are dealing with the creditors yourself? Have I missed something? Is that not the job of the DBP company?

Thanks in advance for any help!!

Twit_Head

essex_jim wrote: »

Hello!

Ok, I've got about 10k worth of debt, not huge but a massive bulk of it is in payday loans and I can't shift them off. My credit rating is shot to bits hence me taking payday loans out, so ultimately a consolidation loan is out of the question (I have tried!) I want to take out a DMP. I've slowly been learning about these over the past few weeks and just need some impartial advice from people, I'm really certain I want one. I know it won't do my credit rating much good but I've had debts for years with god knows how many missed payments. I done a credit check once and it was very bad indeed.

My main question is who to go with? I spoke to a company this morning who seemed really nice. We worked out a payment scheme of around £400 a month and for the debt to be cleared in under 2 years. To be honest I was more than happy to take this and he's sent the paperwork to me today, however, upon reading more on google I've seen nationaldebtline. I gave them a buzz and they say they do the same but don't charge as they are a charity? In which case this seems by far the better option, as surely I'll get everything paid off quicker. Is this what most people use? In which case what is the point in the companies who charge? Pros/cons to both?

Another question is that reading through the thread it seems alot of you are dealing with the creditors yourself? Have I missed something? Is that not the job of the DBP company?

Thanks in advance for any help!!

Hi
Welcome onboard.
So many questions! Will try to answer as best as I can. My debt is simarlarly not huge but it's all relative to your income and what you can afford to repay comfortably each month. Don't worry about your credit rating at this stage. You need to keep your eye on the ball (hey football talk from one who has no idea what the offside rule is:rotfl:)
I think you'll find most of us here use one of the free DMP companies, CCCS etc. Take a look at their excellent on-line budget planner, repayment projections etc. Why pay fees when the advice will be similar? Using a 'charity' company means all your spare cash will go to pay off the debt.
Some brave souls have taken to running their own DMPs. I don't personally feel this is the way forward for someone new to all this. You have to be very organised and deal/pay with all your creditors individually on an organised basis.
With a DMP company they will distrubute your payment for you and help guide you, but you still need to be fairly proactive with your creditors.
Here is the place for guidance and support - keep coming back!

'Twitty'

essex_jim_2

Cheers Twit head, that makes sense. I think I'm just puzzled as to why people would use companies that charge for DMPs? Do they offer a better service?

I've just set up a new bank account todayand in the process of cancelling all my DDs. National Debt Line have sent out all the forms to me today. My payday is the 21st of June so that's when the brown stuff will hit the fan with my current bank and I believe the DMP will begin contacting my creditors?

ianmak

essex_jim wrote: »

Hello!

Ok, I've got about 10k worth of debt, not huge but a massive bulk of it is in payday loans and I can't shift them off. My credit rating is shot to bits hence me taking payday loans out, so ultimately a consolidation loan is out of the question (I have tried!) I want to take out a DMP. I've slowly been learning about these over the past few weeks and just need some impartial advice from people, I'm really certain I want one. I know it won't do my credit rating much good but I've had debts for years with god knows how many missed payments. I done a credit check once and it was very bad indeed.

My main question is who to go with? I spoke to a company this morning who seemed really nice. We worked out a payment scheme of around £400 a month and for the debt to be cleared in under 2 years. To be honest I was more than happy to take this and he's sent the paperwork to me today, however, upon reading more on google I've seen nationaldebtline. I gave them a buzz and they say they do the same but don't charge as they are a charity? In which case this seems by far the better option, as surely I'll get everything paid off quicker. Is this what most people use? In which case what is the point in the companies who charge? Pros/cons to both?

Another question is that reading through the thread it seems alot of you are dealing with the creditors yourself? Have I missed something? Is that not the job of the DBP company?

Thanks in advance for any help!!

Hi,

As Twitty says, the main three free companies are nationaldebtline, CCCS, and PayPlan. There's no real reason to go with any of the others.

ianmak

3431Anna wrote: »

when I came in from work yesterday HFC bank had tried to contact me but not left any message would it be better to ring them back or just wait until they contact me again I have started my DMP but this is the first month i sent token payment to them last month any advice would be greatly apreciated

I've always been honest with my creditors, and spoken to them when necessary.

However, I had a Dfs sofa on interest free, administered by Hfc. I only owed then 70 quid or so. I have to say they were the only people with whom I lost my rag and snapped at. All of the others who I owed thousands too were fine, or at least I could handle them, but not Hfc. They were rude, not understanding, and er, overseas call centre based.

Go ahead and speak to them, just beware!

3431Anna

thanks for the support, HFC Bank have telephoned again and i have spoken to them, they said my payment was overdue and could i pay it over the phone by debit card, i told them i had started a DMP with payplan and had made £5.00 token payment, and have made my first payment to payplan and gave them my reference number they just said they would wait till they heard from payplan and would call again, so i just hope it will all be o.k. :eek:

3431Anna

Natasha70 wrote: »

Hi everyone,

I have just contacted the CCCS and signed up for a debt management plan. Very scared but has to be a step in the right direction. DH doesn't know about my finances, maybe I will tell him one day when things are heading in the right direction.

Looking for some support with others who know what its like.

:-)

I am just starting a debt management plan with payplan and have just sent my first payment to them, i don't know if my payment offers will be accepted yet but fingers crossed they will be, but there is always lots of suport on this site good luck and hope everything goes well for you:)

mikon

essex_jim wrote: »

Hello!

Ok, I've got about 10k worth of debt, not huge but a massive bulk of it is in payday loans and I can't shift them off. My credit rating is shot to bits hence me taking payday loans out, so ultimately a consolidation loan is out of the question (I have tried!) I want to take out a DMP. I've slowly been learning about these over the past few weeks and just need some impartial advice from people, I'm really certain I want one. I know it won't do my credit rating much good but I've had debts for years with god knows how many missed payments. I done a credit check once and it was very bad indeed.

My main question is who to go with? I spoke to a company this morning who seemed really nice. We worked out a payment scheme of around £400 a month and for the debt to be cleared in under 2 years. To be honest I was more than happy to take this and he's sent the paperwork to me today, however, upon reading more on google I've seen nationaldebtline. I gave them a buzz and they say they do the same but don't charge as they are a charity? In which case this seems by far the better option, as surely I'll get everything paid off quicker. Is this what most people use? In which case what is the point in the companies who charge? Pros/cons to both?

Another question is that reading through the thread it seems alot of you are dealing with the creditors yourself? Have I missed something? Is that not the job of the DBP company?

Thanks in advance for any help!!

You need to go with a non fee charging company such as CCCS, Payplan or CAB. I have just started mine with CCCS and they have been great, all the money I pay them goes to my creditors and if your read the literature that you receive from the Banks the sugges and recommend CCCS.

CCCS have contacted all my creditors and have been great. Make the call and you will never look back.

Regards

the_tooth_fairy

3431Anna wrote: »

thanks for the support, HFC Bank have telephoned again and i have spoken to them, they said my payment was overdue and could i pay it over the phone by debit card, i told them i had started a DMP with payplan and had made £5.00 token payment, and have made my first payment to payplan and gave them my reference number they just said they would wait till they heard from payplan and would call again, so i just hope it will all be o.k. :eek:

You might get a bit of a squeeze from some companies, asking for payments over the phone. You did exactly the right thing, giving them your Payplan ref. number. Perhaps add to that the Payplan creditors number which is 0845 6066624 so the company can call PP about your account.

Never give in and give payments over the phone ( I nearly did several times!) just remember that you can't be seen to favour one company over another, as that's unfair. Tell them that on the phone if it helps. One evening when I was really fed up. I just said, "Payplan have told me not to get involved in their negotiations with you" Can't believe I said that, but anyone who rings me at stupid o'clock gets what they deserve!

It sounds as if you are doing great, all the "eeek!" moments will be gone soon, promise!

ttfx