Without a paddle... support for anyone starting a DMP in 2010 (part2)

Hopelessly_Hopeful

Time_Traveller wrote: »

Well, Ive been lurking for long enough so thought now would be a good a time as any to say hello!

I had my lbm end of june and Iv been reading loads of posts and threads, which has helped me put my mind at rest, so I thought I would post on this thread as you guys all seem like a supportive and knowledgeable bunch.

Pretty much got everything ready now for my dmp and the first payment goes out on the 26th. I'm a little nervous about not getting my wages paid into my new bank account as this could cause me a bit of grief.

Im getting ready for some phonecalls this week as im about to miss a couple of credit card payments, not really worried as Ill just give them my ref number and hopefully they will go away. Egg put my account on hold for 30 days and I got no more phonecalls since they said that. Overdraft and loan wont find out till I get paid just in case I get paid into that account by mistake.

Just can't wait till the first payment goes out and then I know my journey towards being debt free begins :j

My debt free date isn't till April 2015 so I may be around for a while if thats ok with everyone?

Thanks for reading!

TT

Welcome to the thread TT. Seems like you are well on your way already. I had the same anxieties regarding whether the salary would go to the new account. I asked my employer to give me some written confirmation that it would go to the new account which they did but I was still nervous until I saw it was there! Just think though, this time next week will be the 26th so not much longer to go now. Your last Friday, last saturday etc....... If I was struggling with collywobbles I busied myself either cleaning, sorting cupboards out, thinking about what I could sell, planning what I may need, searching thrifty stuff out on the website etc. At least the worry was productive! I hope it goes smoothly for you.

HHx

Hopelessly_Hopeful

sortingit wrote: »

Hi,

I am considering entering a DMP and have spent a few days doing research on this and my other options. But I seem to get different answers to my problem depending on who I speak to. I told one well known charity that I was paying a minimum payment of £1072 pcm on unsecured loans. They put £1500 in the plan. I queried this and they said that is what their software generated this figure as being the amount of money I need to pay to service the debt (ie. pay it off not just meet minimum payments). I spoke to a different charity and they used the actual figure of what I was paying and declared me perfectly solvent!! (I feel like I am a sinking stone) When I pointed out that CCCS had used a different figure they said the creditors were likely to reject this figure as it wasnt actually what I had to pay. Cant see as a big charity like the first company get their plans rejected on a daily basis tho. Surely not?

Then I spoke to a few insolvency practitioners who tried to sell me IVAs instead saying it would offer me better protection against the creditors. One offered to 'cook' my figures and hide my assets to get it through.

More conflicting advise..I have a house for sale so I'm hoping to be able to make full and final settlement offers (subject to house selling of course!!). This qwill not clear my debt but will dent it. Some people say default, wait for debt to be sold then try an up front settlement without entering into a DMP. Some say once you are in a debt management plan, the creditors have no incentive to accept a !!!!!! as they know they are going to get 100% of their money anyway. Some say enter into a DMP then offer.

Also worried about my buy to let property (the one I'm trying to sell). Have been told the creditors could take me to court and then try to put a charge against it. Others say not.

Arrrhhh! 3 days on and I've got nothing except a headache
Just trying to find a way forward and its so difficult with so much conficting advise.

Hi there.

Welcome to the thread.

The main message I want to say to you is that there is conflicting advice out there and the reason for that is that there are no hard and fast rules. You can take two people with very simular situations and the preditors will offer a different outcome. It seems to be that they do this so that the issue is not known, predicted or abused. I'm afraid you just have to suck it and see and deal with issues as they arise. You'll see that generally speaking most preditors accept the plan, most stopping or reducing interest. Some do this straight away, others take a few months to get on board, some never will most of us here have been accepted in the main.

The amount is not set as to what's acceptable to the preditors. The amount is set by looking at your income, calculating the recommended allowances to allow you to eat and be healthy and the rest goes into the DMP regardless of what you were paying before. The figure left over after your budget is then divided up on a pro rata basis of a contractual amount of your total debt. My DMP is a third less than the amount I was paying. My loan will be completed next year (these are handled a little differently than CC) and then that loan repayment money will be divded up to the CCs.

The preditors could apply for a charging order but this just means that when you sell any profit goes towards your debts and not neccesarily in the form of F&Fs.

Good luck whatever you decide. HHx

GibbsRule_No3

Hopelessly_Hopeful wrote: »

Mama. How are you going to celebrate? :bdaycake:



Got my first please have our credit card letter since starting on dmp this week. I didn't throw it away. I used the blank side for rough notes and then recycled. How thrifty am I getting!

Hope you are all ok

HHx

Killing 3 birds with one stone.

Using your cake to wish mama a happy day.

Welcome the newbies.

Was your cc offerfrom MNBA Igot one yesterday :rotfl::rotfl:Have they no idea or does it mean our credit accounts have not been defaulted yet?????

Ellieseleven

Morning everyone, hope that you are all o.k. and welcome to all the newbies:)

My DMP is due to start on 1st Sept via CCCS but I believe that this is not divied up to the preditors until the 25th of the month, as most of our CC's are due around 1st do I send another token payment to each one?

Ellie xx

mamajojo

Hi Ellies - I didn't send another token - once the cccs payment went that was it, some did chase but I just said I'd paid cccs and that would be distributed to them on the 25th. HTH!

Ellieseleven

Thanks for the replies re: token payments, we are getting bombarded with phone calls and letters now so I don't suppose it will make much difference to us.

Thanks again
Ellie xx

mamajojo

Hi fellow paddlers - and welcome noobies :beer::bdaycake:please have some virtual cake and a drink of your choice on me...

Was trying to have a dmp free day today - shouldn't have opened the post. Barstewards hsbc have passed me on to metropolitan, which I was feeling quite positive about their letter says " further to our advice of impending legal action against you..." Phoned metropolitan - when I gave them cccs ref ...she muttered something about putting a stop on it being passed to solicitors but wouldn't repeat, just told me I needed to tell cccs.
CCCs said they often put that on letters, not to worry etc but I was blubbing down the phone at this point:(.
Makes me wonder if I should be sending for CCA etc - sorry , rough but of the dmp rollercoaster, hope no one else is riding this bit today!

Ellieseleven

mamajojo wrote: »

Hi fellow paddlers - and welcome noobies :beer::bdaycake:please have some virtual cake and a drink of your choice on me...

Was trying to have a dmp free day today - shouldn't have opened the post. Barstewards hsbc have passed me on to metropolitan, which I was feeling quite positive about their letter says " further to our advice of impending legal action against you..." Phoned metropolitan - when I gave them cccs ref ...she muttered something about putting a stop on it being passed to solicitors but wouldn't repeat, just told me I needed to tell cccs.
CCCs said they often put that on letters, not to worry etc but I was blubbing down the phone at this point:(.
Makes me wonder if I should be sending for CCA etc - sorry , rough but of the dmp rollercoaster, hope no one else is riding this bit today!

:grouphug:Sending hugs to you mamajojo and everyone else who is at a low ebb today! I'm on that roller coaster with you today and feeling so miserable, we're sick of the phone calls and have spent the afternoon sobbing with OH. I hate to see my hubby cry but he feels that it is his fault that we are in this position (which its not).

I keep telling myself that we will all look back on this one day and it will all have been worthwhile:)

Ellie xx

ljm23k

:hello:evening all!

Nothing to report here but some of you having a rough time? Sending hugs:grouphug:

I am currently looking after a chrysalis and hope to be the proud mummy of a baby butterfly any day now....

My mum found it in a bunch of celery so I attached it to a twig with play doh and made a wee house. I think it could be a red admiral as it has turned from green/gold to black/brown over the last 2 days and I can see the red/orange bits inside!!! Lets hope we have a mild autumn so it has a chance to head south....

See, you can be entertained for free!:rotfl::rotfl::rotfl::rotfl:

regret70

Hello all!

crikey has it really been that long since i last posted? i guess life has been getting in the way!

had a letter from cccs today asking me to ring them for my 3 month review! Im a bit nervous but im trying so hard to make the budget work.

all my creditors seem to be working with me and have gone quiet, appart from Aqua, who keep saying they havent recieved anything! budget is tight and need to get car serviced next week so panicking a bit!

hope you are all well.

hello to the newbies