Starting my DMP on 1st Feb... Anyone want to join me?

Dugsy_2

Hi Dugsy - please speak to the CAB or CCCS, anything you don't understand or are worried about just pop on here and we'll be here to help



Hi there thanks for the response. i was panicking a bit the other day :eek:.
i've now started using the speak to a cccs advisor thread. i really just needed to know the pros and cons of doing a DMP ie what will happen to my credit rating etc.

Gotta go now but i'll try to get back on later.

Thanks.
D.

ian9

Just seeing this thread has made me feel better. I'm just about to send the letters off this weekend. Scary but glad I faced up to my demons! Could do with a team around me that are going through the same thing.

kaths101

:wave:Im glad some of you are getting your packs through now..

How much did you send as a token payment to your creditors?? some people say £1 but i feel bad doing this - im thinking about £20 each or do you spend more on the bigger amounts and less on the little debts - I have 9 debts ranging from £450 - £14k ?? :eek:

And how did you send the money? Am I ok to send a cheque, Im just worried as it will be from the bank acc i will be closing as I havent received my new bank account details yet! or should i send it from OH bank account?

:think:

pure_dead_dopey

welcome peoples, it is good to be able to compare notes on who is one the nice list and who is on the nasty list. Then we might want to have a terminally confused list for those creditors who seem to have trouble with basic communication. I didn't expect to get all of these letters from CCCS but its good to know that it is all starting off. Strangely Egg were fine with me and no one has been rude, the guy from Cap One was lovely!!! Good news its payday tomorrow and I've actually got some cash left.
Kaths I sent as many min payments as I could and £20 to the rest, I did it through online banking from our old bank account so I know they all accepted the payments. I was a bit of a woose with the tokens as I had never not paid before.

VicB

Hi All!

Just on credit files, I checked mine recently and as expected it was AWFUL! This wasn't because of any defaults or missed payments, I've actually managed to stay afloat...just! It was more the fact the AMOUNT of debt I had :mad::mad:

I figured either way my credit rating is going to be rubbish for quite a few years so I'd better get used to it!

At least we're all facing up to our debts and not burying our heads in the sand. That should get some brownie points surely...

Dugsy_2

hi there, i'm just starting on this path. can someone please let me know wot the pros and cons are of starting a DMP and how long it takes to get started?

many thanks ffor any replies.

Very stressed !!

nataz

Hellooo everyone :wave: Glad to see so many people

I got my first acceptance letter today from MBNA. They have agreed to my £5 payment and have frozen interest and charges. I nearly jumped for joy, how sad is that!
Dont get me started on Egg, really wish I had never bothered with them. They are the only ones who cant seem to understand what is going on, why the driect debits have stopped, arghhhhhh :mad: The best bit is they ring everyday but the cards in OHs name so will only leave a message but hes at works.. why cant they tell people this. So I've decided to ignore them, they are only getting what CCCS say and thats that !!

Dugsy I second what ted says but if you need anything else, we're all in the process of setting up so can give you help if you need it. All in all I think it takes approx 2 months to get up and running. The main pro is obviously that its easy to get going, no fees involved (as in an IVA etc), you can use agencies like CCCS or Payplan who will help act as third parties, whom you pay a single amount of money too. Which is a lot easier than trying to pay numerous creditors individually. Typically most creditors freeze interest and charges so it is a lot quicker to pay off your debts rather than paying min repayments. The main con is is will affect your credit rating, you wont be able to take out further credit whilst on the plan and are unlikely to get it for up to 6 yrs after the debt is paid. Of course its not an easy road, but the debt wont dissapper on its own. Let us know how you get on or if you have any other questions.

Girlypink I dont think it makes much diff that its a loan. My letter said a similar thing, that I was meant to have a direct debit for payment. But thats tough cos they are getting their money through CCCS I guess if they are being a right pain then I would ring CCCS. Im sure they've heard all about them.

Glad to hear more of you are getting your packs, looks like its all happening. And we're so close to payday so I think we all deserve a HUGE :money:for getting this far without the evil plastic

shandypants

nataz wrote: »

Hi and welcome Girlypink

Try not to worry, more often than not the first lot of letters sent out are computer generated, just standard things they have to say. Ring Egg, explain you are in the process of setting a dmp up with CCCS, give them your ref number and explain (if you havent already done so) that you are going to send a token payment. Egg credit card accepted my token payment when I sent the notification of debt letter, they have since rung once but as its in my OH name they wont speak to me! And remember no one can come to your home and demand money. This certainly shouldnt happen straight away in any case. If anyone does come to the door, again say you are paying all you can afford and ask them very politely to leave and contact you by letter in future.
I assume it is the credit card and not an overdraft, but I imagine its the same either way. Egg dont like you stopping the direct debits but thats their problem not yours :rotfl:

Well I decided to hot foot it down to the post office this morning to make my first payment. Cost £2.50 for the privaledge but at least its done now. The direct debit is set up but it wont start till march as the pack arrived too late. No calls yet today and the post hasnt arrived so its all pretty quiet here. Hope its the same for you all, pure dead dopey cant believe you got FOUR letters on one days, honestly that bank is soooo useless

In my challenge to get debt free I am trying to make as much extra FREE cash as poss, so Ive sold my old mobiles for £26 and on closing my savings account I got £4 interest I didnt know about WAHOO! Just need someone to buy all the unused baby stuff cluttering my house and I be quids in.

I have allowed myself a big birthday cake tho so :beer: to everyone and have a brilliant day

Thanks for this post, I am going to the post office tomorrow to pay my first installment of £515..... Set up my DD over the phone which like most of you on here starts 1st March. £2.50 for the pleasure of sending a payment eh!!!

Any way hope everyone is ok, Ive had a nightmare day, work in a hospital and been very busy, got home after picking kids up for school and daughter feel over in the playground and has nasty bump on head and son has been throwing up for hours! Kids eh....

coffee-break_2

iwillgetoutofdebt wrote: »

I have five creditors (although I have three accounts with Egg - 2 cc's and a loan). I don't even want to look at my credit file now, but as I don't want any credit in the foreseeable future, then I don't suppose it matters....

I'm a nosey moo . Well it's good that your other half's credit file won't be affected and your working on getting through it together . I'm going to get a credit report to see just how messed up my credit file is. I'm a masochist .


Kath, i'm sending payments of £1 and £2 to each creditor via online banking, at the post office and by postal order. One creditor tried to get me to pay more, but i just paid £2 . I avoid paying by debit card as i don't want them having that information.

I'm basically broke now until i get paid in a few days so even if they showed at my door demanding payment, i've nothing to give ...

coffee-break_2

shandypants wrote: »

Thanks for this post, I am going to the post office tomorrow to pay my first installment of £515..... Set up my DD over the phone which like most of you on here starts 1st March. £2.50 for the pleasure of sending a payment eh!!!

You can send your 1st payment via online banking according to the advisor i spoke with today. CCCS can give you their bank details... it'll save you £2.50 for starters and if your bank has the faster payment facility the money would be received by CCCS possibly within 2 hours .