DMP Mutual Support Thread - Part 7

smcshane

To all those who worry about the letters from banks they sometimes do get it wrong!

I have had a conversation with Santander today because they sent a letter saying I had failed to keep to my arrangement!! Gave them a call because my statement clearly showed the payment had been made:mad:

I explained they had been written to by CCCS and me to say that my payment was going up from October payment. They hadn't read any letter properly and presumed my increase should have been September, so by this account I was £1 short (increase only 10% this year).

In the end got an apology for the misunderstanding:T So the moral of the tale. DO NOT panic when the letters arrive, get your facts together and phone them, if you feel up to it.

Sx

SadieM_2

Evening all, I'm just at the beginning of the long road so will be grateful for some company over the next few years. We are right at the beginning of a DMP with our first payment to CCCS due out on 1st November but everyone has been sent a token payment. So far Mint have agreed the payment, MBNA have said it's not enough for a formal plan but they will stop interest in 28 days but Cahoot have said no. We have an overdraft, personal loan and credit card with the Halifax and although we have written to them all ourselves, as well as the CCCS, all we have had is a letter re the personal loan because we have cancelled the direct debit. They seem to have completely ignored the fact that we said we were going on a DMP and just sent a new DD Mandate for us to complete! Is this the sort of experience most people have found in the first couple of months of setting up a DMP? It's also quite scary reading some of the forum as it seems that CCJs, charging orders, etc are quite common place. Has anyone made it right through a DMP without any of these things? Our estimated debt free period is 7 1/2 years but if interest isn't stopped by most of the creditors it's hard to imagine ever being debt free.

mummum2

QUOTE=SadieM;37631716]Evening all, I'm just at the beginning of the long road so will be grateful for some company over the next few years. We are right at the beginning of a DMP with our first payment to CCCS due out on 1st November but everyone has been sent a token payment. So far Mint have agreed the payment, MBNA have said it's not enough for a formal plan but they will stop interest in 28 days but Cahoot have said no. We have an overdraft, personal loan and credit card with the Halifax and although we have written to them all ourselves, as well as the CCCS, all we have had is a letter re the personal loan because we have cancelled the direct debit. They seem to have completely ignored the fact that we said we were going on a DMP and just sent a new DD Mandate for us to complete! Is this the sort of experience most people have found in the first couple of months of setting up a DMP? It's also quite scary reading some of the forum as it seems that CCJs, charging orders, etc are quite common place. Has anyone made it right through a DMP without any of these things? Our estimated debt free period is 7 1/2 years but if interest isn't stopped by most of the creditors it's hard to imagine ever being debt free.[/QUOTE]

Hi Sadie,

It might be easy for me to say don't worry, but just wanted to give you what happened/is happening with me.

Started DMP with fee paying company in Sept 2007 with debt of £64K :mad:. Boy, was I silly, getting into debt do deeply!

Have MBNA and Cahoot, don't have Halifax. MBNA and Cahoot stopped interest almost at once so hopefully will be the same for you. In the past three years have reduced debt to just under 29K:T, another 3 to go according to MSE frills spreadsheet.

Reduction in debt was helped with N/R and Lloyds paying out almost £15K between them for PPI which greatly reduced this original amount, also took on my DMP in May of this year, so now self-managing.

Prior to this, I got in touch with all creditors and asked if they had any objections with me doing a self-managed DMP all (have Lloyds(loan, credit card, overdraft), N/R,(loan) MBNA,(credit card), Cahoot(loan), Santander(credit card), Egg(credit card) bar Santander said it wasn't a problem. Santander because they have an agreement with old DMC and can't change until the arrangement have come to it's final payment (or words to that effect). Told them that I'm giving you more money as I am no longer paying for a company to manage this for me and was told they do not accept self managed DMP's, but taken no notice asked for details to do standing order, which was given to me and have been paying them myself since. No word that they are not accepting payments also not reinstated interest. Keeping silent till they come. :T

My biggest problem has been Lloyds loan and overdraft, in terms of calls/letters, bascially saying that I have not paid amounts on time etc, but when I call them (yes, I do call!) always being told to ignore as I am paying and on time and letters are just computer generated.....hate them:mad:

I to have a property and have not had any CCJ or screaming for C/O from any of my creditors, feeling blessed and maybe this has not happened because of the amount I am paying each month....my DF is saying 2013, but looking to reduce this to 2012...God willing, I will be able to get out of this mess without too much hardship. One thing I do know, will never, ever take on credit cards again as long as I live. Been a cash only girl since this journey started and I don't miss credit at all, in fact it enpower me to pay with cash.

Good luck, keep at it and get inner strength, don't be afraid to read and read some more and if you feel up to it, as well as replying by post call your creditors and let them know that you're not afraid to tackle them when you know that you are right.

MM2

sugar9

SadieM wrote: »

Evening all, I'm just at the beginning of the long road so will be grateful for some company over the next few years. We are right at the beginning of a DMP with our first payment to CCCS due out on 1st November but everyone has been sent a token payment. So far Mint have agreed the payment, MBNA have said it's not enough for a formal plan but they will stop interest in 28 days but Cahoot have said no. We have an overdraft, personal loan and credit card with the Halifax and although we have written to them all ourselves, as well as the CCCS, all we have had is a letter re the personal loan because we have cancelled the direct debit. They seem to have completely ignored the fact that we said we were going on a DMP and just sent a new DD Mandate for us to complete! Is this the sort of experience most people have found in the first couple of months of setting up a DMP? It's also quite scary reading some of the forum as it seems that CCJs, charging orders, etc are quite common place. Has anyone made it right through a DMP without any of these things? Our estimated debt free period is 7 1/2 years but if interest isn't stopped by most of the creditors it's hard to imagine ever being debt free.

Hi Sadie, we are also in the same position as you. We are due to start our DMP with CCCS and our first payment is due out on 1st November like yours. We have a loan and overdraft with the Halifax and after sending token payments we have received a new DD mandate like you and also two letters reminding us we are over our overdraft (although we have now moved banks) but no reply regarding whether they have accepted our DMP! Our estimated debt free period is almost 3 years our other creditors are 3 payday loan companies, next, marshall ward, capital one and Vanquis CC. We are still getting telephone harrassment from Vanquis and have now sent a letter requesting letters only we have again received a call from them today. Good luck with your DMP. Perhaps we could help each other through this. There's also lots of good advice on here. Best wishes.

Loubylou2

Hi Everyone

I think all these letters are standard practise. It seems it varies between creditors. We have a large debt and I am terrified about CCj's and Charging Orders. we have three creditors Tesco, Nat West and Post Office. So far Post Office & Tesco have accepted. Tesco mainly because they have lumped all the interest on so are getting nearly as much as we were paying before!!
NatWest haven't accepted or declined yet. In fact our branch (telephone banking) went out of their way to help me get my name off my mum's bank account before forwarding it to the DCO which has delayed it but was very good of them. I am worried they won't accept as we owe them a large amount and yet they are not getting as much as Tesco because of them adding the interest (hope that makes sense).
Also we have come to realise that Nat West also own Tesco bank which makes me assume they will be even more inclined to go for their pound of flesh!
But folks on here have said that sometimes it can be the creditors you owe the smaller amounts to who are the biggest pain.
We have no equity in our house at the moment as have secured lending as well as the mortgage.
As has been said, I'm not missing the credit cards at all. However tight things are we are finally living in our means. I'm enjoying finding bargains and just saying 'no we can't afford it'. Finding ways of making a few extra pounds as well. In the three months on the dmp I know our standard of living is just as good. Not living with constant guilt abut spending money we didn't have is priceless.

I was speaking to one of the customer advisers at my bank last week and she said banking has changed so much and credit is becoming much more difficult to get hold of. Not totally convinced of that but live in hope for my children.

SadieM_2

Thanks everyone for your input, it really is good to feel your not alone. I spent so many sleepless nights deciding whether or not to do a DMP, although I don't know what else I could have done because the figures spoke for themselves, but at least I now feel that I've taken some control back. I was worried that we hadn't heard from the Halifax so spoke to the CCCS today and they basically said that some of these creditors are so snowed under with DMP paperwork it's taking them several weeks to get back to folk and not to worry.
Thanks Mummum2, I did think about going it alone with a DMP but I'm glad to have the CCCS at the moment, although it might be the way forward in the future,but it was great to know how you have found it all. And Sugar9 I would be very pleased to have your company over the next couple of years, I'm sure we will have lots to talk about - all good I hope. And isn't it strange that after relying so many years on credit cards you feel sort of liberated to be without them, a bit scared but liberated as if in some way they had controlled our lives. Although even without them they'll be controlling mine for the next few years!

Best wishes and thanks again everyone.

dmb_2

I started my DMP on 1st December 2009 and can honestly say its the best thing I've ever done. All of my creditors have been fine. HFC bank, although they accepted it and agreed terms, keep whacking on interest but there's always one that doesn't play ball.
Anyway just wanted to say good luck - and don't worry about CCJs etc - as long as you stick to agreed terms they are very unlikely to go down that route as court will agree same repayment as DMP and it just costs creditors more money.

You won't regret it. Felt like a huge burden was lifted off me and I'm sure you'll soon feel the same

grantalien

dmb wrote: »

Don't worry about CCJs etc - as long as you stick to agreed terms they are very unlikely to go down that route as court will agree same repayment as DMP and it just costs creditors more money.

word of caution - myself and my OH have both had a CCJ awarded against us (lovely Nationwide). We have a redetermination hearing on 5/9th November and based on what I know it should be set according to affordability which hopefully will run in line with DMP (paid for a year now). My point being that these things CAN happen so you cannot dismiss it outright, just be wary of it and not to be too surprised if it happens! - If it does ALWAYS send a copy of anything you send to the creditor to the court!

Chillimonster

Just had my set-up interview with PP. All went well and all figures were agreed on the I/E Budget sheet. Of course he had to cover the worst case scenario as well (they have to i suppose), but the way i see it is that i'm trying to play ball with my creditors and they have nothing to gain by playing hard-ball.

He also mentioned "Cover My Payments" - an income protection plan from PP. He didn't dwell on it, so don't know too much about it.

The Co-op account should be set up by now so will call and get the details for that tomorrow then all i have to do is set up the Standing Order. The first payment goes to plan on 17/11 (My birthday!),

Chilli

cupc4kes

Hi All

Not been on for ages as stuff hasnt been going our way with setting up the new account. The idiot we saw to add me onto my OH's account took all the paperwork with him and guess what he doesnt work in that branch so this just ended up god knows where so its took ages to set the account up, had to go in today to see about a card as they didnt have the paperwork Ive had to do it again hopefully things will now get better. So finally sent off the paperwork to our creditors and also CCCS, sent those today all 1st class recorded and contacted all companies so they have started the switch over of DD's so all should be up and running for Nov's payments. Now its just a case of wait and see.