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

beckstar1975

erm *nervously waves hand* I'm new here :hello:

Now at £57K unsecured debt between DH and I - tax credits !!!! up and escalating childcare costs have meant that we have been unable to meet our min payments of just over £1k a month.

All our stuff currently with National Debtline for DMP to be set up - have done 2 months of token payments so far- we're hoping our creditors will accept a low start one as once all 3 kids are in school (1 is, one starts next year and one in 3 years time) we will have much more money to pay towards our debts - and start our repayments.

All our letters have stated phone only which MBNA and Sainsburys have chosen to ignore, but Tescos and Halifax have so far adhered to.

Lots of notices of intent to default but so far only Tesco have issued the default - it's horrid waiting for it all to kick in/off

Is nice to know I'm not alone

b*

Ellieseleven

pure_dead_dopey wrote: »

Ellie

They can't put up your interest rate, you need to phone and refuse, they will then freeze at old rate and cancel the card (ie no further spending, as if). Bad enough that they won't reduce but they are simply not allowed to just up it. Good luck

Thanks Pure Dead Dopey, I wasn't aware that they couldn't put the interest rate up, that's a relief!!:T

Ellie xx

Ellieseleven

Wow Mikon!! great post and thank you ever so much, I will certainly follow this through regarding increase in interest rates.

Knowledge certainly is power!!!

I am so grateful to you all for your advice and your own experiences, they certainly help me to get through this and I feel so much better than a few weeks ago and family and friends are commenting that I look happier (they don't know the reason:o):o

Ellie xx

Professor_Pat_Pending

mikon wrote: »

Hi everyone I am back and i hope everyone is well.

I have been busy writing letters to various chief executives of various banks. I final got an apology off the preditor who was charging high interest rates and demanding monthly payments in the region of £2k. All charges reimbursed now and they have finally agreed to my monthly offer. There has certainly been plenty of activity on this forum over the weeks.

I also received a letter from one of my other preditors who informed me that they had made an error on one of my statements and therefore had adjusted the amount owed.

So after the worry at the beginning of my DMP things seem to be bedding down and things are quiet for the moment. I am continuing to look to make savings each month and it is not easy but living without credit is great. It is at first a shock but I am now into the swing of things and now live within my means.

So to all those who are considering a DMP get onboard its not easy at first but it does settle down. Who on this forum 4 months ago would have thought Mikon would be saying this. I remember the dark days but I also remember the support i got from the guys on this forum.

I am now an expert at writing letters about debt and am able to quote some excellent law and guidance that creditors should adhere too.

Regards

Mikon

Hi Mikon, good to see you back and well done on sorting out SCHITI, unenforceability is the hot topic on here at the mo. I am toying with it, Dopey is doing it, but you have to be very, very brave.
Have 3 of my 8 with DCAS now and already one has offered a 50% F and F, if only I had £3k.
UE is very, very enticing. PP

eyeopener2

beckstar1975 wrote: »

erm *nervously waves hand* I'm new here :hello:

Now at £57K unsecured debt between DH and I - tax credits !!!! up and escalating childcare costs have meant that we have been unable to meet our min payments of just over £1k a month.

All our stuff currently with National Debtline for DMP to be set up - have done 2 months of token payments so far- we're hoping our creditors will accept a low start one as once all 3 kids are in school (1 is, one starts next year and one in 3 years time) we will have much more money to pay towards our debts - and start our repayments.

All our letters have stated phone only which MBNA and Sainsburys have chosen to ignore, but Tescos and Halifax have so far adhered to.

Lots of notices of intent to default but so far only Tesco have issued the default - it's horrid waiting for it all to kick in/off

Is nice to know I'm not alone

b*

Your not alone, we are becoming quite an army here!

Loubylou2

Juat catching up with all the news as haven't been on for a few days. Mikon you have given me courage (well a little bit)
I had drafted a letter to Post Office ie Bank of Ireland who were sending us (well debt in OH's name) late payment charges and interest all the time. Just printed it off then OH had a phone call today from PO debt collection agency asking how we were going to pay the debt!! He said they were ok and want him to ring back with the Payplan no. (He didn't have it o him) He doesn't come on the forum- much more head in the sand than me BUT he said the other day that he relies on me and the info i get from you guys on the forum.
SO do I still send the letter to the Post office which tells them that they are actually increasing ,our debt and mentioning the ombudsman or do I wait as things may now be moving or should I be even more worried that they have rung. I know I sound really hesitant and a bit 'special needs' but just keen to get it right.
Still had nothing from Nat West.
We have literally scraped through this month. (payday Friday)In hindsight should have sent a couple of months of token payments at the start instead of just one as have car tax, mot service etc etc etc. All budgeted for long term but not in the first 2 months.:eek:

On the positive getting mch more confident in getting the cheapest deals on bills and utilities. Money has a value now after a long time of just being scary numbers.
Next month though we're going to write everything down as still feel I'm spending too much on food & fuel. I think writing it all down will help us spend even less.
Christmas is scaring me but teenage kids are quite understanding.

Loubylou2

BTW welcome to all the new members. I'm not much help at the moment but who knows Mikon might rub off a bit so may be able to offer some advice some day.
Good luck all.XX

candypop

Hi everyone not doing too bad although budget has been tested this month car needed two new tyres and now is making a noise. Have it booked in garage on sat for them to take alook just praying it is either covered on warranty or will not be too expensive. really want to start putting extra away for xmas. you may remember i was all excited after my letter to halifax asking them to stop interest and my next statement appeared with no interest. Well new statement has arrived from them with interest added again but wait for it double they have also included the months missing interest boo hoo. Mikon or anyone can you suggest a stronger letter the last one i used was from Nat Debtline website to which I got a reply advising me to contact a debt management company such as CCCS for advice even though in my letter it clearly said I was already with them and stated my CCCS ref number. Its so frustrating.

mikon

Loubylou2 wrote: »

Juat catching up with all the news as haven't been on for a few days. Mikon you have given me courage (well a little bit)
I had drafted a letter to Post Office ie Bank of Ireland who were sending us (well debt in OH's name) late payment charges and interest all the time. Just printed it off then OH had a phone call today from PO debt collection agency asking how we were going to pay the debt!! He said they were ok and want him to ring back with the Payplan no. (He didn't have it o him) He doesn't come on the forum- much more head in the sand than me BUT he said the other day that he relies on me and the info i get from you guys on the forum.
SO do I still send the letter to the Post office which tells them that they are actually increasing ,our debt and mentioning the ombudsman or do I wait as things may now be moving or should I be even more worried that they have rung. I know I sound really hesitant and a bit 'special needs' but just keen to get it right.
Still had nothing from Nat West.
We have literally scraped through this month. (payday Friday)In hindsight should have sent a couple of months of token payments at the start instead of just one as have car tax, mot service etc etc etc. All budgeted for long term but not in the first 2 months.:eek:

On the positive getting mch more confident in getting the cheapest deals on bills and utilities. Money has a value now after a long time of just being scary numbers.
Next month though we're going to write everything down as still feel I'm spending too much on food & fuel. I think writing it all down will help us spend even less.
Christmas is scaring me but teenage kids are quite understanding.

Loubylou2

My advice for what it is worth is that I would write and advise them that you are addressing your financial difficulties and CCCS are arranging a DMP on your behalf. I would inform them that your DMP Ref no is xxxxxxxxxx.

I would also ask them to consider stopping the interest and charges on your account as this is just compounding the problem. Applying interest and charges like these are compounding my debt problems. You are fully aware of my financial situation as you have received a copy of my Income & Expenditure statement. These charges are causing my existing debt to spiral out of control.

I am unable to make the required minimum payment set out in the original agreement. Please understand that I have co-operated with yourselves and not ignored correspondence and have taking responsibility for my debts. I am seeking independent financial support from an organisation you recommend. CCCS have on my behalf devised a DMP and have pro-rata the payments fairly and I ask you again to freeze and stop interest charges and allow me to start paying my debt off. As a subscriber to the Lending Code I would ask you to adhere to the code and freeze all interest and charges.


I would send this letter to the Chief Ex and the Head of Collections as well as OFT.

Include a copy of your income & Expenditure that was submitted to CCCS.

I hope this helps.

Regards

Mikon

mikon

Hi Beckstar

I second what Tedsd says. Good luck....