DMP Mutual Support Thread (Part 6)

scouselad1974

essex_jim wrote: »

Cheers scouse lad. The bit you’ve mentioned about the statements. All of my debts are payday loans and unsecured loans and I’m not sure how I would go about getting statements. The company I spoke to who charge said all I needed was the reference number of the loan, I have nearly all of these now. Do you think it would be a problem?

Hi

I had one unsecured loan that I didn't have any statements for, so I telephoned the company in question and asked them to send me an up to date balance/statement which I then forwarded onto CCCS, I'm not sure if they will accept reference numbers or not, hopefully somebody may be along in a moment that can confirm this.

I wouldn't reccomend using a firm that charges you to do a DMP as that money would be better spent reducing your debt, give CCCS a call in the morning and ask them about your situation and if they will accept reference numbers, they are really helpfull and non judgemental, lets face it they have heard it all before a million times. Good luck with it all.

essex_jim_2

Scouselad = legend!

gree0115

Dear All,

I have been on a DMP since August 2009 due to finish around January 2014 with a debt of about £62,000 across several credit cards.

I changed jobs in January 2009 and although my salary increased to £43,000 I lost out as I was no longer claiming as much travel as I am now based in 1 location. My income dropped by about £500 per month because of this. I'd been keeping up with minimum payments but no more than that and would never have cleared the debt in my lifetime as I was. Once I changed jobs I then was really struggling to pay. I was completely open with my wife (we married in Nov 2007) and she has been a wonderful support through all this.

My debts are with;

Capital One
Egg - sold on to Cabot Financial in January 2010
Barclaycard Mastercard and Visa
MBNA
Amex - Sold on to RMA
M&S (HSBC)
First Direct (Overdraft and Gold Card)
Argos

I just wanted to relate my experiences as encouragement to everyone. All my creditors except Argos and Barclaycard have stopped any interest. The Argos debt is about £1000 and they have reduced interest, as has Barclaycard.

I am paying £1122 per month to CCCS, I had to reduce this in January for 1 month for some emergency dental treatment and this was no problem. I just had 1 letter from Capital One saying that they had been in touch with CCCS who had not satisfactorily explained the reduced payment. When I contacted CCCS, Capital One actually hadn't been in touch and CCCS had attached an explanation with that months payment explaining why it was reduced.

Be aware that financial institutions will tell lies to suit their own ends.

I know my credit rating will have been shot to pieces, but am so happy that I am on the road to clearing my debts. It's all quite traumatic when you start the DMP as the banks do keep on calling, but all is now quiet, I'm making my monthly payments and I feel happier in myself knowing I am reducing my large debt every month.

It's a long road, but now much happier!!

Good luck everyone!!

cocker100

essex_jim wrote: »

I have another company, a private one who I’ve spoken to and they are also sending me forms. They have already given me a reference and telephone number should any creditors start calling. This makes me feel alot safer, however, as it’s private I know I’ll end up paying more. I just want something in place by 21st June next month, do you think National Debt Line will get it done in time?

Advice?!

Hiya!

As per the advice already posted, most people on here tend to use one of the free to use companies for their DMP, namely CCCS or Payplan. However, when I started on my DMP I was initially with a fee paying company.

I took a slightly different view on things and I believe I am now better off by using a fee paying company. The reason for this is that a fee paying company will work much harder for you because you are paying them. Put simply, if you are unhappy with their work, they know that you could up sticks and move to another company. Therefore, I believe that they negoiate better with your creditors.

In my case, all creditors had accepted the DMP and frozen interest within 3 month!!!:D:D:D Now how many people on here can say that they have had all interest frozen using CCCS or Payplan? I'm not dissing either of them, but both are completely snowed under with work due to the economic meltdown. I simply dont think that they can provide the same level of service. Yes, I was paying a monthly fee, but the way I saw it was that I would have been paying considerably more in interest if my creditors had not stopped adding it to the debt. This way I was able to see the actual debt decrease each month form a very early stage.

I'm just giving my opinion on this, so you can hear both sides of the argument. I will say this though, private DMP companies will make you think that they are in it to help you, but really they are only in it for the profit! Dont let them fool you.

By the way, i've now ditched my DMP company and set up my own self managed DMP. I've used them as much as I needed to, and their fee now goes towards reducing my debt quicker!;)

Good luck,

Cocker:)

ianmak

cocker100 wrote: »

In my case, all creditors had accepted the DMP and frozen interest within 3 month!!!:D:D:D Now how many people on here can say that they have had all interest frozen using CCCS or Payplan? I'm not dissing either of them, but both are completely snowed under with work due to the economic meltdown. I simply dont think that they can provide the same level of service. Yes, I was paying a monthly fee, but the way I saw it was that I would have been paying considerably more in interest if my creditors had not stopped adding it to the debt. This way I was able to see the actual debt decrease each month form a very early stage.

Most of mine stopped immediately. But that maybe because I was paying a very low amount from the start (20 year DFD!) and they felt sorry for me. I know what you mean about the fact that they're snowed under, but all I really use them for is to distribute my payments through them. I really don't think they do any negotiating, and I probably communicate more with my creditors than they do (only over the phone mind).

ianmak

scouselad1974 wrote: »

Hi

I set up my DMP with NDL and they passed me onto CCCS, I think my DMP took around 3 weeks to set up from start to finish.

NDL are great but if you are in hurry to get things started ASAP it may be worth going straight to CCCS, you could fill out their online debt remedy today and I am sure it could all be set up in time for next months payday if you can get hold of all of the paperwork that they will require beforehand, ie a recent pay slip and up to date statements from all of your creditors.

If they can't get everything set up in time it isn't really a problem, as their welcome pack comes with a letter that you forward to all of your creditors, informing them that you are about to start a DMP with CCCS and they will hear from CCCS shortly, you also include a token payment, unfortunatley your creditors will telephone you and ask why you have missed a payment, you just inform them of your DMP and give them your CCCS reference, most will give you a few weeks to get things going.

As others have said, as long as you get all your critical (bill) DDs, and wages transferred over to the new account before your next CC payments are due, then you'll be fine. Just make token payments of £1 each time you receive a statement. If they do ring, just explain you're setting up a DMP with whoever, and give a ref no if you have one. Most creditors will put a hold on the account (and stop ringing you), then will contact you again if they don't hear from the DMP company.

Hope this helps.

the_tooth_fairy

notsocannylass wrote: »

Hi, I have just registered on here. My husband and I have seious debt problems - last year we decided to do something about it - so are on a DMP with Payplan, We owe £130 k but are repaying £2878 monthly so according to Payplan we should complete by March 2013. Only thing is 11 months on , 5 creditors are still "pending" and only 3 out of 18 creditors have frozen / reduced interest.
Payplan are aware of this and I have just written myself to all the creditors to ask them to freeze the interest.

Any advice warmly received please?

Please don't worry about 'offers pending.' We started with £65k of debt (repaying £1005 a month) and despite all my battles with various companies it took several months for some of them to accept. Even today, despite Sainsburys Visa having accepted seven months of payments, it still comes up as 'pending' on Justabank.
There was an interesting post a few pages ago from someone who was convinced that, the more you pay, the more they charge you. I'm still not sure about that, but all these months in, after RBS stopped interest, they put it back on at a reduced rate for us. When we called, they basically said, well that's the way it is.:eek: Payplan couldn't really do much when I called them.
Personally I'm hoping that by the time we get close to settlement, these greedy gits will accept that they have wrung us dry and just beggar off to their next victim.

Heres hoping

ttfx

hopefull1

Hi

It was myself that said it might be that as they can afford to pay a high monthly ammount that it may be near the contractual payments and this might have been one of the reasons they might not have stopped interest. The creditors don't seem to any kind of consistency so it is very difficult to try and guess why they charge some interest and others not.

Regards

the_tooth_fairy

gree0115 wrote: »

Dear All,

I have been on a DMP since August 2009 due to finish around January 2014 with a debt of about £62,000 across several credit cards.

I changed jobs in January 2009 and although my salary increased to £43,000 I lost out as I was no longer claiming as much travel as I am now based in 1 location. My income dropped by about £500 per month because of this. I'd been keeping up with minimum payments but no more than that and would never have cleared the debt in my lifetime as I was. Once I changed jobs I then was really struggling to pay. I was completely open with my wife (we married in Nov 2007) and she has been a wonderful support through all this.

My debts are with;

Capital One
Egg - sold on to Cabot Financial in January 2010
Barclaycard Mastercard and Visa
MBNA
Amex - Sold on to RMA
M&S (HSBC)
First Direct (Overdraft and Gold Card)
Argos

I just wanted to relate my experiences as encouragement to everyone. All my creditors except Argos and Barclaycard have stopped any interest. The Argos debt is about £1000 and they have reduced interest, as has Barclaycard.

I am paying £1122 per month to CCCS, I had to reduce this in January for 1 month for some emergency dental treatment and this was no problem. I just had 1 letter from Capital One saying that they had been in touch with CCCS who had not satisfactorily explained the reduced payment. When I contacted CCCS, Capital One actually hadn't been in touch and CCCS had attached an explanation with that months payment explaining why it was reduced.

Be aware that financial institutions will tell lies to suit their own ends.

I know my credit rating will have been shot to pieces, but am so happy that I am on the road to clearing my debts. It's all quite traumatic when you start the DMP as the banks do keep on calling, but all is now quiet, I'm making my monthly payments and I feel happier in myself knowing I am reducing my large debt every month.

It's a long road, but now much happier!!

Good luck everyone!!

Thanks, Gree, the most important thing you mentioned, to me, was the support from your wife. As Twitty said, it's so hard to carry on without your nearest knowing what you are going through. I've realised that I am guilty of carrying on as if nothing happened, giving my family everything without thinking of the reality. They have adapted pretty well, OH son has extra job to see him through Uni, and OH and I enjoy every wee treat we can afford.

From the reduced interest point of view, we now realise that not all will stop interest all together. Most HAVE stopped interest, so that's a plus (in fact the interest alone would have fed us every month) so as long as it's all coming down, where's the harm?

Yes, we are all on this damned road, but much the better for it, I think.

Thanks again from the woman who will, never again, buy a bottle of wine for £8.50 from M&S!! :beer:

ttfx

the_tooth_fairy

hopefull1 wrote: »

Hi

It was myself that said it might be that as they can afford to pay a high monthly ammount that it may be near the contractual payments and this might have been one of the reasons they might not have stopped interest. The creditors don't seem to any kind of consistency so it is very difficult to try and guess why they charge some interest and others not.

Regards

Thanks, Hopefull, I think if you are anywhere near them getting you back 'on track' then they throw out these lifelines, saying if you paid us £985 eg, then somehow it would all be great and you could have your card back (as if!!) so you are quite right.
Maybe the companies have laid new ground rules, through these tough times, and decided that those who are in the biggest mess (and can afford more) should pay for it. Er, I can't complain about the Big Banks, and disagree with that...

ttfx