DMP Mutual Support Thread - Part 7

Squirrel29

Is it just an arrangement between you and MBNA or have you other creditors and you doing DMP through a third party like CCCS? I see no reason for MBNA to inform the bank if it's just between yourselves. However, your bank could review the overdraft facility and likely check your credit record, then they would spot there is an arrangement. If you are going through CCCS et al, you can't have other credit available. In fact MBNA would probably not be too happy either. Probably best to get rid of overdraft and try to build a rainy day fund.

Hopelessly_Hopeful

newbeginning wrote: »

I haven't heard anything from capital one for ages re my account (credit card), haven't had a statement or anyhting for at least six months, anyone know how often they have to send one?

They are legally obliged to provide one once a year. I'd just write and request without making reference to that.

Good luck

HHx

sickasachip13

Twit_Head wrote: »

Hi
You've done well so far.
With regard to your budget. Have you ensured you've remembered to include ALL your financial commitments when working out how much you have left to live on? It's very easy to overlook something.
If you are with a DMP company I should ask for a review, to ensure you have a realistic amount to live on.
I struggle on my budget sometimes, but I suppose I am deliberately keeping it strict, because my DMP repayment is so low and want to repay.
When you get your job, hopefully you will have got your living budget sorted and can then up your payments (and see that DFD reduce )
Good Luck!

'Twitty'

Hey Twitty,

Thanks for taking the time to reply.

We are being really strict with the budget and are making food go a very long way. Part of the problem is that we have too many pets (some inherited from other people) and these cost an awful lot more than is allowed on the budget. Also we give our 17-year-old son more pocket money than the £11 per month that is allowed. He's still full-time at school, did have a p/t job as well but was laid off. Even these two things put our budget out by £107 pm. Then we've had additional expenses to do with our vehicle, that weren't expected.

The problem is we don't want to drop our payment, particularly as over half of the creditors have accepted it even though it's very low compared to what they would like us to pay.

I have days where I feel very shaky about the whole thing but am very much looking ahead to that DFD. I know we can do it, particularly once I get a job :T

saac13

newbeginning_2

Hopelessly_Hopeful wrote: »

They are legally obliged to provide one once a year. I'd just write and request without making reference to that.

Good luck

HHx

Thanks, I daren't, it might liven them up again, they were a nightmare!

mikon

mozzyc wrote: »

Hi Mikon

I've always been quite positive that they do credit checks before you can take out a mobile phone contract, to make sure you can keep up with the monthly payments. I think just getting a phone alone you'll be fine, but if you take out a monthly contract, you will be subject to a credit check. There's no other reason I would've been turned down too. I think dialaphone would be the same. Just getting a phone, you'll be fine, but taking out a monthly contract with them, they will do credit checks.
Luckily for me, my husbands got a better credit rating than me!

Mozzyc

Here is the link to Dialaphone it clearly states no credit check required.

http://www.dialaphone.co.uk/upgrades.aspx?intcid=Homepage_Boxes_Upgrade

I can only go off what they say. Good Luck

mozzyc

Hi Mikon

Sorry, link didn't work. But if dialaphone don't do a credit check, then might try them next time!

Twit_Head

sickasachip13 wrote: »

Hey Twitty,

Thanks for taking the time to reply.

We are being really strict with the budget and are making food go a very long way. Part of the problem is that we have too many pets (some inherited from other people) and these cost an awful lot more than is allowed on the budget. Also we give our 17-year-old son more pocket money than the £11 per month that is allowed. He's still full-time at school, did have a p/t job as well but was laid off. Even these two things put our budget out by £107 pm. Then we've had additional expenses to do with our vehicle, that weren't expected.

The problem is we don't want to drop our payment, particularly as over half of the creditors have accepted it even though it's very low compared to what they would like us to pay.

I have days where I feel very shaky about the whole thing but am very much looking ahead to that DFD. I know we can do it, particularly once I get a job :T

saac13

No probs-always a pleasure to stick my oar in
But I SO feel for you. My situation is much as yours (but thankfully I am employed.) Not a huge amount of money coming in but trying to live on the absolute bare minimum, so I don't 'fail' my creditors, and can show my resolve to repay.
I had my lightbulb moment 2 years ago and have been living my frugal budget since then. To be honest, it stinks!!! The only way I get through is by doing some E-Bay etc.
Everyone always looks at the money side of things but not so much the personal. The toll on your physical and mental health can be huge.
My thoughts for you? Already you are £107 adrift each month and you can't maintain that loss in your budget every month. I really feel you must review your living costs. The creditors will have to whistle, and hopefully soon your prospects will improve.
Could you maybe find good homes for some of the pets? (sorry I know it's liking asking could you sell your children) Does your son know how things are with you?
I'm a 'mature person' (grumpy middle-aged woman ) who understands the implications and has lived with little money for 2 years. But you are going through a particularly bad patch.
Look at increasing your living costs. As long as you make regular payment of all you can reasonably afford, you are doing all you can to satisfy your creditors.
Don't worry about your DMP. Put your efforts into getting that job and your future prospects. Go get it-"you know you're worth it!"

'Twitty'

Twit_Head

Anna* wrote: »

Hi All,

I have had my 'lightbulb moment' after receiving a letter from MBNA about the increase in minimum payments from 1st April (something that I won't be able to afford).

I plucked up the courage to call MBNA who were actually very sympathetic and suggested a DMP to reduce my payments. I have read as much as I can about the plans.

My question is I have an overdraft of £2000 with my bank (I don't dip into it, it is there purely as a "just in case measure" as I am a carer to my elderly parents). If I enter a DMP with MBNA will my current bank (not affiliated with MBNA) withdraw my overdraft, as in will MBNA inform them that I have entered into a plan?

Any advice would be much appreciated (apart from the non-sympathetic peeps on the forum).

Many Thanks

Hi
I see someone has already answered your question, but just wanted to say I don't think you'll find any unsympathetic folk here on our thread.
In my experience all are very friendly and helpful, not at all censorous or critical.
So welcome - take your shoes off and feel at home!

'Twitty'

debtfreewannabe321

Hi i just wondered if someone could help me, can we put in claims for bank charges & credit card charges if we are on DMPs? As i was reading through the info on here and it says that the companies may demand you close your account and settle up for doing this? Which of course I can't do? Can anyone tell me if they have been sucessful claiming money back on a DMP or if i should just forget it? Thanks

sarahowen

Does anyone know if the CCCS tell you how many payments you have to make or when your debt free day is?