DMP Mutual Support Thread - Part 7

Hopelessly_Hopeful

Twit_Head wrote: »

Many, many years ago when I was at school we did something called 'domestic science.' This involved cooking useful (?) things like rock buns and fairy cakes.
I could write books now about '101 Useful Ways With Mince' or 'The Best Time To Visit Supermarkets For Reduced Prices'
If only there had been serious financial advice thrown in with realistic recipes - it would have been a blueprint for the real world. (As per :money:campaign for today's youth to have lessons in money management.)
Thanks for this link - and ooh a man who can cook :A

'Twitty'

Great idea Twitty - you should consider putting it forward.

HHx

Hopelessly_Hopeful

antk4 wrote: »

CCCS have just written to say that letters have been sent out to our creditors with their offer of payment. How long will it take for them to get back and say whether they've accepted or declined these offers. Thanks.

Four of mine have never agreed, CCCS just say 'carry on regardless'. I heard from 2 straight away and the other 6 after 2-3 months.

Hope that helps

HHx

ohno1

Hi Everyone,

Having completed the CCCS debt remedy questionaire they advise that I should go down the DMP route. I am now upto page 22 of this thread and the incredible information and insight into what we can expect has convinced OH and I to follow the advise and use CCCS services and take out a DMP.

Debts owed by OH and I -
8 creditors-Total = £88k - :eek:

TBH I feel ashamed to be in this situation with 3 children to house, cloth and feed and what makes it worse, I cant see where it all went! anyway enough of the self pity. CCCS predict 5 years to become debt free if all creditors stop interest.

I opened a co-op standard account yesterday and am waiting for that to come through before I can send all paperwork through to CCCS to start the ball rolling.

Need a bit of advice that hopefully one day I can return -

1. I am about to receive a bonus of £8k but need most of this to start the business and to keep £1.5k as a nest egg, would this be looked upon favourably.
2. Once we are in the fortunate position of paying everything back how long does it take before we could organise new credit? Not that we want any at all but we need to reorganise our mortgage. The problem, we are stuck with Northern Rock at 4.78% due having no loan to value and would want to get out of this ASAP.

Thanks all - ohno1

saltnvinegar

Hi All

Quick post just to say I am now 6 months into my DMP!

The time really has flown by and things have settled down pretty well although I have had some review letters from a couple of creditors who will be told nothing has changed in my financial situation.

Only two creditors left to accept:

Santander (no surprise there)

Shop Direct - who have now started passing my accounts to Lowells.

But all in all everything is good and being on a DMP is something I should have done a looooong time ago!

Best

SnV

Hopelessly_Hopeful

ohno1 wrote: »

Hi Everyone,

Having completed the CCCS debt remedy questionaire they advise that I should go down the DMP route. I am now upto page 22 of this thread and the incredible information and insight into what we can expect has convinced OH and I to follow the advise and use CCCS services and take out a DMP.



Total = £87851 - :eek:

TBH I feel ashamed to be in this situation with 3 children to house, cloth and feed and what makes it worse, I cant see where it all went! anyway enough of the self pity. I earn £81,000 inc £7k car allowance and have also started a business on the side that will hopefully bring in a bit of extra cash. CCCS predict 5 years to become debt free if all creditors stop interest.

I opened a co-op standard account yesterday and am waiting for that to come through before I can send all paperwork through to CCCS to start the ball rolling.

Need a bit of advice that hopefully one day I can return -

1. I am about to receive a bonus of £8k but need most of this to start the business and to keep £1.5k as a nest egg, would this be looked upon favourably.
2. Once we are in the fortunate position of paying everything back how long does it take before we could organise new credit? Not that we want any at all but we need to reorganise our mortgage. The problem, we are stuck with Northern Rock at 4.78% due having no loan to value and would want to get out of this ASAP.

Thanks all - ohno1

Welcome to the thread.

1) They will want you to put the bonus into the pot I expect. they would have to find out about it though to do that. They probably cruise these boards so you should be aware of that, especially as you put some very specific details in here. Have you asked CCCS advice?

2) 6 years to repair credit, you may get an interim deal but not likely

Pros and cons of everything I guess

Good luck

HHx

sarahowen

Hey, everyone. Delurking briefly to say I hope you're all OK... Lowells are actually much better to deal with than Shop Direct, so fingers crossed for you.

I've heard back from one company saying they accept what the CCCS have offered and am waiting to hear from the rest. Luckily, I was on a self managed DMP beforehand, so most of the interest had been frozen anyway

Hang in there, everyone. We'll get there...

mikon

Doom and Gloom on the Horizon.

Well I think CCCS and Payplan need to be planning ahead as I think they are going to be inundated with new clients as well as existing clients phoning up for reviews after todays news on inflation.

It is predicted that Bank of England is going to raise the interest rates 3 times this year. I am on a variable rate and will not get a new product due to my credit rating being trashed so I guess if rates go up DMP payment goes down and creditors will have to understand. It is hard enough to live as it is now but with 3 increases it will have devastating impact on some people.

The knock on effect is that anybody with a loan secured against their property will see their monthly payments increase as the interest rate increase a double whammy.

The outlook is not good but together we will get through it.


Hope everyone is doing fine.

Mikon

grantalien

mikon wrote: »

Doom and Gloom on the Horizon.

Well I think CCCS and Payplan need to be planning ahead as I think they are going to be inundated with new clients as well as existing clients phoning up for reviews after todays news on inflation.

It is predicted that Bank of England is going to raise the interest rates 3 times this year. I am on a variable rate and will not get a new product due to my credit rating being trashed so I guess if rates go up DMP payment goes down and creditors will have to understand. It is hard enough to live as it is now but with 3 increases it will have devastating impact on some people.

The knock on effect is that anybody with a loan secured against their property will see their monthly payments increase as the interest rate increase a double whammy.

The outlook is not good but together we will get through it.


Hope everyone is doing fine.

Mikon

I think newcomers might have enough to deal with without panic posts like this! - Yes changes are afoot and times will get tougher but until the bank of England make any decisions its impossible to know with any certainty how interest rates might be affected.

secretshopper75

Mikon...wonder if the chancellor would add my debts to the country's?..maybe we should all petition..

mikon

secretshopper75 wrote: »

Mikon...wonder if the chancellor would add my debts to the country's?..maybe we should all petition..

I have already wrote to the Chancellor about the way the Banking Industry treat people on DMPs. Unfortunately his secretary replied and not George himself.

Grantalien my post is reality and unfortunately newcomers need to be aware of this so that they can prepare for what is on the horizon. I do not want to startle people but that is what this forum is about. People will not be scared off about my post if you read newcomers post you will find that they monitor this forum months prior to embarking on a DMP and some of the post that others post about creditors behaviour are daunting to say the least.

If you look at my previous posts you will see I aim to support and inform people on this site.

Sorry if you are upset by it.

Mikon