DMP Mutual Support Thread (Part 6)

geoffmr1

itssundaynight wrote: »

Hi All

This is my first time posting after reading some of the postings on here, and I am going to admit I need help. My wife is disabled and more or less bedridden with M.S. I am looking at doing DM and have contacted CCCS.

We live in rented accomodation and I just want to start my journey with you all by asking this question, " Can our creditors force us into cheaper accomodation, to enable us to have more disposable income"

Thank you in advance

Hiya,

The simple answer is no. None of your creditors (unless one is your landlord) can force you out your accomodation.

The worst thing any creditor can do to yourselves is petition for bankruptcy assuming you owe some over £500 & even then you wouldn't have to leave your accomodation as it's rented. That would be worst case scenario & very few people ever actually face that prospect especially if they are trying to deal with their debts like yourself.

geoffmr1

elennor wrote: »

We are just about to start a DMP with CCCS. I have been reading a lot on this site and feel that some months we may be able to pay back more than cccs have budgeted for. My question is will it be ok to put this in my bank account-will creditors ask to see it in the future. Can I save and if no emergencys happen (such as our old car dying) pay it to cccs as a lump sum or will the cc companies then think we have more income all the time.
I am new to all of this and very confused.
Also, does anyone know how mbna react to dmp-I have 13000 debt with them and if they add on the interest my debt will rise as we will not be paying enough. Has anyone found themselves in this situation and what can be done.
Any advice about DMP most welcome as we haven't received pack yet
Thank you in advance
PS_Hope i've posted in right place-sorry if not.

Hi elennor,

I would let any extra cash you receive build up in the bank like you said. Unless you provide creditors with your bank statement or they start court action against you & the court asks to see your account there is no way of them knowing what you have. Most people allow their bank account to build up with any extra money they get & then offer full & final settlements at around 30% upwards, rather than making lump sum payments. Of course that choice is entirely your own, however, in my case I have certainly found the debts coming down quicker this way (not that I often get extra money..lol).

With regards MBNA it appears to be what mood they are in on the day you or your DMP company contact them. I have always found them to be one of if not the best creditor. They have never registered a default against me & they accepted the DMP with CCCS immediately. I know others on here have had loads of problems with them so as I say nobody can give you a definate answer.

supersleuth

Hi all,

Nice to see some new names around. I had a mild panic yesterday and looked a bit further into going bankrupt and IVR's but am now satisfied that this option is best for me.

It all started to get to me when i used the snowball thingamyjig to see how long it is 'till I'm debt free - 2017 !!!!!!!!!!!!!!

Not good.

I have debts of about £20k - A lot I know but onwards and upwards eh ??!!
I am currently paying £237 per month on a DMP - I really can't find any more money. I have 2 small children and no-one to help with childcare so a lot of my money goes on that.

Thing is I have recently recovered from a severe case of post natal depression and my consultant thinks looking at a less stressful job may help.

I'm sure it would help emotionally me but I can't financially.
Don't get me wrong I genuinely want to pay this money back - I spent it after all !!

Does anyone know of DMP's that last forever and a day ??

Hope you're all having a great weekend. Mine was lovely - amazing what you can do for free when you try.

Not quite sure where all that came from was just going to say "hi" lol

SS

ianmak

supersleuth wrote: »

Does anyone know of DMP's that last forever and a day ??

Sure, they're called minimum payments.

Toffee_Penny

fairybex wrote: »

Hi everyone,
I've decided to join this chat after loitering for a while because myself and my partner have got ourselves into lots of trouble even while on a DMP. Last October the stuff hit the fan and we had to face up to the fact we were in a lot of financial trouble, we jumped in with both feet into a DMP with a company that charge. (stupid I know but we were desperate).
Things did get sorted but then we started having problems between us, my partner was being bullied at work and things got really bad. We see now we were spending to comfort ourselves and cheer ourselves up but we have now blown more money in our new bank. My partner has now lost his job and my wage does not cover everything, I don't know what to do... we have now racked up another 5k outside our dmp which is 25k... please help....

Hi Fairybex

I should be doing my ironing now but I didn't want to read and run!

My advice to you is to contact CCCS or Payplan as soon as you can (like tomorrow!) to complete a debt remedy.

Here is CCCS website http://www.cccs.co.uk/

Answer the questions as best you can and this will make you realise you need to get away from that debt charging DMP company pretty damn quick. It is completely confidential so no names, addresses need to be given. It is a great way to see the best way forward dealing with your debt whatever the amount.

National Debtline also have some great template letters to send to creditors whilst you are sorting yourself out too.

I know it is very easy to say but don't let it get you down too much, there is help out there, let us know how you get on ok?

Toffee_Penny

ianmak wrote: »

Sure, they're called minimum payments.

So very true :rotfl:

Toffee_Penny

supersleuth wrote: »

Hi all,

Nice to see some new names around. I had a mild panic yesterday and looked a bit further into going bankrupt and IVR's but am now satisfied that this option is best for me.

It all started to get to me when i used the snowball thingamyjig to see how long it is 'till I'm debt free - 2017 !!!!!!!!!!!!!!

Not good.

I have debts of about £20k - A lot I know but onwards and upwards eh ??!!
I am currently paying £237 per month on a DMP - I really can't find any more money. I have 2 small children and no-one to help with childcare so a lot of my money goes on that.

Thing is I have recently recovered from a severe case of post natal depression and my consultant thinks looking at a less stressful job may help.

I'm sure it would help emotionally me but I can't financially.
Don't get me wrong I genuinely want to pay this money back - I spent it after all !!

Does anyone know of DMP's that last forever and a day ??

Hope you're all having a great weekend. Mine was lovely - amazing what you can do for free when you try.

Not quite sure where all that came from was just going to say "hi" lol

SS

Hi SS

2017 you say.... hmmm I'm here til December that year so at least you won't be alone! :rotfl:

I have tried to keep cool about my debt free date as sometimes it can take over your life thinking about debt every day. It does get easier and your debt free date will change I'm sure, the children won't always be young and things won't always be so tight.

Whenever I get the dreaded feeling about being in debt I always try and think how much I have changed since being on a DMP. I have changed my views about money and don't seem to waste so much buying things I don't really need. I can see the debt balances coming down even by a tenner or so every month which is a boost.

OH used to pay £300 minimum payment every month to MBNA and only a £1 was coming off the debt :eek: So whenever I have a down day I always feel better knowing I will never again get into a situation like that with money and the balance for MBNA is coming down each month much more than a quid being on our DMP.

Onwards and upwards and lots of positive thinking about why you are on a DMP

bradfordlad

Hi everyone,

I've spent the last couple of hours reading the thread, and I just want to say thanks to everyone who has such supportive comments - it's great to know that your not the only one in a mess!!

It's a bit late in the evening for me to go into detail now, but can I just pick your brains about a DMP?

This is going to sound strange, stupid, and possibly ignorant - we have debts galore with many a lender. If we were thinking about going into a DMP, would it be considered unacceptable to a credit card company if we were to take the card to the maximum balance, and stick the cash into an account for emergencies?

I know how this must sound, and I feel bad for asking, but there are a few things in the near future where we will NEED cash, and this is the only way I can think we can get it (I'm talking a couple of thousand - nothing that could be raised by switching gas providers!!).

I'm sure someone has experienced this before, I just hope you don't mind my asking.

I am ringing CCCS soon to arrange an appointment with a counsellor, but would like to get the opinions of "real" people first.

I feel SO bad even asking this question, so please don't be hard on me - I feel worthless enough as it is.
Thanks

Toffee_Penny

bradfordlad wrote: »

Hi everyone,

I've spent the last couple of hours reading the thread, and I just want to say thanks to everyone who has such supportive comments - it's great to know that your not the only one in a mess!!

It's a bit late in the evening for me to go into detail now, but can I just pick your brains about a DMP?

This is going to sound strange, stupid, and possibly ignorant - we have debts galore with many a lender. If we were thinking about going into a DMP, would it be considered unacceptable to a credit card company if we were to take the card to the maximum balance, and stick the cash into an account for emergencies?

I know how this must sound, and I feel bad for asking, but there are a few things in the near future where we will NEED cash, and this is the only way I can think we can get it (I'm talking a couple of thousand - nothing that could be raised by switching gas providers!!).

I'm sure someone has experienced this before, I just hope you don't mind my asking.

I am ringing CCCS soon to arrange an appointment with a counsellor, but would like to get the opinions of "real" people first.

I feel SO bad even asking this question, so please don't be hard on me - I feel worthless enough as it is.
Thanks

Hi and welcome to the gang! :beer:

Never did get round to doing my ironing!

No one on here is judgemental Bradfordlad but it is entirely up to you if you want to 'max' your card out just before starting your DMP. If you do this it will take much longer to pay back and once you set up your DMP you will find you have more money in your bank and back pocket than when you ever did struggling to pay those minimum payments every month. Can I be rude and ask what it is that you will so desperately need with that amount of cash? The way creditors are and can get I doubt it would be worth it if it is all about having money behind you.

I won't say it isn't hard when you first start up your DMP cause you are trying to budget and live without the dependancy on credit that you have been used to. If you plan your budget well you can still have 'treats' such as meals out now and again but going on an all inclusive holiday might be taking the pee a bit!

A DMP is the best thing everyone on this thread has ever started and the only one thing we all regret is that we never done it quicker.

Good luck

bradfordlad

Thanks Toffee Penny, I must admit I SO regret not "seeing the light" a couple of years ago - it would have avoided the last 2 secured loans just to see me through.

The money isn't for one thing in particular, but the car is going to need a service, and that won't be cheap, also, and probably the main reason is that my wife is on maternity leave and we DID have savings to cover the loss of income during her time off, but these have gone down by 50% therefore we are going to hit a point in the next couple of months where we can't afford to pay the essentials. My idea was to simply "top up" the savings from the card, which would give us enought till she goes back to work.

One other thing I've picked up on here is that NatWest can be difficult to deal with. I have a £750 overdraft with them which I was giong to include. If they are so horrible, is it worth me paying that off with the card?

I guess one other question which may help me "plan" is this:

Out of these creditors, who is best/worst to deal with:

NatWest o/d
Barclays o/d
Barclaycard
Next Directory
Northern Rock loan x 2
MINTCredit Card
Post Office / Bank of Ireland Credit card
Egg Credit Card
Citi Credit Card
Virgin Credit Card -
MBNA Credit Card - same as above I know

It feels SO bad writing that list - its scary seeing it written down.

While I'm on, some other points I'm not sure on - If some of our creditors don't accept our DMP proposal, what happens then? As has been said so many times, if we haven't got it we can't pay them, but do they get really heavy? Could we have Debt Collection Agency ringing/visiting? CCJs? Bailiffs?

I'm sorry if these have been discussed before, but I just want to get my head around everything.

Thanks again for your support everyone.