DMP Mutual Support Thread (Part 6)

scouselad1974

Hi

I think my DMP at the start is set to last 15 years :mad: but I plan to increase my payments in 6 months time when I finish paying the HP on my vehicle, so my debt free date should be 9 years, hopefully if my income increases I can reduce my debt free date at my CCCS reviews, do you think you may be able to increase your payments in the future or look at other options.
I was originally thinking of switching to an IVA after 6 months of my DMP when I have enough surplus to meet the requirements, but I have also wondered if it would be worth staying with my DMP until I have £15k of debt left then trying for a DRO making sure I only have a surplus of £50 left each month, but my downfall on that could be my vehicle.

scouselad1974

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!)

Thats good news, do you mind me asking which creditor have accepted for 3 years

cleomolly

scouselad, it was an addidions direct account, I dont know what the name of the company is off top of my head, think the letter just said Additions direct!

scouselad1974

Thats great news anyway, 3 years of no hassle

MRSG2B_2

cleomolly wrote: »

scouselad, it was an addidions direct account, I dont know what the name of the company is off top of my head, think the letter just said Additions direct!

Yay! They're one of my creditors! I've noticed they've not been adding any interest for past 3 months, so it looks like I've had the same news!

Yippee!!

cleomolly

mrsg2b - great stuff, they said it's something new that they have just started doing, so looks like 3 years of peace from them anyway (wish I could just sneak that new pairs of jeans on there though, think they might notice that) : )

smcshane

Any of you guys who have been with CCCS for a while - any idea how long it takes for the payments to show up on your online CCCS statement?

I know the payments have been made as I've checked a few of my online accounts.

Cheers

Sx

muddlemess

scouselad1974 wrote: »

Hi

I think my DMP at the start is set to last 15 years :mad: but I plan to increase my payments in 6 months time when I finish paying the HP on my vehicle, so my debt free date should be 9 years, hopefully if my income increases I can reduce my debt free date at my CCCS reviews, do you think you may be able to increase your payments in the future or look at other options.
I was originally thinking of switching to an IVA after 6 months of my DMP when I have enough surplus to meet the requirements, but I have also wondered if it would be worth staying with my DMP until I have £15k of debt left then trying for a DRO making sure I only have a surplus of £50 left each month, but my downfall on that could be my vehicle.

Hi scouselad thanks for your reply :T. I don't really have anything due to stop which will increase my payments, although I will be able to increase my working hours (only working part time at the mo), after x-mas.

I do have enough surplus to go for an IVA but I have a mortgage and really feel I ought to set an example to my children and as I've spent this money I do need to take responsibility and re-pay it, albeit for what will seem like eternity.....:o

I just wasn't sure if I should start off over the max amount of time and put any surplus I have away for F&F's or increase my payments if I find I can manage on a lower budget, I don't want my children to miss out on things because of my stupidity. I seem to fall very easily into the 'budget whats that' frame of mind. :rolleyes:

Oh yeah and......at the risk of sounding dumb...........what's a DRO? xx

massivedebts

muddlemess wrote: »

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

Good evening all!
Muddlemess, go with the more comfortable budget. I did same as you and tried to get budget as tight as poss to keep term down, then had a chat with CCCS who explained that in order to make the DMP work it needed to be realistic........remember we have NO credit to fall back on anymore. Go for the 19 years (you can keep me company) and if you find that you're managing to stash away a load of pennies each month then up your payments on your first review.
Take care all fellow DMP'ers
MD xx

muddlemess

massivedebts wrote: »

Good evening all!
Muddlemess, go with the more comfortable budget. I did same as you and tried to get budget as tight as poss to keep term down, then had a chat with CCCS who explained that in order to make the DMP work it needed to be realistic........remember we have NO credit to fall back on anymore. Go for the 19 years (you can keep me company) and if you find that you're managing to stash away a load of pennies each month then up your payments on your first review.
Take care all fellow DMP'ers
MD xx

Thanks massivedebts, just what I needed to hear, would love to keep you company!

Without going all slushy:kisses: :grouphug: (oops that one looks rude!!!):o:o, I really don't know what I would do without all the help and guidance I'm getting from all you guys on here - thanks. :kisses2: