DMP Mutual Support Thread - Part 7

jcorbygas

Sam 89 - thanks for your positive posting. I have at last had the courage to fill in the CCCS debt remedy and they have suggested a dmp and I am awaiting the pack from them.
For the last year or so I have been living under a deep cloud of worry and not been able to enjoy myself at all knowing that at some stage I would have to face our huge debts, and finally I couldnt take it any more and took my head out of the sand and sorted our paperwork out and definitely realised we cannot meet all our financial commitments.
The phone calls were starting to come because we are late on payments and I was/am ignoring all calls except local codes, and your post makes me feel hopeful at last. I should have no problem with the budget set as I have been living on less than this!!
It will take us over 6 years to finish the dmp but at last there is light at the end of the tunnel.
I will be spending tomorrow sending token payments to all our creditors and next week trying to move all our bill payments to our Card One bank account.
One worry I have though is that we have our business bank account with Lloyds TSB and we owe them on an overdraft on our personal account and on 3 credit cards. I have been advised that the business account is totally separate and that they cant take funds from that but I wonder if anyone has personal experience of this?

Hope everyone has a good afternoon (well, as good as you can with this weather).

scouselad1974

jcorbygas wrote: »

Sam 89 - thanks for your positive posting. I have at last had the courage to fill in the CCCS debt remedy and they have suggested a dmp and I am awaiting the pack from them.
For the last year or so I have been living under a deep cloud of worry and not been able to enjoy myself at all knowing that at some stage I would have to face our huge debts, and finally I couldnt take it any more and took my head out of the sand and sorted our paperwork out and definitely realised we cannot meet all our financial commitments.
The phone calls were starting to come because we are late on payments and I was/am ignoring all calls except local codes, and your post makes me feel hopeful at last. I should have no problem with the budget set as I have been living on less than this!!
It will take us over 6 years to finish the dmp but at last there is light at the end of the tunnel.
I will be spending tomorrow sending token payments to all our creditors and next week trying to move all our bill payments to our Card One bank account.
One worry I have though is that we have our business bank account with Lloyds TSB and we owe them on an overdraft on our personal account and on 3 credit cards. I have been advised that the business account is totally separate and that they cant take funds from that but I wonder if anyone has personal experience of this?

Hope everyone has a good afternoon (well, as good as you can with this weather).

Hi

I'm not sure what the legailty is regarding taking cash from your business account to pay off an overdraft in your personal account. When I entered my DMP I didn't take the chance, I opened up a new business account with a bank I have no credit debts with. Openeing a new account usually gives you 12 months free business banking to it may be worth doing this now as once you start your DMP I imagine it will be near impossible to open a new business bank account.

Twit_Head

the_tooth_fairy wrote: »

By the way, has anyone heard of `Geoffmr1' . We haven't heard from him for ages. Hope he's ok.

I think ( No, I really hope) he's won the lottery and is living in Mauritius. And he has forgotten us pykies, ha ha!!!

ttf

Had been wondering that myself for some while. Really miss the calm, knowledgeable advice from him.
I'm certain if he won the lottery he wouldn't be that selfish and not think of all of us still here.
By the way if you are in Mauritius Geoffmr and reading this by the side of your private swimming pool, I look fabulous in a bikini - if you are wearing VERY, VERY dark glasses :rotfl: (Or have had a few too many of TF's peach cocktails!)

'Twitty'

Twit_Head

ljm21 wrote: »

just wanted to say thanks for the advice and agree with everyone that I will be saving up for things when this is finally over.

I am a bit nervous going into this with all the phone calls and I have a credit card with the bank I have my mortgage with, so I don't think I'll get a great geal when my current one ends...

In some respects I don't know why I am worrying about the budget because I have no spare cash now.....and I do appreciate the advice about being honest and telling people I can't afford things, but all my friends have really good jobs and don't always understand my situation, but this is for a limited period of time.

I have my interview with payplan evening so anymore advice much appreciated.

thanks again

I know you've had advice re: your mortgage but I too have a mortgage and C/C debt with same bank. I have had absolutely no problems at all with the mortgage side and they have been one of the best creditors regarding the C/C (albeit my smallest debt, but they are being paid back vitually peanuts per month) So be SURE to keep up your mortgage repayments and you can only try for a different deal when the time comes-you might be suprised.
And if you're feeling a bit down sometimes just imagine some of your friends with the really good jobs having to downsize like you are now. How would they cope?
No one said all this is easy but it's a darn sight better than lying awake in a cold sweat in the wee small hours worrying yourself sick.
And the biggest bonus of all? - you've found us 'your virtual friends' and support :j

'Twitty'

Twit_Head

jcorbygas wrote: »

Sam 89 - thanks for your positive posting. I have at last had the courage to fill in the CCCS debt remedy and they have suggested a dmp and I am awaiting the pack from them.
For the last year or so I have been living under a deep cloud of worry and not been able to enjoy myself at all knowing that at some stage I would have to face our huge debts, and finally I couldnt take it any more and took my head out of the sand and sorted our paperwork out and definitely realised we cannot meet all our financial commitments.
The phone calls were starting to come because we are late on payments and I was/am ignoring all calls except local codes, and your post makes me feel hopeful at last. I should have no problem with the budget set as I have been living on less than this!!
It will take us over 6 years to finish the dmp but at last there is light at the end of the tunnel.
I will be spending tomorrow sending token payments to all our creditors and next week trying to move all our bill payments to our Card One bank account.
One worry I have though is that we have our business bank account with Lloyds TSB and we owe them on an overdraft on our personal account and on 3 credit cards. I have been advised that the business account is totally separate and that they cant take funds from that but I wonder if anyone has personal experience of this?

Hope everyone has a good afternoon (well, as good as you can with this weather).

Welcome aboard!
Sorry I can't answer your questions re: business accounts but can only offer general advice.
You are doing the right thing facing up to your situation and you seem to have everything in hand regarding the setting up of your DMP.
If you are used to living on less than your set budget then you are way ahead :beer: You'll soon find ways to shave costs even further ( but unfortunately some months still have more days than money )
I wouldn't worry about the length of your DMP at this stage. Just get the first few weeks over with and then hopefully it will all settle down.
And the beauty of taking your head out of the sand is you can see so much further (even if you are left with a bit of grit in the ears!)

'Twitty'

Julie67

Hi All,

Just sent off our first official payments on the DMP even though neither the HSBC or Halifax have accepted our offers (they all cashed the token payments though and Halifax insist they didn't receive the letter or SOA even though it was in the same envelope as the token payment they cashed and sent recorded delivery:mad:) They both have agreed not to ring me for a month while they review the situation. They will have to accept in the long run, cos they can't have what we haven't got:D
I find myself getting stronger as time passes and much better at dealing with the situation especially on the phone. after all we have been at rock bottom, things can only get better:cool:

mikon

Hi Everyone

I have just sent my first payment to CCCS. My question is CITI Financial have refused the offer CCCS have made to them and they have added in the past 2 months £850 interest on a £12,000 CC debt. My worry is that these charges will continue and the debt will spiral out of control and they will not hand it off to a DCA and if they do the what happens if the DCA continues to add interest.

I read in one case a DCA continued applying interest and a debt went from £3,500 upto £72,000. I cannot increase the payment. I am really worried about this. What can I do???? Help required.

Secondly I have read on this forum some horror stories about people on DMPs being taken to court and CCJs issued, bailiffs calling. Is this becoming more common? What a worry.

7 out of my 10 creditors have accepted my offer. Barclays, Barclaycard & CITI are the ones that have declined.

Has anyone had dealings with CITI or had a similar experience. CCCS advise me that they will hand it off to a DCA. In the meantime CCCS will write to them again I am really worried.

Any help is much appreciated.

ianmak

mikon wrote: »

Hi Everyone

I have just sent my first payment to CCCS. My question is CITI Financial have refused the offer CCCS have made to them and they have added in the past 2 months £850 interest on a £12,000 CC debt. My worry is that these charges will continue and the debt will spiral out of control and they will not hand it off to a DCA and if they do the what happens if the DCA continues to add interest.

I read in one case a DCA continued applying interest and a debt went from £3,500 upto £72,000. I cannot increase the payment. I am really worried about this. What can I do???? Help required.

Secondly I have read on this forum some horror stories about people on DMPs being taken to court and CCJs issued, bailiffs calling. Is this becoming more common? What a worry.

7 out of my 10 creditors have accepted my offer. Barclays, Barclaycard & CITI are the ones that have declined.

Has anyone had dealings with CITI or had a similar experience. CCCS advise me that they will hand it off to a DCA. In the meantime CCCS will write to them again I am really worried.

Any help is much appreciated.

As far as I'm concerned a DCA will not charge interest, as they've essentially bought the debt from the creditor. However, some DCAs may handle the debt on behalf of a creditor instead. I guess in that situation they may continue adding interest.

I can't really help with the interest. I 'think' all of mine have stopped. My ODs were the hardest though, and took 6 months. All you can do is continue to send letters. What I will say is that I've communicated by phone with all of my creditors, and I really do believe this has helped, because from their pov, I haven't been ignoring them (And before anyone says anything, letters and calls from CCCS/PayPlan don't always get through!).

With regards horror stories, that's exactly what they are. I say be aware of it, but carry on as normal for now. If anything does happen down the road, then seek help.

I have a loan with NR, and was terrified too, due to the stories I've heard. But they've been brilliant and understanding.

scouselad1974

mikon wrote: »

Hi Everyone

I have just sent my first payment to CCCS. My question is CITI Financial have refused the offer CCCS have made to them and they have added in the past 2 months £850 interest on a £12,000 CC debt. My worry is that these charges will continue and the debt will spiral out of control and they will not hand it off to a DCA and if they do the what happens if the DCA continues to add interest.

I read in one case a DCA continued applying interest and a debt went from £3,500 upto £72,000. I cannot increase the payment. I am really worried about this. What can I do???? Help required.

Secondly I have read on this forum some horror stories about people on DMPs being taken to court and CCJs issued, bailiffs calling. Is this becoming more common? What a worry.

7 out of my 10 creditors have accepted my offer. Barclays, Barclaycard & CITI are the ones that have declined.

Has anyone had dealings with CITI or had a similar experience. CCCS advise me that they will hand it off to a DCA. In the meantime CCCS will write to them again I am really worried.

Any help is much appreciated.

Hi

Barclays, Barclaycard and Citi would not accept my DMP with CCCS either. I sent a letter to Citi explaining my circumstances in detail and I asked them to help me by freezing and refunding interest, which they agreed to. Although they never accepted my DMP they did accept my payment from CCCS for around 6 months before passing my two accounts to different DCA'S, who accepted my plan without fuss.

I also managed to make Barclaycard agree to my DMP and refund all added interest by simply emailing the Managing Director explaining to him that I required his help and as I had been a customer for blah blah years with an unblemished record it was the least he could do. Within a day my plan was accepted and all interest refunded and frozen.

Good Luck, if they won't accept at first don't give up, just keep asking and asking.

londonfraggle

Hi all!
Has been a long time since I last posted - lots of reasons but mainly because I've actually, for the first time in years, been able to stop worrying (well, at least quite so much!) and get on with my life. Having said that have still been lurking around here!! Thought my long rambling story might help anyone there considering a DMP, because it is without a doubt the best thing I ever have done.

So my story so far....started my DMP in November 09 and whilst not all my creditors (eek 14 of them!) were happy, most were fairly easy going at least (ok - lets just say they were "ok"!), and on the whole the phone calls have stopped and I'm no longer filling a land fill every week with all the letters!

I've had a few rough months on the DMP. I won't bore eveyone with the details but essentially I work overseas a lot and my company don't issue company credit cards so we have to pay all our day to day expenses (and sometimes flights, hotels etc) ourselves. Without telling my company what I'm going through (which for various reasons is an absolute no no) there's nothing I can do about that, short of changing jobs - would be ridiculous in this climate plus I'm actually being paid well enough to now be able to pay all my creditors (through the DMP) a little bit above the contractual payments - yayayayayay (took some time to get there but having now paid off a couple of the smaller ones - through the DMP not through any full & finals - have upped my payments to the others just enough).

However, it does mean that sometimes I have to wait AGES for my company to pay me my expenses back which sometime means I don't have enough to pay my DMP company on time for their payment to get to them. Also if I have a big overseas trip coming I can't go on it without the funds to "fund" it. This has meant a few times having to pay the creditors myself (with my DMP company's agreement) at the end of the month - or even a double payment the following month. Of course this can be a nightmare as with 14 of them it means an entire afternoon on the phone and a bucket load of explanations, finding the right person, etc etc, however it does mean that a) I always know my exact balance and b) I'm speaking to them quite often - which once upon a time would have made me curl up into a ball and cry but now I actually feel quite empowered when I do. I know I'm doing the best I can and that's a lot more than other people with debts who ignore/head in sand/still spend etc are doing. I get a bit of a kick now when I speak to a creditor and can hold my head high instead of making excuses.

So, so far so good. Most are brilliant, some are ok and some are plain mean. But where once I would have caved in, I now utter the mantra "I can only pay you this amount and no more, if you aren't happy here's my reference number and please call my DMP company". I do tend to find that simply talking to them, explaining the situation and just being straight with them, politely, tends to work. Had to do it AGAIN this month (3rd time in a row) and thought my DMP company would kill me, but were brilliant and actually said they were v impressed that I was not only keeping them informed but was making the effort to keep my creditors informed. Yay me! :T

I have some pretty major debts but have managed to reduce by nearly £13,000 since being on my DMP so far (way more than I would have done if had been on my own). It's been a HUGE learning curve and I'm definitely not there yet. I haven't quite "learnt" that I'm on a DMP and budgeting is still a struggle - but it's getting there. This site is a godsend for offers, deals etc. In fact, am off on hol next week (something I couldn't have dreamt of doing a while back - although admittedly OH is paying for most of it for our anniversary and my birthday - and it is only hiking in wales!!! I wanted egypt (the princess in me still hasn't gone!) but still, you get what you can!!) and I'm not doing it on credit - double yayayayaya.

So to all the oldies out there who might have been there when I was stressed and new to this whole DMP thing, a huge thanks for all your help! and to anyone thinking of doing it - DO IT! (but make sure you go to a free DMP provider like CCCS or Payplan). Honestly it is so wonderful to feel you aren't alone and they will listen to you.

Ok - ramble over. Am off to package up the ebay bits I've just sold!!

Fraggle xx