DMP Mutual Support Thread - Part 7

ald65

Hi SadieM

I just wanted too wish you well on your DMP journey.
When we started our DMP three years ago we were given 2018 as our completion date [11years].
Due to pay rises we have managed to bring this down to 2013 and reduce it to 6 years in total and we are now half way through:j
It can be tough at times but it has been worth it, I have learnt so much during the DMP journey and WILL NEVER RETURN TO my previous credit dependent days,from now on in it is cash only and it feels so much better

GOOD LUCK

hitabrickwall_2

Morning all. A bit of a bleak month this month. I am still on token payments and will be too late to get info to cccs to start dmp for October so looks like token payments again next month. I have £11.50 in my purse to last 9 days so am today going to get some gold valued (have very mixed feelings about this as has setimental value - mostly presents from family for 21st/18th etc). Hopefully that will give me enough to get through end of the month. I have no nappies, no food in the fridge, fumes of petrol and both of my dogs seem unwell but I cannot afford the vet bills which I feel terrible about. If I could today I would run away but have my son so thats not an option.

I have just drafted and printed a letter to MBNA about stopping the phonecalls and also quoting data protection act to them as they have a few times now contacted my husband about my debt. So hoping that calms down a bit.

Hopefully today my husband will speak to his credit card company about doing a balance transfer to free up some money to clear the overdraft on our joint account so I can be taken off the account and therefore start my DMP. I was just about managing to keep my head above water with Natwest but thats not even working now.

Sorry about the depressing post, onwards and upwards yeah?

Ellieseleven

GGGGrrrrrrrr!:mad: Not only have Santander not stopped the interest on my CC but they have upped it to 34.9 which has taken me over the credit limit so they have also applied late payment fees and over credit limit charges.

I thought it had gone a bit quiet:o

Never mind, they can't have what I haven't got so even though the balance is now going up instead of down I'm just carrying on regardless!

Ellie xx

cupc4kes

Hi All :hello:

I need some advice really. Me and OH are looking into a DMP as things arent looking good. At the moment we have a total debt of about £26,000 which I have to say Im really embarrassed and ashamed about. We have just been coping we arent behind with any payments or anything like that but our o/draft is currently creeping up and up. Im also currently 24 weeks pregnant so come Jan when I go on maternity leave I dunno what we're gonna do. I am gonna be contacting Payplan or even CCCS which is the better 1 or are they just the same? Im worried that they will come up with a payment plan and in Jan we arent going to meet it cos of the drop in my pay. Also to make matters worse I actually work for a bank I dont sell or anything like that and from what Ive been told by work collegues who are also on plans it wont affect my job, but as far as Im aware I think I have to have my wages into that bank acc. How would this work. Im also scared about the nasty letters and default notices as at the min I have a high credit rating when I look on Experian I just feel so helpless and such a failure and cant believe how stupid I am to be in this mess . Im sorry if this is in the wrong place but I really need some advice. Thanks for listening xx

edinburghboy

HI everyone,

i am currently trying to work out how best to approach my huge debt issues and having read all the advice on here and visited various sites i think a DMP is looking the best option so have got my pack from CCCS

reading this thread threw up a few more questions i was hoping someone could answer

* the only debt i am not behind on is my mortgage but will cccs wish to see evidence of this, statements of outstanding etc - so far they've only asked the monthly repayment

* i have two bank accts - santander and first direct. two of my loans are with santander and i have a 6000 o/d also so i plan to add these to DMP and switch to first direct which has an o/d facility and visa delta card. is this a problem? none of the debt is related to either first direct or hsbc the parent company.

* a few folk have mentioned the charity organisations are funded by the creditors and work for them - how much truth is there in that?

* once on a DMP can you approach firms for reduced F&F settlements. the reason i ask is that i can earn bonuses at work and would be keen to get debts removed asap

* if i go on a DMP when will those debts disappear from my credit file?

thanks knowledgable ones

Twit_Head

hitabrickwall wrote: »

Morning all. A bit of a bleak month this month. I am still on token payments and will be too late to get info to cccs to start dmp for October so looks like token payments again next month. I have £11.50 in my purse to last 9 days so am today going to get some gold valued (have very mixed feelings about this as has setimental value - mostly presents from family for 21st/18th etc). Hopefully that will give me enough to get through end of the month. I have no nappies, no food in the fridge, fumes of petrol and both of my dogs seem unwell but I cannot afford the vet bills which I feel terrible about. If I could today I would run away but have my son so thats not an option.

I have just drafted and printed a letter to MBNA about stopping the phonecalls and also quoting data protection act to them as they have a few times now contacted my husband about my debt. So hoping that calms down a bit.

Hopefully today my husband will speak to his credit card company about doing a balance transfer to free up some money to clear the overdraft on our joint account so I can be taken off the account and therefore start my DMP. I was just about managing to keep my head above water with Natwest but thats not even working now.

Sorry about the depressing post, onwards and upwards yeah?

Oh hitabrickwall you really have, haven't you?
So sorry I can't offer you expert advice - hope someone will come along soon to give you concrete help.
Could you maybe pawn your gold rather than selling? - maybe this would give the option to buy it back later?
Put a bomb under your husband's backside and TELL him how it really is for you.
Don't worry about the token payments. You're doing your very,very best, lots of DMPs have wobbles at the start - you are doing all you can to show your commitment.
With the money you have buy cheapest value nappies, beans, pasta etc. just to get you through the week.
As to the dogs, I'm sure I've seen somewhere that the PDSA will help those who are financially distressed. Might be worth contacting them.
I so feel for you. You're really at the bottom of the bucket. But truly, the only way is up
Keep in touch.

'Twitty'

Twit_Head

cupc4kes wrote: »

Hi All :hello:

I need some advice really. Me and OH are looking into a DMP as things arent looking good. At the moment we have a total debt of about £26,000 which I have to say Im really embarrassed and ashamed about. We have just been coping we arent behind with any payments or anything like that but our o/draft is currently creeping up and up. Im also currently 24 weeks pregnant so come Jan when I go on maternity leave I dunno what we're gonna do. I am gonna be contacting Payplan or even CCCS which is the better 1 or are they just the same? Im worried that they will come up with a payment plan and in Jan we arent going to meet it cos of the drop in my pay. Also to make matters worse I actually work for a bank I dont sell or anything like that and from what Ive been told by work collegues who are also on plans it wont affect my job, but as far as Im aware I think I have to have my wages into that bank acc. How would this work. Im also scared about the nasty letters and default notices as at the min I have a high credit rating when I look on Experian I just feel so helpless and such a failure and cant believe how stupid I am to be in this mess . Im sorry if this is in the wrong place but I really need some advice. Thanks for listening xx

Ooh so many questions! Suggest you read back a few pages on this thread. Someone else who works in a bank posting recently.
PayPal and CCCS very similar. Both are free DMP 'charities'. The way they apportion repayments are slightly different but basically they do the same job.
I'm with CCCS and you can do an on-line budget planner, which is excellent. You're probably best to speak in person to one or t'other and explain your pregnancy (congratulations!) and the fairly imminent drop in income.
Where you bank is relevant to where your debts lie. Banks can siphon off C/C repayments if with the same 'family'. You will need an independant curent account.
When you're looking back just a few pages on this thread please also see my posting about not being ashamed. I was Snow White in the credit world and I too spent many a night turmoiling about it. It's not worth the wear and tear on your physical or mental health!
Speak to one of the DMP companies - they will give you expert advice. You can't carry on as you are, especially with a baby on the way.
Stick with us here for info and support

'Twitty'

Twit_Head

edinburghboy wrote: »

HI everyone,

i am currently trying to work out how best to approach my huge debt issues and having read all the advice on here and visited various sites i think a DMP is looking the best option so have got my pack from CCCS

reading this thread threw up a few more questions i was hoping someone could answer

* the only debt i am not behind on is my mortgage but will cccs wish to see evidence of this, statements of outstanding etc - so far they've only asked the monthly repayment

* i have two bank accts - santander and first direct. two of my loans are with santander and i have a 6000 o/d also so i plan to add these to DMP and switch to first direct which has an o/d facility and visa delta card. is this a problem? none of the debt is related to either first direct or hsbc the parent company.

* a few folk have mentioned the charity organisations are funded by the creditors and work for them - how much truth is there in that?

* once on a DMP can you approach firms for reduced F&F settlements. the reason i ask is that i can earn bonuses at work and would be keen to get debts removed asap

* if i go on a DMP when will those debts disappear from my credit file?

thanks knowledgable ones

Hello and welcome!
As per my previous post, you do need to have an independant bank account from where your debts lie.
Not sure about your DMP company question - mine has always worked on my behalf and been very helpful whenever I've needed to contact them.
You can ask for F + F settlements (as many have done with their lesser debts) but the creditors like to know they're getting a fair share of your money.
If you are defaulted, it will be 6 years from the date of the default before it is removed. (Although I do believe some folks who have offered F+F's have asked for the default to be removed from their file.)
As I always say I'm no expert, so I'm sure someone with greater insight will chip in and advise soon.

'Twitty'

hitabrickwall_2

Thank you twithead. I sold the gold and will hopefully get £207 paid into my bank tomorrow which will be a great help. I don't think the PDSA would help although good idea thank you. I am not on benefits and on a good salary just overstretched. Thanks again x

ianmak

edinburghboy wrote: »

HI everyone,

i am currently trying to work out how best to approach my huge debt issues and having read all the advice on here and visited various sites i think a DMP is looking the best option so have got my pack from CCCS

reading this thread threw up a few more questions i was hoping someone could answer

* the only debt i am not behind on is my mortgage but will cccs wish to see evidence of this, statements of outstanding etc - so far they've only asked the monthly repayment
Not sure on this, they never asked me for any proof, and it's not in your interest to lie... they may want to know how much is outstanding, but not necessarily any proof.

* i have two bank accts - santander and first direct. two of my loans are with santander and i have a 6000 o/d also so i plan to add these to DMP and switch to first direct which has an o/d facility and visa delta card. is this a problem? none of the debt is related to either first direct or hsbc the parent company.
That's fine to go with First Direct, however, you must ensure that the O/D is clear, and get it removed, as you shouldnt accrue any additional debt while on a DMP.

* a few folk have mentioned the charity organisations are funded by the creditors and work for them - how much truth is there in that?
I believe they are partly funded by the banks, at least PayPlan are.
http://www.payplan.com/how-are-we-funded.php


* once on a DMP can you approach firms for reduced F&F settlements. the reason i ask is that i can earn bonuses at work and would be keen to get debts removed asap
You can, though PP or CCCS frown upon it, as if you target one creditor, that could be viewed as showing preference over the others, which the banks won't like.

* if i go on a DMP when will those debts disappear from my credit file?
As Twitty says, 6 years from the date of the Default - if you get them. With regards the debt itself, it'll disappear once you've paid it off.

thanks knowledgable ones

Welcome Edinburgh boy!