DMP Mutual Support Thread (Part 6)

newlywed

freedom777 wrote: »

Not sure where to post so have posted in several places!

I was told by a debt management company that in order to get DMP I will have to default on all my payments first. Is this true?

Also can anyone tell me what the pros and cons of doing a DMP yourself rather than going through a company?

Can anyone point me in the right direction for some info on here regarding DMP?
Thank-you!

I didn't default on any of my payments prior to the DMP.

If you do go through a company (I decided it was easier to just pay one person rather than sorting out lots of payments each month) - then make sure you use one of the charity ones that doesn't make a monthly charge for a DMP. That way all your money is going to your debts

Contact Payplan or CCCS.co.uk.

cleomolly

Just had a lovely suprise. Got a letter from Mr Posty saying 'we have some inforamtion we'd like to discuss with you about your account' my heart sank, I went through the usual thought process - should I ignore them, should i call them, should i wirte to them? decided to give them a call, and all they wanted to say 'we have accepted your offer of payment for the next 3 years and will be in touch after that time to arrnage something else. : ) has put a smile on my face for the rest of the day (or until the phone calls start when i get home!)

Moany_Money

freedom777 wrote: »

Not sure where to post so have posted in several places!

I was told by a debt management company that in order to get DMP I will have to default on all my payments first. Is this true?

Not sure of this, I thought it was based on how much disposable income you had left after essentials and priority debts

Also can anyone tell me what the pros and cons of doing a DMP yourself rather than going through a company?

Well the pros of the company is they write to all the crditors for you, you only make one payment to them, which is distributed fairly amongst creditors (Using the same system the courts use). Not really aware of any cons to be honest

Can anyone point me in the right direction for some info on here regarding DMP?
Thank-you!

CCCS or payplan are the best companies to use. Under no circumstances use a fee paying company!!

jk8_2

hi all
hope everyone is doing ok? little update -got a lovely letter today from sainsburys saying 'sorry to hear of your financial difficulties,we can only help if you go through a debt managing company such as cccs or payplan'-very helpful,apart from the letter I sent to tell them I was setting up a DMP was from the CCCS:rotfl:,still,at least they are being nice at the moment!.Capital one and barclaycard have acknowledged my £1 token payment,but no mention of the fact I'm setting up the DMP,still wanting full payments,but at least I know they got the letters.TSB loan and credit card not acknowleding anything-been sent to their 'collections dept' already only 3 weeks late with payment,and they took the loan payment out of our tsb account too(which i fully expected).Oh well,onwards and upwards-i'm happy today as my husband is home from hospital,that is whats important just now,his health.
jk8

MRSG2B_2

cleomolly wrote: »

Just had a lovely suprise. Got a letter from Mr Posty saying 'we have some inforamtion we'd like to discuss with you about your account' my heart sank, I went through the usual thought process - should I ignore them, should i call them, should i wirte to them? decided to give them a call, and all they wanted to say 'we have accepted your offer of payment for the next 3 years and will be in touch after that time to arrnage something else. : ) has put a smile on my face for the rest of the day (or until the phone calls start when i get home!)

Wow, so all those letters I've chosen to ignore may actually be good tidings!! Thats great news Cleomolly!

Strange things has just happened here - HSBC have now decided to leave a voicemail message for me asking me to call them....going to wait til they ring ME back though and then answer it, as I'll not be spending any more of my precious (and limited!) pennies on their beloved 0845 numbers!!!

Has anyone else had this and is it likely to be bad news? OH has just gone away for weekend with his friends and not sure I can be dealing with bad news and noone to turn to xxx

leese2504

moneybuster wrote: »

hi all who on here has been threatened with bankruptcy from crediters seams to be the new way forward for them and how real is the threat.


who owns there own house and is on a DMP, will they come after it.


regards MB

Hi there, I am on a self DMP and own my own home, NR have threatened a charging order, but its very very rare they will try a forced sale which I think the court would object to as i am in negative equity so the creditor would get sweet F A off me : )))

leese2504

MRSG2B wrote: »

Wow, so all those letters I've chosen to ignore may actually be good tidings!! Thats great news Cleomolly!

Strange things has just happened here - HSBC have now decided to leave a voicemail message for me asking me to call them....going to wait til they ring ME back though and then answer it, as I'll not be spending any more of my precious (and limited!) pennies on their beloved 0845 numbers!!!

Has anyone else had this and is it likely to be bad news? OH has just gone away for weekend with his friends and not sure I can be dealing with bad news and noone to turn to xxx

HSBC have sent me a letter asking them to call, I would imagine its to try and talk you into a managed loan ( i havent had the time to ring yet, will be finishing early on monday, so I will update here with their response )

cleomolly

mrsg2b - first of all you're not alone, we're all here to talk too and to help if possible : ) I think once you start ignoring calls and letters it's easy to get into that spiral and thinking that all news is bad news. I have done this before with friends and such in the past, and beleive me there's nothing worse then ignoring it all. I'm taking a different approach this time though and actually answer the phone everytime it rings when i'm at home and if someone is rude i simply keep my cool and say i'm sorry i'm not prepared to speak to you if you are going to be rude and nasty. I'd say bite the bullet and see what they want, you might then be able to rest at ease, at least you will know what they wanted and not be sat there thinking oohh they're trying to get hold of me and i dont know why! x

MRSG2B_2

cleomolly wrote: »

mrsg2b - first of all you're not alone, we're all here to talk too and to help if possible : ) I think once you start ignoring calls and letters it's easy to get into that spiral and thinking that all news is bad news. I have done this before with friends and such in the past, and beleive me there's nothing worse then ignoring it all. I'm taking a different approach this time though and actually answer the phone everytime it rings when i'm at home and if someone is rude i simply keep my cool and say i'm sorry i'm not prepared to speak to you if you are going to be rude and nasty. I'd say bite the bullet and see what they want, you might then be able to rest at ease, at least you will know what they wanted and not be sat there thinking oohh they're trying to get hold of me and i dont know why! x

You're right guys, I need to be more proactive and positive, I'm going to try and answer from now on.....I've changed my contact number from mobile to home no as its too awkward to answer at work with so many nosey people around, hopefully they'll call back tonight and I'll be able to put my mind at rest!

In some ways I think DMP ages you 10 years, but it beats constantly worrying where the next minimum payment is going to come from! x

muddlemess

I'm reading the posts and starting to pannick again!! I'm not sure what to do....can anyone help please....
I have worked out my DMP on the CCCS website, If I make the budget really tight, and hope to do some overtime, I can make it last just over 7 years. If I make the budget comfortable, and not have to rely on working any extra, It lasts for just over 19 years.

I really am in a quandry and just dont know what to do. Any advice would be greatly appreciated.

Thanks in advance MM xx