DMP Mutual Support Thread - Part 7

4nnabella

Hi everyone

Have been floating around this forum for some months now, mainly on the weddings thread as OH and I got married last week. Now that that's all over, I need something else to focus on, so am turning my attention to my DMP in a bid to stop plodding on as I have been doing the past couple of years and try to make a bit of a dent in the whole thing.

Bit of background for you:
I started my DMP with Payplan in 2005, after building up approx £16k of debt on credit cards, loans, overdrafts etc etc. My current estimated completion date is September 2015, but I really do not want it to take this long. I am overdue a review with Payplan so am going to email them tomorrow to make an appointment (I would call, but in my experience you spend an hour in a queue before you get through to anyone, and it's not a freephone number!). I am going to give my budget an enormous overhaul, as I feel there are improvements to be made and I should be able to increase my payment.

Today I got the free trial for Equifax and saw my credit rating for the first time in ages. Most things are green, current bank account, current mobile phone account, Littlewoods account etc, so I know that everything I am paying at the moment is up to date but the vast majority of my accounts for the debt stuff are showing as 'in arrears', 'defaulted' or 'arrangement to pay'. This has really frustrated me, although I know it is technically correct.

One option that has occured to me that I don't know if anyone else is doing is to try to put any spare money into a savings account to try and build up a pot of money to eventually offer a settlement amount to all creditors. I know that if I am following a strict budget then I shouldn't have any money left to save, but does anybody find that they are able to do this?

Anyway, sorry for the slightly rambling post. Just wanted to say Hi and please can I join the gang?

grantalien

Squirrel29 wrote: »

I feel a bit panicked now as obviously they had to spell out the negatives such as CCJs and charging orders. Apparently one of my creditors, Nationwide whom I owe £2500 to are a bit keen on these.

don't panic but be prepared! - Nationwide took both myself and my wife to court for similar balances.

We won on both accounts with the judge being particularly cross with them on the 2nd occasion. (search for my previous posts)

if it does happen - make sure you send copies of everything with a cover letter to the court - having said all that it took them a year to get us to court. - Needless to say they have the right to do all this but I lost respect for them in their reluctance to deal with us reasonably.

good luck and be prepared not scared!:T

Squirrel29

Thanks for that, what a farce! Loved that costs awarded against Nationwide. What a nasty bunch. I'm quite nervous about whole thing.

nottseagull

4nnabella wrote: »

Hi everyone

Have been floating around this forum for some months now, mainly on the weddings thread as OH and I got married last week. Now that that's all over, I need something else to focus on....

My commiserations on your rather short marriage. Still, better to discover these things ASAP, don't you think?

CommitedToChange

nottseagull wrote: »

My commiserations on your rather short marriage. Still, better to discover these things ASAP, don't you think?

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

B17c

Hi everyone, i'm about to start a DMP with CCCS, my first payment to go out in a week on th 1st of Feb, i'm just about to post off my template letters to my creditors, i had to open another bank account with a different bank as i have debt with my current bank but coz my credit rating so bad i had to open a savings account then 3/12 down the line, see if i can upgrade it to a current account as i'll be an existing customer then and it wont go thru the central database... i'm scared shitless at what happens if the creditors dont accept the CCCS's offer... what happens if they dont? i really dont want threatening calls/letters or bailiffs or to have to go to court... also, how do i post up a SOA? thank you! sorry for the rambling! xx

ianmak

B17c wrote: »

Hi everyone, i'm about to start a DMP with CCCS, my first payment to go out in a week on th 1st of Feb, i'm just about to post off my template letters to my creditors, i had to open another bank account with a different bank as i have debt with my current bank but coz my credit rating so bad i had to open a savings account then 3/12 down the line, see if i can upgrade it to a current account as i'll be an existing customer then and it wont go thru the central database... i'm scared shitless at what happens if the creditors dont accept the CCCS's offer... what happens if they dont? i really dont want threatening calls/letters or bailiffs or to have to go to court... also, how do i post up a SOA? thank you! sorry for the rambling! xx

Hi and welcome!

Have you tried opening a 'basic' bank account? They should be able to give you one of those regardless of your credit rating.

The Co-Operative Bank's Cashminder, and Natwest's Step are good examples.

B17c

Hi, thank you
I went in to NatWest to open a new current account but got halfway through and it was referred... i asked why that might be and he said if I have a bad credit rating or a bad relationship with my bank (First Direct) eg keep going over my O/D limit ( I do) then it can get referred then declined... ended up getting upset and crying all over the poor man so he suggested opening a savings account, i can have my wages paid into it, direct debits set up and have a visa debit card, but it wont improve my credit rating as its not a current account.
Although he did say in a few months i could try to "upgrade" to their current account as i'll be an existing customer.
Just not looking forward to getting arsey calls, letters etc
Thanks for replying

ianmak

The only thing on top that a current account will offer then is an overdraft, which you won't be allowed to have as it means more credit, so you maybe ok as you are. Else ask them about the step account: http://www.natwest.com/personal/current-accounts/g1/other-accounts/step-account.ashx

CommitedToChange

HI guys

Right I have received my pack from CCCS who have agreed to manage my debt management plan :j

They have a letter for me to send to my creditors - now I was going to do this and send a token payment - but this is not mentioned in the letters, should I add a line in about a token payment and include a £1 standing order or not?

Thanks for the help in advance :beer:

Edit: also how long does it normally take to set up - I can't send it until I get my new bank details, so I know it won't be Feb - would it be ready by March or does it take a couple of months?