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

mikon

Happy New Year Everyone

2011 is not going to be an easy one I don't think with the VAT increases and the talk about mortgage rate increases more so for those on variable mortgage rates like myself who will find it difficult to change mortgage packages because of the bad credit rating, however 2012 will see 70% of my mortgage paid off.

So 2011 will be a year that will probably see me review my DMP in May and make reduced offers to my creditors to offset the increase in fuel, food, mortgage etc...

January will see me write to Barclaycard to ask for an explanation on why interest has been reinstated. Will also send out copies of my statement of affairs to all my creditors to ensure they are fully aware of my circumstances.

CCCS do not seem to respond to my emails little disappointed in their after care service but for free what can one expect.

May 2011 will see me reach my 1 year point by which time I will have reduced my debt by approx £7800 which is quite an amount and this point will also see me send my annual statement of affairs off to my creditors again.

So they you have it my plan for the first half of the year.

Eyeopener please let me know how you get on with Barclaycard and would you send me the Chief Exec name and address please.

Mikon

eyeopener2

Mikon

Pm'd info.

2011 for me will be a mix I think. As i've said previously I fully expect at least one creditor to join Barclaycard and reinstate interest.

I'm also on a variable rate so the chances of fixing are remote to say the least as all my creditors have now defaulted. However I don't think that we will see any major movements in interests rates so i'm not unduly worried. But what the hell do I know!

VAT means increases to some of my regular bills but not substantial amounts so as long as I continue being careful and frugal we should be ok. We shall see though.

I will hit 12 months in June and will have paid off approx £7.2 k which is astonishing and annoying at the same time (just think what I could have done with that money..nooooooo E2 don't think of beaches and sunshine its not good for you).

mikon

Eyeopener 2

The way to look at it is that you are £7,200 less in debt. If you had not embarked on a DMP how much debt would you be in today? You certainly would not have paid £7,200 of your debts over the same period if you had not done the DMP route as some of that would have been interest. So its all positive.

Thanks for the names and address of BC.

I will keep you posted on how I progress with BC.

eyeopener2

Oh yes Mikon, I thank God everyday that I started this. I would have been, well, I know fully what would have happend to me so everything is good really.

I was being a bit silly with the beaches bit, and its something I don't really think about. I save my "what ifs" for what "I WILL" do when that glorious day of debt freeness happens.

mikon

Eyeopener 2

I have years ahead of me approx 8, but the one thing that keeps me going is the thought of all the disposable income I will have when my DMP is complete. I have promised my OH that we will treat ourselves when the DMP is complete and we will never turn to credit again. That day will come to both you and I hope you enjoy it as much as I will.

GibbsRule_No3

mikon wrote: »

Eyeopener 2

I have years ahead of me approx 8, but the one thing that keeps me going is the thought of all the disposable income I will have when my DMP is complete. I have promised my OH that we will treat ourselves when the DMP is complete and we will never turn to credit again. That day will come to both you and I hope you enjoy it as much as I will.

The thought of the disposable income per month when the DMPs are finally done kind of scares me. Makes me wonder how I managed to get into debt in the first place if I really had that amount of money a month "extra". Guess when I started taking loans and not saying "No" to the added rates of money limit on my Barclaycard I was not earning as much as I am now. Because if I was, 3 months of DMP would easily have paid for the things likes trips to the USA that I built the debt up on. 4 years to go, more maybe if Barclaycard carry on the way they are.

the-money-muppets

Happy new year everyone. We finally got our DMP set up with CCCS and have made our first payment Dec 2010. Had a few hiccups as they couldnt set up direct debit from us to them - turns out they were trying to set it up with one of our creditors - an overdrawn bank account-ooopps!!! All sorted now just waiting in hope that creditors will stop interest/charges. Also had a debt collector come calling on 2nd jan from resolve call who work for barclaycard. I simply gave them ccccs client number and showed them statement saying we had paid barclaycard - they seemed happy with that. Will update again soon. Thanks for welcoming us to the thread Ted.

The-Money-Muppets xx

londonfraggle

the-money-muppets wrote: »

Happy new year everyone. We finally got our DMP set up with CCCS and have made our first payment Dec 2010. Had a few hiccups as they couldnt set up direct debit from us to them - turns out they were trying to set it up with one of our creditors - an overdrawn bank account-ooopps!!! All sorted now just waiting in hope that creditors will stop interest/charges. Also had a debt collector come calling on 2nd jan from resolve call who work for barclaycard. I simply gave them ccccs client number and showed them statement saying we had paid barclaycard - they seemed happy with that. Will update again soon. Thanks for welcoming us to the thread Ted.

The-Money-Muppets xx

Well done you! And fingers crossed the rest of it all goes smoothly!

Quick question - did someone just turn up at your front door? Without any warning? On a Sunday?!?!? What meanies!!

I thought they couldn't do that...???? I thought the only people who could legitimately send collectors round were the council (if you hadn't paid council tax) or at the very least if they had written to you and warned you someone may come (giving you time to respond) or am I being naive..?!?!

Fraggle x

eyeopener2

Hi

Anybody can be sent to your home and they don't need permission to call however they have as much power as I do, ie none.

If anybody turns up just politely say thank you and goodbye.

You can write to your creditors, if they have threatened doorstep monkeys, and just tell them that you refuse the right of them to call. That should put a stop to any nonesense.

There are plenty of letter templates quoting the relevant laws and such like on here.

E2

gabriella90

Hi all,

Wishing you all a Happy New Year. Its seems everyone is in full flow with plans on debt busting for the NY. Hi Chocs E2, Mikon, gibbs, ellie, mephitsa and all remaining.

Will be interested to see what Barclaycard do with me as this month it will be a year. I also need to find out what MBNA are up to with me as i haven't heard a peep no letters or a statements!

In one year i have paid £3256 not huge but i'm sure i would be futher in debt if i had not started this journey. But from March i'm hoping to put my DMP up fingers crossed.
Welcome money muppets your on the 1st steps of your journey! :T

Gx