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

Mephista

Hi Mikon

Listen you and I are in a similar situation albeit for different reasons but you know what - I've gotta do what works for me. You were always my inspiration. You were always the one who said if you haven't got it - they can't have it. Well bear that in mind my friend.

Do the same as me. Sit down and re-do your budget plan and be realistic with yourself about all the prices rises. If you've been a regular payer - lets face it - regardless of whether or not you reduce their payments, at least they can be sure they are still gonna get the money from you.

What is our mantra? SOMETHING IS BETTER THAN NOTHING!

Work it out and pay them what you can. When the situation changes, work it out again and pay them more. It really is that simple. I'll keep in touch with you and let you know how I'm getting on.

You were such a force of nature and inspiration for all of us. Lean on us if you have to. Thats what we are here for. Don't disappear again. We can't help you if you don't appear in with a "hello I'm still around" at least.

There, that's my 2 pennies worth.:D

mikon

Mephista wrote: »

Hi Mikon

Listen you and I are in a similar situation albeit for different reasons but you know what - I've gotta do what works for me. You were always my inspiration. You were always the one who said if you haven't got it - they can't have it. Well bear that in mind my friend.

Do the same as me. Sit down and re-do your budget plan and be realistic with yourself about all the prices rises. If you've been a regular payer - lets face it - regardless of whether or not you reduce their payments, at least they can be sure they are still gonna get the money from you.

What is our mantra? SOMETHING IS BETTER THAN NOTHING!

Work it out and pay them what you can. When the situation changes, work it out again and pay them more. It really is that simple. I'll keep in touch with you and let you know how I'm getting on.

You were such a force of nature and inspiration for all of us. Lean on us if you have to. Thats what we are here for. Don't disappear again. We can't help you if you don't appear in with a "hello I'm still around" at least.

There, that's my 2 pennies worth.:D

Mephista thank you and everyone else who has contributed to my post. The reality is that at the outset of our DMP I guess we were trying to please the creditors and we pushed everything into our DMP to ensure we paid the maximum.

Nevermind I am in a better frame of mind today and I am inspired by all the support everyone has shown me on this forum. I guess I will see this month out and complete a budget and see where we can save money and then go for a review.

Prof PP has inspired me with his F & F and this is what I am going to aim for in the not to distant future. I have 4 creditors who i owe less than £300 to each so i may make an F & F to them starting at £20% and see what comes back on those. That is when I have the money to offer them. On that note Prof PP do the creditors not ask you were you have got the money from or ask you to pay it off the overall figure?

Anyway a Big Thank You to you all

Mikon

Professor_Pat_Pending

mikon wrote: »

Mephista thank you and everyone else who has contributed to my post. The reality is that at the outset of our DMP I guess we were trying to please the creditors and we pushed everything into our DMP to ensure we paid the maximum.

Nevermind I am in a better frame of mind today and I am inspired by all the support everyone has shown me on this forum. I guess I will see this month out and complete a budget and see where we can save money and then go for a review.

Prof PP has inspired me with his F & F and this is what I am going to aim for in the not to distant future. I have 4 creditors who i owe less than £300 to each so i may make an F & F to them starting at £20% and see what comes back on those. That is when I have the money to offer them. On that note Prof PP do the creditors not ask you were you have got the money from or ask you to pay it off the overall figure?

Anyway a Big Thank You to you all

Mikon

I got an unexpected £3k inheritance from an aunt at Christmas and spilt it roughly 4 ways with my 4 lowest creditors as regards to F and Fs (I told all four this), two of them went for it (MBNA ended up at 38%, Opus took my original cheeky offer of 20%!!!). The other two (Egg and BoS/Moorcroft) were miles out- only able to offer 80-90%.
It is a bit of a lottery, depends who you speak to, etc, etc. MBNA are well known for it and Opus had charged me off (dunno what that means), but hey 20% .
I have another MBNA card @£4.5k so I'm gonna save hard and go in at 30% as soon as I can.
Glad you are feeling better Mikon, cheers all. PP

mikon

Professor_Pat_Pending wrote: »

I got an unexpected £3k inheritance from an aunt at Christmas and spilt it roughly 4 ways with my 4 lowest creditors as regards to F and Fs (I told all four this), two of them went for it (MBNA ended up at 38%, Opus took my original cheeky offer of 20%!!!). The other two (Egg and BoS/Moorcroft) were miles out- only able to offer 80-90%.
It is a bit of a lottery, depends who you speak to, etc, etc. MBNA are well known for it and Opus had charged me off (dunno what that means), but hey 20% .
I have another MBNA card @£4.5k so I'm gonna save hard and go in at 30% as soon as I can.
Glad you are feeling better Mikon, cheers all. PP

Prof PP

Did a bit reading about what Charge Off is and found out it is when the creditor writes your debt off as a bad debt and this usually occurs after the first 6 months as it is accounting regulations. As a punishment the creditor trashes your credit file by marking your debt as charged off. When they charge off your account it is an ideal opportunity to offer a F 7 F as they are more likely to accept once the debt has been Charged Off. read this article

http://ezinearticles.com/?Credit-Card-Charge-Off---What-Does-It-Mean-and-What-Should-You-Do-About-It?&id=81287

Well Done Prof PP you have beat 2 of them. That is my goal now, the aim of this game is to F & F. Prof PP you always inspire me to push on you have done this from day one when you gave me advice about keeping in regular contact with my creditors. Thanks for all your help.

Have a good weekend

Mikon

Ellieseleven

Hi There,

Just dropping by to say Hello:wave: We're 8 months into our DMP now and although things are tough we are surviving and can now see a very small dent in the overall total that we owe:)

Well Done Prof P on the F&F, thats good news and an inspiration to us all!

Glad that you are feeling better Mikon:)

Ellie xx

Hopelessly_Hopeful

Morning All

So lovely to see everyone pop into post. Even if people don't get the opportunity or prefer not to post too often it's great to hear how people are. For me a regular pop in keeps me on the straight and narrow

HHx

Professor_Pat_Pending

mikon wrote: »

Prof PP

Did a bit reading about what Charge Off is and found out it is when the creditor writes your debt off as a bad debt and this usually occurs after the first 6 months as it is accounting regulations. As a punishment the creditor trashes your credit file by marking your debt as charged off. When they charge off your account it is an ideal opportunity to offer a F 7 F as they are more likely to accept once the debt has been Charged Off. read this article

http://ezinearticles.com/?Credit-Card-Charge-Off---What-Does-It-Mean-and-What-Should-You-Do-About-It?&id=81287

Well Done Prof PP you have beat 2 of them. That is my goal now, the aim of this game is to F & F. Prof PP you always inspire me to push on you have done this from day one when you gave me advice about keeping in regular contact with my creditors. Thanks for all your help.

Have a good weekend

Mikon

Cheers mikon, very interesting indeed. PP

sazzledazzle

Well we now have a list of debts, the percentages and what is owed on them. I was hoping to try and set up my own DMP if possible first and if this fails I will put it all through CCCS. If anyone has any advice I would be very grateful. Looking at some of the smaller debts I think I may try F & F offers first with the little bit of cash spare that we have at the mo.

Professor_Pat_Pending

sazzledazzle wrote: »

Well we now have a list of debts, the percentages and what is owed on them. I was hoping to try and set up my own DMP if possible first and if this fails I will put it all through CCCS. If anyone has any advice I would be very grateful. Looking at some of the smaller debts I think I may try F & F offers first with the little bit of cash spare that we have at the mo.

Hello there, re. F and Fs, you stand a much better chance of getting a good deal if you are on a DMP and have been defaulted.
Not sure what sort of offers you'll get before this stage?

Regarding doing your own DMP, some on here have done it, a bit more painful at the start but you are always in control. Other than that I don't know much more, I think Dopey was doing her own before UEing? PP

Hopelessly_Hopeful

Good luck with the F&Fs Sazzle. I'm too much of a scardey cat to go it alone. As you say you can try and you have the free ones to fall back on if need be.

I've just been updating my budget.

Home insurance up by £5 a month
Council tax, no increase
Water up by £1 a month
Petrol up a bomb!

No wage increase in sight.

Petrol's the main concern and given the sex related press for insurance and a speeding fine I'm expecting that to go up too in June. I have a loan that has it's last payment around August so hoping for a full budget review at that point.

I've done some bulk buying to save money this month, wondering if I should have retained it for a back up fund. You can't win some days can you?! The hardest thing is just trying to get ahead when you don't have any slack. That said I feel like I'm becoming increasingly thrifty and try to make every penny work.

Hope everyone doing ok?

HHx