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

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jules1973 wrote: »

Hi, I'm new to this thread so I will introduce myself.

DH and I have approx £34,000 debt split between 14 creditors. I have lost my job and DH's overtime has been stopped. We are doing our own self managed plan, started last month. Out of the 14 creditors, 5 have accepted, 6 are considering it and 3 have refused pro rata offer.

We should getting a compensation claim in the next 3 months which should pay off all of debt at full amount owed. I have been reading about these f&f offers and wonder if I should try and negotiate a settlement. Part of me feels that since we ran up the debts that we should pay them back at 100% of amount owed, but then again we could save money.

Any advice appreciated.

Personally i'd pay back as little as I could get away with. You will have paid a LOT of interest (and maybe charges) on these debts.

You need to think what is best for you, if what you can save can give you a good emergency fund then you will never have to borrow again.

Sooooo

Debts paid off

Financial cushion.

Pressures off you.

Everyones happy. Banks get back what they are happy with, you get a fund sitting in your savings account.

GibbsRule_No3

I have my first review with Payplan on Monday, if they remember to call, it was ages ago the appointment was made. Just done the sums and I am £30.00 worse off a month than last year. I guess I could struggle along and keep paying the same but I really would like to pay that £30.00 less to Barclaycard, as they are doing nothing to bring the debt down, by still taking over £50.00 of the £157.00 they get paid per month. If I was controlling my own DMP this is what I would try and do, does anyone know if Payplan would be able to do that for me or do they have to do "pro rata"? Not sure why HSBC and M&S should suffer for Barclaycard and they might kick off again as well if they all get offered a bit less. Barclaycard I'm very happy to deal with if they start complaining.

Hopelessly_Hopeful

Morning Paddlers

Hope you all had a good weekend.

Gabriella, good luck with getting them to stop interest. I agree with Mephista, and they will not just do it so get at them

Jules, welcome. Sorry to hear about your job. Well done on a good start up and for self managing. I agree with E2 hold onto as much as you can as the actions from preditors are not always favourable. As for F&F good luck, do your research, seems if you pay regularily you have less chance of more discount alas! Will look forward to hearing about how you get on.

Chris, welcome to the gang. Hope you are finding the DMP a relief.

Gibbs, good luck with your review. Isn't it a shame we don't get a say so in the share out. Payplan and CCCS do seem to have some slight variations. Payplan appear to be more accepting of F&Fs. I think both companies are going to be used to the fact many of us will need to ask for a reduction due to change in the general climate as we don't have eleastic in the budget.

Ted, incorporator? You are truly crazy! I think you deserve the easter egg after that. Hope you are enjoying the Easter break.

When do we have to start a new thread? Do we need to rename it? I'm very grateful for the support I've had here but wonder if the title anyone starting in 2010 is offputting to some others. I wonder if we were the DMP Paddlers but had something in the OP about anyone welcome? What does everyone think?

Me, am ok but seems to be thinking about money an awful lot still! Guess its as I'm thinking back to how I felt this time last year. In some ways am elated to be here, at other times I get a gloomy patch. Have been exploring the other site. If I had my time again I'd consider UE or self managed for sure! Regardless I'm in so much a better place mentally than I was last year and wanted to thank you all for that.

I'm still getting charged interest at £120 a month although tons better than it was previously. Seems harsh that the ones that give you hassle or charge interest are treated in the same way that the preditors that stop interest or dont bother you. I read somewhere it is to stop us prediciting their behaviour and 'playing' the system. I think with a credit record shot to pieces for 6 years after the end of DMP for most of us freezing interest is a reasonable exchange.

Got to the bottom of my credit report research, arrangements to pay and arrears are actually more damaging to the report as a default. Am going to keep hassling them to respond to my requests anyway. I wanted to move at some stage but looks like this will not be possible for at least 9 years now. Could be advantageous in some ways as the end to interest charges! Have been exploring the other site too, Niddy is truly genius. I think I have decided that as most my creditors are on board and I am 25% way through with 3 more years to go I will probably not go down the UE route. If however the other start charging interest again (constant worry for many of us I'm fairly sure) then I will do.

Enjoy the day peeps, here's to a short working week

HHx

Mephista

Hi all

Welcome to the newbies and a big fat hello to the old farts that are still here!!

Its good to see that we are all not just accepting our fate but are still fighting our creditors to the end and are helping each other to find new ways to challenge the rediculous charges we have been given.

I have had a little good news in that I have been told that my contract is to be extended for a short while. Even if its only 4 weeks it still buys me some time.

I'm going to review my costs again this week and see what I can make reductions on based on my current salary and I'll take it from there.

Still actively pursuing both a full time permanent position and a part time position for evenings and weekends. Will keep you all posted as to how I'm getting on.

As always, we welcome any newcomers and love the sharing of ideas, pains, trials and tribulations. We particularly love hearing of your joy and successes. I was wondering if we do start a new thread, it might be a good idea if we could have all letter templates copied at the very beginning so that they can easily be found by everyone. I personally have no idea how its done but I have seen it done. I also agree that some rejig of the name might be worthwhile. If someone could take charge of the thread and do a little explanation or something at the start welcoming everyone to join along with the letter templates and any other pertinent information like that which would be useful to us all? I'm certainly down with that. Anyone else?

Had a good weekend and looking forward to a long weekends break at Easter. Husbandless but hopefully getting there in term of happy!

Speak to you all soon.


Mephista

gabriella90

Hi all,

Just popping by............. Hello and welcome to Jules1973 and chrisblue good luck on your DMP journey it all starts here. If you need any help with questions most of us have got t-shirts in the wardrobe now

Got to dash dinner time yum yum :rotfl:

GibbsRule_No3

Very nice lady has just called. Went through everything and it did come out as around £70 less per month with things going up. Rather than pay that amount less I opted to pay £23.00 less spread between 5 creditors. So hope that reduction, allowing for the cost of living going up so much with VAT (they don't know I have no car, so could assume I need petrol) and London bus fares have gone up, that they might not quibble. Fingers crossed. Probably won't be until end of May before I hear from them anyway, after they receive less from that month. As expected Payplan could not knock the full £23.00 just off Barclaycard.

mikon

Hi Everyone

Today I contacted CCCS to tell them that I needed to reduce next months payment as I have had some unforeseen expenditure. I worried all day about contacting them but the lady at CCCS was great. She informed me that these things happen she even asked me if I needed to reduce it any further but I said no.

I asked her about the creditors and how it would be viewed and she said they would probably understand but I may get some letters regarding missed payment. She suggested I write to each creditor and inform them that they will be getting a reduced payment in May and then back to normal in June and explain the circumstances. I am going to do this because Professor Pat Pending always taught me to keep in contact with my creditors and things run smoother and this is very true.

I also mentioned that things were getting tight and she informed me that they have been receiving a large volume of calls asking for a reduction so I am going to go down this route in June and go for a review. CCCS are great and like this forum a tower of strength.


I have to admit once I came off the phone I felt great, empowered but overall relieved that the bills could be paid. All be it for a short period until the creditors find out. But you know what I can only give what I have nothing more nothing less.

Best wishes to all.

Professor_Pat_Pending

HH, £120 a month interest is quite frankly outrageous, at this stage you shouldn't be paying any interest at all. Pester them like mad, contact the Ombudsman, you should not be paying it full stop. :mad: PP

mikon

HH

In the early days I was being charged £400 plus interest by CITI but i wrote to them and also OFT and informed them that as they subscribed to the Lending Code they should adhere to it an assist people in financial hardship by stopping interest. It worked and they agreed to my DMP its worth contacting them again and asking them to stop the interest make sure you also contact the ombudsman.

Good luck

Professor_Pat_Pending

mikon wrote: »

HH

In the early days I was being charged £400 plus interest by CITI but i wrote to them and also OFT and informed them that as they subscribed to the Lending Code they should adhere to it an assist people in financial hardship by stopping interest. It worked and they agreed to my DMP its worth contacting them again and asking them to stop the interest make sure you also contact the ombudsman.

Good luck

Ahhhhhhhhh......................those were the days Mikon!!!