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

nataz

losingbigtime wrote: »

HI me again - sorry! Goodness me, the more I read the more I panic and see more problems. Here is my latest thought on going ahead with the DMP; problem: The loan with Tesco Finance I only got in November 2009 - I received the money straight away but the payments were deferred for 3 months from the start of the loan - the first payment for this loan come out this Thursday!!! does this not look like I obtained the loan fraudulently if after only paying one months instalment I bang it straight onto a DMP? I cant see how they would possibly allow this. Same with Natwest (my current account), if I this month pay all my bills etc this month out of my overdraft and then put this overdraft into the DMP, I think this looks horrendously dodgy.

Ok for one no one will think you're dodgy. Imagine this, you had taken out the loan but then within three months you lost your high flying job, but now have no money and a mega huge mortgage and lots n lots of expensive debts to pay, with no savings. Just cos you took out the loan and now need financial help does not make you dodgy. Far from it, you're someone who was trying to sort things out but then came to a point where you cant go on. And trust me, given the recent events of the past 2 years all banks etc will have seen and heard everything.

Same goes with your overdraft. I continued to use my overdraft till the very day my wages went into the new one. By the time I did my overdraft was over £1500! Natwest are ok, not the best but not the worst, they've stopped charges and interest and have passed it onto the debt team.

In total dodgyness I was paying off a credit card just before doing the DMP but forgot to keep £500 back, so I did a quick balance transfer back to my current account, then put the card on my DMP with the new £500 plus balance. And they accepted the DMP etc. No one came to arrest me or anything

If you've got any other questions at all just fire away, you can always PM me if you want. Have you managed to do your SOA, be good to see if we cant save you some money.

nataz

candypop wrote: »

Hi I have recently completed CCCS debt remedy as i have £25k debt on cc's and a loan. CCCS have suggested a DMP over 6 years I am struggling with minimum payments. I havent defaulted on any of them and are not in my overdraft with the bank. I havent click on the DMP button on the remedy yet as I feel so ashamed that I have got myself in this situation. I dont have anyone to talk to about it. I'm a single mum.

You are defo not alone. Whatever your worry, how ever small or silly it may seem I can bet you that we'll have all had it too.

You deserve a big :beer: for realising you need to get it sorted.
Im on a six year plan too so we can both go :j together when we reach the end

jeddy5

I'm starting mine with PayPlan in April. I just applied to Nationwide for a new account and as soon as that is sorted i can start transferring over my priority DD's like Water, Council Tax, Mortgage etc... What I will do is just after they come out of my current account, I will cancel each one as they go and transfer them over.
Next month I have to make 2 token payments to 2 credit cards - just wondered how much should I pay? The min payment on one is £45 and the other is £160 and is there a template letter somewhere on here I could use to send to my creditors?

Roll on 2019!

thewad

newbeginning wrote: »

Professor - If you are definitely going down the DMP route, it might be worth stashing the money away as a 'rainy day fund', and saving it in case anything goes wrong in the first few months before you've had chance to save for your emergency fund.

What if you stash the money away then at your DMP they ask you if you have any assets?
Or don't they even ask?

John

Professor_Pat_Pending

thewad wrote: »

What if you stash the money away then at your DMP they ask you if you have any assets?
Or don't they even ask?

John

Well I am hoping to have around £500 in my savings account (whats left from cashing in my endowment policy after paying off debts) as I start my DMP, this is my back up for emergencies. So I hope not. :question:

jeddy5

Cheers Tedsd!
Just filling in the bank account details by post - I need to get a bank statement that's less than 3 months old (gulp) and as I have been right up to my overdraft limit for yonks I just hope this does not spoil anything for me! So I've just ordered one online. As soon as that comes back then I can post it all off.
My PayPlan case advisor reckons they are pretty quick!

So the plan is to have this months pay payed into my current HSBC account and as each DD comes out I cancel then transfer each DD into the new Nationwide one which I hope will be set up in the next 2 weeks! Also the token payments will be sent out by cheque during this time. Feeling a little stressed and anxious at the moment as I just want to get on with things!

PayPlan have not suggested an amount but once the new account is set up I have to contact them and tell them so I will ask then.

One more question, when I did the telephone meeting to agree to a DMP why do they ask what assets I have? ie; Car, computer (both essential for work as I commute and meet clients plus work from home sometimes (I'm a web designer).

Thanks for your help :T

jeddy5

tedsd wrote: »

Hi, I don't know, think it's if you have something of value you may be able to sell it and put the cash towards the debt eg if you had a brand new car or something you could trade down... someone else may come along who knows for sure...

I was maybe thinking that it could be if I was unable to make payments to my DMP or something then they would be asking me to sell assets to keep up with payments. My Car and my mac computer are essential to my work and income.

true27

:hello: Hi Everyone!!

Great to see more noobs! Gives us chance to practice our skills :rotfl:

Right, first off Losing we're a mutual support thread, we don't judge, we've all struggled and we all know what its like - you are not pestering at all, we are completely here to help My advice would be exactly the same as Nataz (our sacred leader ) and please post up your SOA and we'll nibble it down for you. How is OH being now? Do you think he'd be interested in doing a DMP or similar to pay off everything you owe between you?

Hi Jeddy! They want to know about your assets in case you have something really valuable that you don't really need that you can sell. In reality, unless you have a 100 carat diamond sitting in a bank vault somewhere, then this doesn't matter. Sounds like you're on the right track with your DMP, keep going, I know its a slow and painful process but once its in place its totally worth it (so I'm told!!)

Hi Prof Pat! The CCCS will ask you if you have any cash reserves. You have options here, not all of which are ethical. If you declare you have £500 cash either under your bed or in a bank they will advise you to use it to pay off some debt. You could obviously choose not to declare it (in which case I doubt any one would check unless you have your savings account with someone you owe money to) or you withdraw the cash and stash it under your bed or you could give the money to someone you trust to hold "in trust" for you. Its entirely your decision I'm afraid, but I think I would stash it under the bed tbh!!

Hi Candypop! Click the button mate, it's the best move you will ever make

I'm still buzzing after my awesome first day at work and enjoying a glass of bubbly with OH to celebrate his fabulous new job!!

Hope you're all ok, lots of love and hugs and wishes of peace to one and all! xoxoxox

true27

jeddy5 wrote: »

I was maybe thinking that it could be if I was unable to make payments to my DMP or something then they would be asking me to sell assets to keep up with payments. My Car and my mac computer are essential to my work and income.

Don't worry - you will never be asked to sell assets which are essential to your income.

jeddy5

true27 wrote: »

Don't worry - you will never be asked to sell assets which are essential to your income.

Phew! Thank goodness for that! :j