DMP Mutual Support Thread (Part 6)

jupster

Thanks i cant keep burying my head in the sand hoping its gonna. Am hoping that its gonna make me stronger. My main worry is that my creditors will not accept the plan and that they will keep adding interest and charges which will take me longer to pay off.:mad:

I have 17,000 outstanding and can pay £300 a month and will try to ensure that i pay more once i am sorted to reduce the time taken. CCCS have estimated it will take 4 years and 7 months but that is only if the charges are stopped. if creditors add charges will they remove them if they accept the plan. Not sure how it all works

Am inspired by a lot of you guys on here

the_tooth_fairy

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.

This was very interesting to me, because I toyed with the idea of going down the self-managed route. I was worried at the time over default notices, etc. However I realised that it wasn't for me, simply because I was panicking about being in so far over my head.

We went with Payplan, because they don't ask for bank statements, so I felt more 'in charge' (which of course is *ollocks!!) so I really wish you well, and hope things go as you want them to.

ttfx

the_tooth_fairy

jupster wrote: »

Thanks i cant keep burying my head in the sand hoping its gonna. Am hoping that its gonna make me stronger. My main worry is that my creditors will not accept the plan and that they will keep adding interest and charges which will take me longer to pay off.:mad:

I have 17,000 outstanding and can pay £300 a month and will try to ensure that i pay more once i am sorted to reduce the time taken. CCCS have estimated it will take 4 years and 7 months but that is only if the charges are stopped. if creditors add charges will they remove them if they accept the plan. Not sure how it all works

Am inspired by a lot of you guys on here

Things do get better quite quickly, believe it or not. We are paying £1005 off £65k of debt. As Ian says, (so it prepared me for the madness of it) the debt can really climb over the first few months. However the 'big boys' came on board really fast, stopping interest, it was the wee piddly ones that dragged their feet.
It is amazing how the debt comes down when they stop interest. We are way below our credit limits now, and have been for a few months.
It sounds as if we are paying about the same, pro rata, so just go for it.

ttfx

ianmak

Evening all!

Two noobies as requested, please do post and questions on here and we'll try to help, we're not a bad bunch on here, just watch out for Twitty & TF.

sanctuary seeker 380
Hopelessly Hopeful 381

jupster

Thanks tooth fairy

Please can i have a thread number as am new to the site. I should get my pack through today and the nerves are kicking in!!!!!

Love to all

Twit_Head

ianmak wrote: »

Evening all!

Two noobies as requested, please do post and questions on here and we'll try to help, we're not a bad bunch on here, just watch out for Twitty & TF.

sanctuary seeker 380
Hopelessly Hopeful 381

And as for that ianmak.................

'Twitty'

the_tooth_fairy

ianmak wrote: »

Evening all!

Two noobies as requested, please do post and questions on here and we'll try to help, we're not a bad bunch on here, just watch out for Twitty & TF.

sanctuary seeker 380
Hopelessly Hopeful 381

Ian! I can't imagine what you mean...:)

ttfx

LauraLou1985

Hi all,

I'd just like to say that I've got my DMP pack through from CCCS and I can't believe how simple the whole thing is! I've spent the last 3 years stressing over making payments and the mounting interest charges but now I feel like there's a light at the end of the tunnel and I feel so positive about the situation. I've just found this thread and it's really helpful so I'll be popping back quite often to see what's going on!

Till next time...bye!x

Julie67

Hi Guys,

I am back for more advice and hoping you lovely people can help:D

Our self administered DMP is due to start on 26th June. I sent off the letters, SOA's and token payments on 2nd May. I have only had one letter back from HSBC CC saying the offer is not enough and they want double plus are not prepared to stop or reduce the interest. I also have a OD and Loan with them. We have five creditors, HSBC being the biggest, we owe them around 18,500.

Today I rang them, don't know if this was wise or not but it was not much use. They can't offer any kind of management plan as we have only missed one payment on the loan:mad: I said we will be missing another one this month. He couldn't help at all other than to ask how much I was willing to pay today:mad: I stuck to my guns and exlained that we would be paying the amount budgeted for which is £98.80 in total for the three debts. The plan was to pay allocated amounts to these three debts using the advice from CCCS. However the guy on the phone said just pay the whole amount into the bank account. This would put us back into the overdraft limit.

Phew after all that my question is would you continue and pay 3 separate amounts to the CC/Loan and Overdraft or would you just pay it into the bank account. I am seriously confused:o

OOh forgot to ask can I have a number as well?

jupster

:)Hi Guys just an update

Phoned the coop and had my bank account with them accepted so awaiting the paper work. Still not had my pack through from cccs but it has been bank holiday weekeend.

Just want to get up and running now so this burden will disappear.

Hope everyone else is doing ok