DMP Mutual Support Thread - Part 7

mikon

maganan wrote: »

Oh dear today seem to have lost my way, i've managed to stay fairly upbeat about all this so far after all its my fault etc etc, but today i had a letter from CCCS saying santander wont accept my reduced payment for one cc because of "contractual payment required". i checked thinking it was one who'd had a reduced payment this month (due to mergers alot of my debt is with them one way or another) but this was an interest free card and they'd had more than the minimum this month already. Now I'm so scared that none of my debt will be accepted and that this one will just get bigger cos they'll probably start applying interest. I spoke to a lovely lady at CCCS who said to inform them if this happens and also explained that they may just have accepted their quota for that day and that will still send what has been alotted from my payment! I know its my fault but it doesnt seem right that acceptance by the cc companies is such a lottery.

Now I'm really scared, what if they send baliffs around can they take my car if they do i cant work, if i sell it and get something cheaper it will cost more to run (mines v economical £30 tax and 600+ to a tank of diesel) should i put it in someone elses name or is this worse. I think i;ll be able to increase what i pay CCCS from next month now i've looked at where i can cut back but i dont think it'll make much difference to my creditors. i will also hopefully be able to make a small additional payment as when i get paid i should get a bit extra for working over the christmas bank hoildays. I know i'm rambling on a bit here but i dont have anyone else to tell and i cant burden the kids with this. To think yesterday i was feeling so positive cos i made a draft excluder out of an old pillow and turned the heating down half a degree!.............what a joke i am:(

Maganan

You are where I was 7 month ago. It is very frightening and worrying when you first start a DMP. The thing to remember is not all creditors will stop interest and charges immediately, however after about 3 - 6 months they finally do accept and stop interest. All your creditors will be different and some will accept and some won't those that don't will need to be contacted and asked to reconsider. Eventually they will came around and they are letter templates that can be used see the National Debtline website.

As for bailiffs this will not happen. If your making a monthly payment and you can prove to the courts that you are paying what you can the courts generally rule in your favour. Not many companies will go down this route if your making regular payments. Do not worry about this I know you will because I did but now that I have a bit of knowledge and am able to understand DMP and Debt better I know my rights. Also the letters you receive from your creditors will always contain the word MAY we may take you to court you may incur charges may is not will so remember they cannot have what you have not got.

Remember if your debt is increasing through interest make sure to notify CCCS I did this with one of my creditors they kept applying interest for 3 months eventually I wrote to them telling them that they were not helping my financial situation and that the lenders guidance stated that they should help people in financial hardship to reduce their debt I also threatened to report them to the OFT. The stopped the interest the following month.

Your worries are normal and you will have days when you lapse back into this type of thinking. The bottom line is your paying what you can and any court in the land will see that and they will rule in your favour and kick the creditor into touch for wasting court time. Always keep CCCS updated on correspondence from creditors. They are there to help.

Hope this help you and alays your worries it does get better I promise.

maganan

mikon,

THANK YOU SO MUCH!

today has been a bad day, but i've started this so i'll see it through

Your support and helpful advice has made my day thank god for mse!

mikon

Maganan

If its any consolation I worried like hell in the begin. I was absolutely ill with worry about people coming to my house, repossessing my house and going to court. Now that i am 7 months into my DMP I still get the odd wobbly but the people on here and the other forum I subscribe to have been a massive support and honestly I know because they have been here for me.

You have taken the biggest step recognising you have a problem and addressing that. The DMP is the way forward and over time you will look back like I have and wonder why did I ever worry? I laugh at how bad I was out the outset.

Good Luck and don't worry. We are here as are CCCS.

Enjoy the rest of your life.

Mikon

Squirrel29

It's reassuring to read these positive stories about DMPs. I cant wait to get started now.

since2005

Hi all.

I started my DMP in 2005 with CCCS and I do agree that after the first 6 - 9 months it becomes BAU and it just feels like a loan that I pay along with my mortgage. The downside of course is that you have difficulty when you need a replacement car/washer etc but you can't have it both ways. My debt was £33K but I'm now down to around £23. I'm now in a position where I'm looking to settle some/all of my debts.

All I can say is keep going with it. It's tough at times but you can get through it!

mikon

Since2005

It's great to hear from people who have been on a DMP for sometime. It gives a good insight into the long-term picture. I agree with you it becomes like another monthly payment and I would imagine that after 5 yrs your creditors or DCAs will have settled down.

I wish i was 5 yrs down. I guess your right about the problem when things go wrong but living without credit is great and I look forward to the day I am debt free. I did my first christmas this yr without credit and it went well better than I expected.

Regards

mikon

Hi everyone hope you have all had a good day.

Interesting piece of post arrived today from NEXT this one has been dragging on for days see my previous posts.

It reads :

Further to your request to reduce your monthly payment to NEXT Directory (What Request?). To enable us to process the reduced payment, I would be grateful if you could sign and return the enclosed agreement.(I wonder why they want a signed agreement mmm..)

Please note the reduced payment and credit agreement must be returned. The agreement will commence Feb 2011.

I am a little confused one day they inform me that they are transferring the debt to a DCA (was this another method to get the o/s balance paid?). Then I receive a letter setting up a new payment plan. I think NEXT are desperate for me to sign a Credit Agreement. Especially as the original agreement was set up in 2005.

They finish by saying to support you further I have suspended the normal monthly service charge for the period of this agreement.

I am a little confused. I think I will just send a bland letter stating that I am on a DMP and CCCS are working on my behalf and I will continue to make reduced payments on time as I have done for the past 7 months. I will also ask them to refund the service charges.

What is everyones thoughts on this.

Regards

since2005

Mikon

You'll soon be there. Also, it's amazing how your approach (in my case I was a reckless spender who just wasted money) can change for the better and how you can find ways to find that little extra (ebay etc).

Best of luck and I look forward to your post when you're debt free!!

B17c

To quote mikon...As for bailiffs this will not happen. If your making a monthly payment and you can prove to the courts that you are paying what you can the courts generally rule in your favour. Not many companies will go down this route if your making regular payments.

Maganan, you are most certainly NOT a joke... you are in a highly stressful situation and will be hyper emotional at the moment, its a very scary thing what we're all doing/have done but there is always help at hand... mikon for one is now 7 months into a DMP, people i know who dont use these forums have used the CCCS and other such companies in the past and have got thru it, we will get there in the end

And turning the heating down WILL save you money... xx

Superbiatch

Hales82 wrote: »

Hi all

I've spent hours today reading through this thread and it's been so helpful and informative. Me and my husband are poised to enter into a DMP. We can't bury our heads any longer and we need a solution. Feel very stupid and ashamed, along with a feeling scared about the unknown we're getting into

I do have a query I'm hoping someone can advise with. We are going to open new bank accounts tomorrow but we have missed the date with our employers to get our salaries paid into the new accounts. Plus I think I probably won't be able to change the DD's over either.

In the info from the CCCS site, if we have payments due before the DMP start date (which we will, Feb's payments) you're supposed to send a token payment. I did think about withdrawing our salaries and transferring them to our new account (leaving enough to cover our DD's in our old account) but I'm concerned that our bank (HSBC) will just take the money they're owed as soon as they get our token payment and realise we are in difficulty. If this was to happen our DD's will begin to bounce, meaning we will be in a right mess.

Can anyone advise on the best way to time it? Alternative would be to make Feb's payments, but that will just be robbing Peter to pay Paul. Or we could pay HSBC as normal (we have a credit card and overdraft) and just given token payments to our other creditors, but would we then be seen as giving preference to HSBC?

Gah, it's such a mess

I'm no expert, but I got paid into my old account (overdraft, loan and credit card attached) on 22nd December and I felt the same as you - as soon as they cottoned on I couldn't pay them, they'd take all my wages. So I took every last penny out that day and put it in my new account. That gave me enough time to contact all my essential creditors and set up new DD's.

They were all fine with me, no charges. Some are accepting double payments this month whilst others asked me to pay card payments as soon as my new card arrived and then set up a new DD for the end of January. I also cancelled all my old DD's on my old account online to ensure I didn't go further over my overdraft.

I don't think there is ever a good time, but if you think you are in fear of having nothing to live on you have to look after number one (and your dearest of course).

Then your DMP can be set up for 1st March and your £1 token payments can be sent when you receive your new cheque book.

Its just my experience, so hope it helps