DMP Mutual Support Thread - Part 7

loobeloo_2

Hello Everyone

Well after YEARS of lurking on this site - being in debt the whole time ( started at £90,000!!!) but using every trick in the book, robbing peter to pay paul, taking out new loans to pay off old loans etc etc - I am now, for the first time ever, late making payments and have decided I MUST make a move and do something permenant about it.

I am not sure if its worry or relief but I am sitting here with tears streaming down my face - I suppose its my lightbulb moment and the first time I have been totally honest with myself about my predicament.

So - to put you in the picture before I ask questions.

I did a rough estimate debt remedy thing on cccs website last night which wasnt far from accurate and it recommended a DMP. Said it would take 5 years to pay off which was a pleasant surprise.

I am now half way through filling in an accurate one.

I have debts to Lloysd TSB visa
LLoyds tsb mastercard
LLoyds tsb overdraft
Mint credit card
Egg credit card frozen at old interest rate and no longer useable
Bank Of Scotland - 2 preference card accounts ( visa debit)
M&S Money mastercard
American Express credit card
Home Shopping personal finance loan

I have a car from ford credit europe - not sure if this counts as hp or personal loan

and I have two computers not sure if theyre personal loan or hp from dell

I have just been late on two payments but have NEVER missed a payment ever

My bank is LLoyds tsb and I have been with them over 30 years ( originally just tsb)

My income varies from one month to the next due to the nature of work ( I am full time employed) but avergaed out over the past 12 months my take home is £2500

I am single and pay board and lodging to my dad who I care for

Havent got an accurate total of debt for you yet but will post it later - am scared to actually complete the form before I ask the following questions - - - I hope you dont mind.



1) I have £14,000 in a santander account - the account is in my name but it is not my money - I ended up keeping it for someone else who woud lose some benefits ( disability and carers I think) if he/she put it in their own bank account

If I do a DMP ( I so want to get this started just so that I know I am taking action) can/will my creditors learn of this savings account and can they take from it?

2)IF I try for a DMP - if any of my creditors refuse to accept it - will I end up having to go to court? If they start any court action against me how public is this - I am so afraid of family members finding out

3) OOPS HIT POST AND SHOULDNT HAVE DONE - - CONTINUED BELOW

loobeloo_2

3) can ford credit insist on having my car back?


I realise that these are questions that have been answered elsewhere and I will search the many pages of dmp threads - but I am really deseperate for some reassurance right now

Thanks so much for reading

Will keep you posted and update with accurate info

CommitedToChange

hi loobeloom,

I can't answer your questions but I just wanted to say hello and good luck - I'm just starting to set up my DMP, scary but a huge relief. So I know how you feel. I too have never missed a payment - til now - but it can only go on so long. 5 years is brilliant to pay it off - mines 16! But we'll all get there and be better for it...

loobeloo_2

Thank You C2C

Have just pressed the final button and theyre now saying 4 years 2 months so thats better than I thought
and I am quite pleased with myself that I have got it down from £90,000 ( how in hell did it ever get THAT high???) to £70,000 - - still totally sickening and shameful but better than I had thought

The ridiculous thing is that as soon as I saw it was slightlky less than anticipated my sick mind said ooo i can shop for new jeans then! I can see that I really need to have a complete and total change of mind and attitude


Can I ask roughly how long a DMP does take to set up on average?

CommitedToChange

I'm not sure - I got my pack within 24 hours - that was on monday, I've got to send them statements from all my debts - so its taking time to get them - then they contact the companies and set it up.

Possibly a couple of months? I've got a template letter to send to my creditors and I'm including a £1 token payment with it...

CommitedToChange

lol I know what you mean about the mindset - its very hard

cuppatea_2

My DMP (with CCCS) is due to begin at the beginning of February.

So far four of my creditors have accepted my payments - good news!

The only downside is that the Payday Loan companies I have (yes, I know, I'm very ashamed on that score) have been ringing me constantly at my work - it's extremely embarrassing and I wish they'd stop, not sure how long I can keep explaining away these 'personal calls'.

Squirrel29

Hi Loobeloo. I'm just starting on my Payplan DMP... just sent my first payment!! They are keeping my car finance separate and have classed it as HP so it looks like it is secured like my mortgage. I pay this off in 4.5 years and the payments I was making on that will then snowball into my other debt repayments so they get paid off faster. Even if you go to court which is pretty unlikely, it won't be publisised. This is the best thing I've ever done. I'm sleeping well for the first time in months.

grantalien

loobeloo wrote: »

1) I have £14,000 in a santander account - the account is in my name but it is not my money - I ended up keeping it for someone else who woud lose some benefits ( disability and carers I think) if he/she put it in their own bank account

If I do a DMP ( I so want to get this started just so that I know I am taking action) can/will my creditors learn of this savings account and can they take from it?

2)IF I try for a DMP - if any of my creditors refuse to accept it - will I end up having to go to court? If they start any court action against me how public is this - I am so afraid of family members finding out

1. - isn't that fraud? surely this person needs to take their savings back and declare it! - I would suspect if its in your account creditors may try and offset,

2. - If you go to court its up on the board as are all the days cases but I am not sure of it goes into the local press - don't think so.

3. Car is classed as an essential item - for my payplan DMP I have carried on paying as normal.

hope this helps and good luck.

loobeloo_2

Thanks for the answers all

Grantalien I simplified my explanation of that money a tad above but youre right it would be construed as fraud so I need to sort that out and we will have to decide if it either is or isnt mine.

Thanks to you all for the reassurances. I still feel sick at the thought of this but even sicker when I look at the fact that the wages I get tomorrow have already gone!