DMP Mutual Support Thread (Part 6)

Hopelessly_Hopeful

sanctuary_seeker wrote: »

Has anyone arranged repayment plans with credit card companies themselves?
Hi, well I finally took two days off work to specifically go through my finances, see how bad the situation is and try and take control of my debts and find a way through. It was horrific I have 26000 on credit cards outstanding and am struggling with the minimun payments which total about 700-800 per month (and I only really have about 300 available each month to pay them) .

I went to see my bank on wednesday and whilst the advisor was actually very nice and didn't make me feel like a bad failure of a person, they couldn't actually offer me a loan which I'd hoped they might in order to actually pay off the debts over a set period of maybe 10 years as opposed to just paying ever increasing interest and charges to credit card companies each month.

I have already created income and expenditure spreadsheets so have a handle on what i can realistically afford to pay off each month but wondered whether people have contacted credit card companies themselves and told them what they can afford to pay and ask if they'll freeze the interest etc. or do you feel that will only work if done via a debt company such as CCCS ( which i see mentioned on here)?

Thanks for any advice you can give. I don't have any family apart from my children so am in this alone and want to take control and get start dealing with and making my life a little less stress ful each month.


SS

PS have now been directed this thread but not sure how to join, obtain a number etc, please could you advise.. Thanks

Hi SS

Ianmak will be along to give you a number. Actually Ian could I have one too?

Good luck with the DMP SS. I tried to reschedule too but wasn't able to so have gone down the DMP route just paid my first payment. I found this thread invaluable, I spend a couple of days reading it form the beginning it was just so informative and did lots for my nerves and morale. I hope it does the same for you.

I'm with CCCS, some people choose payplan. These are the most obvious choices, some people choose to go it alone or with a fee paying DMP. I've been delighted with CCCS so far. Try the online debt remedy tool and see what you think. I did everything online even the application and had everything in place including a bank account within a few days.

Post any specific questions, someone should be able to help.

HH x

Hopelessly_Hopeful

Djdonz wrote: »

I'm just about to undertake my own self-managed DMP - I finally posted the letters and cheques yesterday.

I will admit that I'm bricking it and am not sure what is going to happen. I suppose the worst that could happen is that they all refuse my offers. If this is the case, then I will go back to CCCS and see if they will take me on.

However, after trawling through the forums, quite a few people seem to be managing their own DMP fairly well. I've decided to 'go it alone' as my reduced working hours are temporary and I am hoping that it will return to normal in 2 months.

Whichever way you decide to do it, I wish you the very best of luck and all the best for your soon-to-be debt free future... we will all get there, just at different times... and the early ones can get the drinks in :beer::j

Good luck with your DMP. if you go with CCCs or payplan there is a low start option if you still want to go down that route.

HH x

cocker100

sanctuary_seeker wrote: »

Hi I'm very new to this site, but it seems very useful.

May I ask if you used a particular letter template to send to your creditors? I'm about to start this process myself and have done income and expenditure spreadsheets but wondered about the wording of the actual letter I send.

Thanks for your help

SS

Hi and welcome,

I think your first decision will be to decide who you want to run your DMP for you. (CCCS/Payplan etc) Once you have decided this, contact them and they will go through your full income/expenditure with you and come up with a figure that will go towards your monthly DMP.

Either company will then send you the relevent forms to send to your creditors along with your token payments until your DMP is up and running. I think the earliest you can realistically expect your DMP to be sorted by will be 1st July.

Hope this helps

Cocker:)

Twit_Head

sanctuary_seeker wrote: »

Has anyone arranged repayment plans with credit card companies themselves?
Hi, well I finally took two days off work to specifically go through my finances, see how bad the situation is and try and take control of my debts and find a way through. It was horrific I have 26000 on credit cards outstanding and am struggling with the minimun payments which total about 700-800 per month (and I only really have about 300 available each month to pay them) .

I went to see my bank on wednesday and whilst the advisor was actually very nice and didn't make me feel like a bad failure of a person, they couldn't actually offer me a loan which I'd hoped they might in order to actually pay off the debts over a set period of maybe 10 years as opposed to just paying ever increasing interest and charges to credit card companies each month.

I have already created income and expenditure spreadsheets so have a handle on what i can realistically afford to pay off each month but wondered whether people have contacted credit card companies themselves and told them what they can afford to pay and ask if they'll freeze the interest etc. or do you feel that will only work if done via a debt company such as CCCS ( which i see mentioned on here)?

Thanks for any advice you can give. I don't have any family apart from my children so am in this alone and want to take control and get start dealing with and making my life a little less stress ful each month.


SS

PS have now been directed this thread but not sure how to join, obtain a number etc, please could you advise.. Thanks

Hello and welcome!
You don't need a number to join or post. Just ask your question, state your worries and somebody will try to respond.
No doubt Ianmak (who keeps us all in order) will be along shortly and will issue you a number.
Well done for being so organised with your spreadsheets etc. :T You have taken the important first step in getting to grips with your finances. But PLEASE DO NOT try to borrow more money to cover your shortfall. It may seem like a way out but in reality it just leads you further into the mire and into a downward debt spiral (trust me-I've been there )
Best to contact one of the free companies in the first instance. Try CCCS, Payplan or National Debtline.
I'm with CCCS and you can either phone or fill in the on-line debt remedy forms. They will give you a comprehensive budget breakdown and an excellent forecast of what you can afford to pay back at a level suitable for your income.
You can self manage a DMP and contact/deal with your creditors yourself but would suggest maybe take a look at the free companies first to gather useful information as to how it all works?
You're doing the right thing to take control of your debt. And you're not alone-there is always someone here to 'talk' to.

'Twitty'

Twit_Head

:wave:
Car needs new exhaust - £115-00
In desperation I gathered some scratty bits of broken gold jewellery together. Really believed they were tat -I thought I might get £5 or maybe £10 at most. So I hawked my wares around town (the gold that is ) and was astonished to get a best offer of £130
An unexpected bill covered + £15-00 extra in the budget this month! :j
Apparently gold is fetching premium prices at the moment. Grateful for my little windfall and it may be worth searching the depths of your jewellery boxes etc for broken or unused bits and pieces. But always be aware the buyer wants to get the most profit for themselves so shop around and haggle to get the best deal :cool:

'Twitty'

sherry16

Hi Everyone,

I've got around £20,000 of debt owing to 3 creditors which I am now thinking might be best managed with a DMP.

I just have a couple of questions please (after reading all the pages on this thread!):

1) As all the debts are mine personally and not hubby's, I don't want his income to be included in my plan, I want to be solely responsible, is this allowed?
2) I have a small amount of savings which I have put to one side for when my 1st baby is born this October - I will be using these savings to supplement the SMP which won't even cover the cost of my debts at the moment - if I take on a DMP will I be made to surrender my savings?
3) Will hubby's credit score be affected even though they are my personal debts? Hubby knows all about my debts but he's got an excellent credit score and it really upsets me to think my reckless spending might affect his great score

Sorry for all the questions and thank you in advance for all the advice!

xx

3431Anna

sherry16 wrote: »

Hi Everyone,

I've got around £20,000 of debt owing to 3 creditors which I am now thinking might be best managed with a DMP.

I just have a couple of questions please (after reading all the pages on this thread!):

1) As all the debts are mine personally and not hubby's, I don't want his income to be included in my plan, I want to be solely responsible, is this allowed?
2) I have a small amount of savings which I have put to one side for when my 1st baby is born this October - I will be using these savings to supplement the SMP which won't even cover the cost of my debts at the moment - if I take on a DMP will I be made to surrender my savings?
3) Will hubby's credit score be affected even though they are my personal debts? Hubby knows all about my debts but he's got an excellent credit score and it really upsets me to think my reckless spending might affect his great score

Sorry for all the questions and thank you in advance for all the advice!

xx

I have a debt management plan of my own and my husbands income was not included, i am not sure about the other two questions, but i am sure there will be someone along shortly who will give you some good advice godd luck with everything:)

Jvic28

I'm not married but I live with my boyfriend and have a 1 year old baby (congratulation by the way). My boyfriends income isn't included in my DMP as the debts are my own. I'm not sure but I suspect it may affect your husbands credit score particularly if you have financial links such as a joint bank account or mortgage, I'm not sure though but I'm sure I remember something like that being the case. When I started my DMP, I don't think I was asked anything about my savings at all. Just about current income and expenditure so your savings should be safe.

jupster

Hi Everyone

Am new to this site and have recently been in touch with the cccs and am awaiting my pack through the post. Am really nervous and the debt i am in has made me poorly.

Any positive encouragement would be great

xx

newlywed

jupster wrote: »

Hi Everyone

Am new to this site and have recently been in touch with the cccs and am awaiting my pack through the post. Am really nervous and the debt i am in has made me poorly.

Any positive encouragement would be great

xx

The day you make your first DMP payment, it will feel like a huge weight has been lifted from your shoulders - honest

CCCS are there to help you, remember that if anything in your life changes for good or bad. You can amend your budget any time by ringing them and they will help you to make sure you can pay all your bills as well and the remainder goes to your debt.

So Breathe..... You have sought help from the right people (in my opinion).