DMP Mutual Support Thread - Part 7

pure_dead_dopey

HI Guys

Can I pick your brains?
Started DMP with CCCS on 1st Feb and have now been asked to phone for a review. No problem with that but I would like to know how they do it? Don't expect payment to rise much and that's not a problem. What has just occurred to me is how they rework the payments. For instance I am having a nightmare with Amex and they have stuck interest on every month, however quite a few creditors accepted and stopped interest from the off. My question is when CCCS determine the new payment and it goes up, will Amex get more because their balance has gone up due to the interest and will the guys who paid ball and stopped interest get less, cos their balance has gone down, iyswim? If this is the case, then absolutely no incentive for the horrors to stop interest is there???
thanks guys, I await your collective wisdom before I phone CCCS.

ianmak

pure_dead_dopey wrote: »

HI Guys

Can I pick your brains?
Started DMP with CCCS on 1st Feb and have now been asked to phone for a review. No problem with that but I would like to know how they do it? Don't expect payment to rise much and that's not a problem. What has just occurred to me is how they rework the payments. For instance I am having a nightmare with Amex and they have stuck interest on every month, however quite a few creditors accepted and stopped interest from the off. My question is when CCCS determine the new payment and it goes up, will Amex get more because their balance has gone up due to the interest and will the guys who paid ball and stopped interest get less, cos their balance has gone down, iyswim? If this is the case, then absolutely no incentive for the horrors to stop interest is there???
thanks guys, I await your collective wisdom before I phone CCCS.

As far as I'm aware, the review is just for your personal circumstances, and to make sure you're paying the right amount.

As to payments, they distribute as per the original figures you supplied, minus what you've already paid. Any interest added will become a shortfall at the end of the DMP, which CCCS or PayPlan normally ask the creditor to write off. If they refuse, then you'd have to carry on paying for a while longer.

Hope that makes sense!

pure_dead_dopey

thanks Ian, I phoned to make my appointment and asked and you are exactly right, the original proratas are the ones that apply all the way through. Just could not stomach the creditors who were slapping on interest to get more of the payment iyswim.

Blood pressure can now return to normal levels until the next creditor wants to play games.

thanks, you are a fount of knowledge!!!

isthisnamefree

Hi all,

I'm so glad I found this forum.

The credit card bus has finally come to a crashing halt. Tired of waking each morning feeling wretched, I spoke with a friend of who works for the CCCS.

Yesterday I finally went through the questions and faced the figures. I'm in greater debt than I thought. But luckily I haven't defaulted on any payments yet, so I guess that's a bonus.

But you know what? I am absolutely terrified. I can't think straight, I've lost my appetite and just want to vomit all the time:o

I'm entering into a DMP with CCCS. I know that it's the best thing I can do right now. But I'm so scared. I keep yo-yo-ing between: "screw it, I can do this" and "oh my god, oh my god, oh my god...".

It's putting a hell of a strain on my marriage, but at least my wife knows there's a problem now.

I guess there are still some 'hard times' ahead getting all the paper work set up and dealing with my creditors and setting up a new bank account and not being able to have a debit card any more (which is going to make running my business really 'interesting').

Sorry, dudes, I feel like I'm standing at the entrance to a big, long, scary tunnel and I don't want to walk through it. But knowing you guys and girls are here, are going through it too and know what this feels like - well that truly is priceless.

Thanks for reading and I dare say you'll be seeing a lot more of me around here in the weeks to come.

Thank you.

Marcus

mamajojo

Hi Marcus
Well done for jumping off that bus and facing up to the debt. We're all walking in that tunnel with you and honestly its a much better place than being on the outside. I recognise exactly how you are feeling right now and it'll get better once you start the dmp process. You can have a debit card - you just need a basic bank account with no o/d facility - the co-op have been great for us and I know lots of other people would recommend them.
Honestly the LBM and what an we do panic was worse that the inital set up time which was tough but once you are with cccs and have a number from them it will get easier. Lots of invaluable advice and support from the wonderful people here to get you through!
Let us know how you are doing!

the_tooth_fairy

isthisnamefree wrote: »

Hi all,

I'm so glad I found this forum.

The credit card bus has finally come to a crashing halt. Tired of waking each morning feeling wretched, I spoke with a friend of who works for the CCCS.

Yesterday I finally went through the questions and faced the figures. I'm in greater debt than I thought. But luckily I haven't defaulted on any payments yet, so I guess that's a bonus.

But you know what? I am absolutely terrified. I can't think straight, I've lost my appetite and just want to vomit all the time:o

I'm entering into a DMP with CCCS. I know that it's the best thing I can do right now. But I'm so scared. I keep yo-yo-ing between: "screw it, I can do this" and "oh my god, oh my god, oh my god...".

It's putting a hell of a strain on my marriage, but at least my wife knows there's a problem now.

I guess there are still some 'hard times' ahead getting all the paper work set up and dealing with my creditors and setting up a new bank account and not being able to have a debit card any more (which is going to make running my business really 'interesting').

Sorry, dudes, I feel like I'm standing at the entrance to a big, long, scary tunnel and I don't want to walk through it. But knowing you guys and girls are here, are going through it too and know what this feels like - well that truly is priceless.

Thanks for reading and I dare say you'll be seeing a lot more of me around here in the weeks to come.

Thank you.

Marcus

Welcome aboard, Marcus. You are among friends who will give you all the help, support and advice you will need.

ttf

isthisnamefree

Thanks, I can't tell you how much it means to me to have support.

Mamajojo - thanks for the heads up about the co-op. I'll be checking them out.

Bye for now

Marcus

dmb_2

Please could I join this thread and get a number. I've been lurking her for ages and this is always the first thread I read. Thanks

ianmak

dmb wrote: »

Please could I join this thread and get a number. I've been lurking her for ages and this is always the first thread I read. Thanks

Hiya,

No need to join, just get stuck in! I'll sort out a number for you soon, and post it on here.

Hopelessly_Hopeful

Morning Folks and a very happy DMP day. :bdaycake:

Congratulations to those who are seeing their first CCCS payment go off the balance today - including me! That's 2.4% of my debt, yippee, going in the right direction and long may it last. Only another 40 months to go! Have 5 Preditors on board and have my fingers very tightly crossed for the other 7. Huge thanks to everyone for their support and encouragement, especially for the time leading upto the DMP application. I don't think DMP is an easy way out (for the sceptics), I had no other viable option, I was turned down for consolidation loan and am determined to pay my debt back responsibly. For anyone considering a DMP I can tell you the sense of relief right from the day I filled in the application is a huge sense of relief and nothing like that dreadful panic I had lived with for a couple of years since a relatonship break up. As the song says, I will survive! Just need a catchy tune to go with the DMP mantra, they can't have what you haven't got. Anyway, thanks everyone and here's to the future. Never mind the future being orange, here's to less red and more black!

Have a good weekend everyone.

HHx