Oh God I need a pep talk :(

Completely_Confused_2

Hi all,

I'm approaching the third month of my DMP. My debt has been racked up by me and my OH but it's all in my name, therefore the DMP is all in my name.

I thought things were going smoothly and I suppose, that 3 months in that was probably a bit optimistic!

I've already posted about Barclaycard/Mercers and they are the only ones who haven't responded to the offer from Payplan. They phone every couple of weeks and when I speak to PP they say they have to allow Barclays 8 weeks to respond because of their backlog.

In my sane moments I appreciate this, but it gets me down.

Today, I've opened a statement from Marbles. The previous one I had charged no interest and they've accepted PP's offer.

But the one I got today showed full interest. I called Marbles and the guy I spoke to said that he would remove the interest and reinstate the payment plan, but that the interest would be 12.6%!!!!

When I spoke to them at the time they accepted, they said interest was one point something!!

I called PP about this today and she said she would resend the SOA because they had the arrangement agreed with them.

And I do appreciate that, but the truth is that I'm not coping very well with this. I thought I'd feel better, and I keep a spreadsheet and was seeing light at the end of a very long tunnel.

The other day I got a statement from Natwest. My payment is £7.81 and they charged interest of £8.42! When I called them about the possibility of stopping interest, she said "we don't do that". It just seems hopeless at times.

But every time I open a statement, or there's a hiccup, I just burst into tears!

I've even started to wonder if I should have just carried on as I was because of course now my credit rating is shot to pieces. It sometimes feels like I'm doing it for nothing.

I don't mean to sound over-dramatic but all I want to do is pay off my debts and for it to settle down.

I suppose the problem is that I've never defaulted on anything, or not paid what was owing. It was the massive hike in interest rates over the past year that put things out of control.

Am I doing the right thing, because sometimes it feels like I'm not.

Thanks for reading

A very tearful Completely Confused xx

GeorgeUK

The best thing to do is not phone them at all. Put everything in writing so that you can keep a copy of everything that is said or agreed. This makes it much more difficult for them to wriggle out of agreements they have made. They will say just about anything over the phone.

You have your plan and you need to stick to it. If the banks don't like it, they can sell the debt on to a DCA for a fraction of the value and they'll probably be easier to deal with.

I know it's easy to say don't let them get to you, but there's really not anything more you can do so worrying about it isn't going to help. Yes, things will take time and yes, there will probably be a few more bumps in the road. The main thing is that you are on the road and making progress even though it may not seem like that at times.

Try to relax a bit and de-stress. PP will keep things moving as long as you continue to keep them advised. As another poster said, you may not be able to see the light at the end of the tunnel, but you can now hear others ahead who can. We'll be there with you every step for as long as you need us.

Feel free to ask as many questions as you want and to vent as much as you like. The swear filter here works quite well so don't worry about offending

Choo_Choo_4

Just out of curiosity CC, if your total unsecured debt is just over £37k and you're just 3 months into the DMP with a DFD supposed to be October 2013 do you mind me asking how much you are paying into the DMP?

It's just that for that level of debt and given that they've told you that you'll be Debt Free by 2013 (this is what your signature says isn't it?) then by my calculations you must be paying £1000 per month and that is to pay back £37,000 - taking it for granted that the interest WILL be frozen completely and NO charges added on.

Now I'm not sure if this is the amount that you're paying but based on your signature details that's what it works out at.

To be honest, if I were you I would think I would be looking into the IVA route as well - that is if you want to see any light at the end of the tunnel. ALL interest WILL be frozen, charges will stop and more importantly for you it would seem is that the creditors will stop contacting you albeit this may take a few weeks until paperwork has confirmed IVA approval.

Your IP will take on this responsibility (that's their job) and they cannot renege on what they have agreed at creditors meeting unlike the informal DMP where companies can decide they no longer wish to accept your offer at the drop of a hat - unfortunately you cannot force them to - it's usually always a verbal agreement.

If you are paying a considerable monthly payment in a DMP it's not fair that you should also have to REnegotiate with your creditors after they fall back on an agreement. Might be worth looking into anyway - it doesn't cost to look at your options and then decide which is best for you!

G'luk!

never-in-doubt

Another slant worth considering is Unenforceability..... yea yea, there are people that slate it but at the end of the day your credit file is dead for 6 years so what do you have to lose by enquiring?

It means you are in complete control and you would dump PayPlan as the object is to cease repayments (assuming they cannot provide an agreement).

Have a read here if this interests you - Unenforceability & Template Letters II

Good Luck whatever you decide

Oneday77

Even on the darkest of nights there is light
Creditors do not have to stop interest but, charges they do. Most will reduce their rates if even they don't stop them.
Tbh if the signature figures are acurate then what will happen is your creditors with the stopped interest will clear first, the other will get bored waiting, sell on the accounts and then you can offer cut price F&Fs to the new DCAs. If you were not in the DMP and only just floating how much longer would your snowball date be.
Don't get down, I had a moment a few days ago but then I realisedI now sleep more often than not, don't dread the post so much and there is a tunnel, long but straight. Mine may get longer but I know where it goes and I will get there.
Just come here when your low, read a few posts, see your not unique and things fall into perspective.

bigmommamuppet

It does get easier honest. I'm 12 months down the line and I can see a slight flicker. GE money were our nightmare and have charged us 4k interest since the start of our DMP. Therefore I wrote to them again around Oct time and pointed out that I would never pay them off at this rate and believe it or not the said oh ok we'll stop interest. So keep persevering and keep writing to them requesting that they stop interest and hopefully they'll give in eventually. All ours have stopped so our debts are finally reducing.

Take Care

Becks