DMP Mutual Support Thread (Part 6)

Apple38

Hi Capcom

I'm a newbie too so I can't offer advice, just lots of empathy. Our situations sound very similar. I can tell you that once all the paperwork is sorted and everything is in motion, it's such a relief to have stepped of the treadmill.

I hope it's the same for you.

Take care.
Apple

capcom99

Apple38 wrote: »

Hi Capcom

I'm a newbie too so I can't offer advice, just lots of empathy. Our situations sound very similar. I can tell you that once all the paperwork is sorted and everything is in motion, it's such a relief to have stepped of the treadmill.

I hope it's the same for you.

Take care.
Apple

Thanks Apple for your well wishes.

lets hope someone can answer my questions ...my heads spinning...Its 2.30am and I'm not sleeping:(

bigmommamuppet

capcom99 wrote: »

.
Now I have a few questions for you DMP experts.

When should I cancel the DD for my Credit cards with my bank I am leaving?

They are all due the minimum payments on or around the 26th of this month.Should I just log into HSBC and cancel all the DD payments?

- Cancel them now, sometimes it takes a few days for the bank to action your request. Do it online, saves having to speak to someone.

When do I send the token letters out to the Creditors? After the payments have been due a few days? How do I pay by cheque? From which bank HSBC? What shall I write in the letter? I don;t really want to use my new Halifax Debit card...

- Send the token payments a week before the payment is due do this every month until you have set up your DMP. You can pay by cheque but it will have to be from your new account therefore most peeps on here send postal orders. Can't quite remember how much each one costs but it's the 'safest' way to send a payment. (See below for template letter to include with your payment).

Please help me as I am unsure what to do at this early stage.

Welcome to the boards,

I've hopefully answered your questions above. Well done on reaching your LBM, honestly it will only get better from here. One thing to bear in mind is once you have cancelled your DD/ missed a payment the phone will start ringing. If you don't feel up to speaking to creditors then ignore it, but if you feel ok then the best thing to do is answer the phone explain that your entering a DMP with payplan, give them your reference no and say that they'll be in touch shortly. Don't agree to give them any extra payments no matter how much they pester you.

Becks

Template Letter:

Dear Sir/Madam

Re:- Account/Reference Number XXXX

I’m are writing to inform you that I’m seeking advice and assistance from Payplan regarding my current financial difficulties.

I’m finding it increasingly difficult to meet your monthly payment request so please accept the enclosed postal order for £1 as a token gesture of goodwill.

I would appreciate if you could hold any action on the above account for a period of at least 28 days.

Also, during this period, could you please freeze interest and/or any other charges accruing on the above account.

I look forward to hearing from you as soon as possible.

Yours faithfully

dlb

Do not use you new bank account to pay your ceditors token payments, if possible pay them by postal order. Your dmp company should give you a standard letter to enclose with the payments....thats if token payments are needed...if the dmp can be set up quick enough which in my case it was i didnt need to do token payments as they recived payment via the dmp company within a few weeks.

This is when the phone calls will start up but its just another step to a stress free life as the calls do die down within a few months and eventually stop completly, just be armed with the right info to tell them, 1- Tell them payment will now be set via payplan/cccs, 2- Explain the dmp company have forwarded a finacial statment to them and they may not have recived it yet but it is on its way. 3- If they ask for payment explain you have to way no paying over the phone and havent any spare money to pay them as all spare money is now paid into your dmp to be split between your creditors.
If the creditor you are dealing with at the time gets shirty ( not all of them do) just remember you dont have to listen to anything that is going to get you upset,mad or just stressed out. JUST HANG UP have a cup of coffee phone your dmp company and explain what has just happened on the phone and leave them to deal with them. And forget about it until the next call..repeat the same info and steps as before....it doesnt take them long to realise they are only going to either get the same info everytime or get the phone put down on them.
If they threaten you eg- defaults, court action, just tell them if they have to take that route then so be it as you have explained you are in a dmp....its all just scare tactics to try and get a payment out on you over phone.

Be back later
Donna
xx

ianmak

Capcom, what DLB said! Though personally I was able to pay using my old bank account, but the way I did it (and prob the wrong way) was to send cheques from old account to all CC accounts, without a letter (just added the Giro slip to it!), and relied on PP to inform them of my plight. I also failed to send token payments to my Northern Rock loan and the ODs, so don't forget to pay them!

If you do decide to speak to them on the phone, read what DLB said, and don't feel guilty (which they will make you feel!) and just explain you're with PP and leave it at that.

Good luck!

ianmak

Apple38, your DMP number is: 331. :beer:

capcom99

Thanks for all the replies,

I have just cancelled all my CC direct debits.

I have just been going through my accounts and notice that all of them I have picked the option not to receive paper statments so I don't have any Giro payslips to include with the cheque or postal order....

what shall I do?

Just post my printed off statement with my token letter and a cheque or postal order?

scouselad1974

Can anyone tell me what happens when a creditor contacts CCCS to refuse their offer of repayment ?
Do they instantly sell the account to a DCA or will they revert to normal collections activity.

I just thought that someone here has probably had a similar thing happen to them.

ianmak

scouselad1974 wrote: »

Can anyone tell me what happens when a creditor contacts CCCS to refuse their offer of repayment ?
Do they instantly sell the account to a DCA or will they revert to normal collections activity.

I just thought that someone here has probably had a similar thing happen to them.

Normally you'd just carry on paying till they accept, or they'll pass onto a DCA as you say. Abbey for me added charges on for 6 months of refusing till they eventually accepted.

But it depends on the individual circumstances...

ianmak

capcom99 wrote: »

Thanks for all the replies,

I have just cancelled all my CC direct debits.

I have just been going through my accounts and notice that all of them I have picked the option not to receive paper statments so I don't have any Giro payslips to include with the cheque or postal order....

what shall I do?

Just post my printed off statement with my token letter and a cheque or postal order?

Most people don't use the Giro slip, I only did because I hadn't read this thread and didn't know how else to make payment. Either pay by cheque or PO, and send with the letter mentioned above. Also make sure you only make £1 token payments...