DMP Mutual Support Thread - Part 7

Hopelessly_Hopeful

poorgrad wrote: »

Thanks, just a few more questions...

1) We have a loan, overdraft and credit card with one creditor - do we need to write separate letters for each debt
2) What do I need to have on the postal order (a/c number or name) and do I need to send letters with the token payments?

1) I's send a separate one for each to keep things tidy, they are often dealt with by different departments.

2) CCs will have 'payment details' on the back of your invoice it will tall you what to write. With my loan I wrote bank name and account number of the loan, it got there! Otherwise you could say in your letter, I would like to send a token payment, please advise whom I should make this payable to. Keep copies of all your letters. The DMP notification template should be included wiht each one, I just added a wee covering letter but this is not mandatory.

HHx

Hopelessly_Hopeful

blondeyk89 wrote: »

Thanks for your help i actually recieved an email from cccs today with the pack attached so i can start to do that now.

So you advise that i write a letter to the court saying i have recently joined a dmp. Should i mention that i could lose my job?

Its because i work in a finiacial sector.

That's what I would do but I'm not an expert. I'd call debtline and CCCS for advice first, particularly as you have the added burden about job concerns.

Do a search on threads here, there have been a few people working in finance that had the same worries and they needed to declare it but both were allowed to continue with their jobs.

HHx

ianmak

Raksha wrote: »

For Justabank users - log on to your home page - across the top are several 'tabs', click on My Paypal and then My Creditors - on the far rh side of this page (when it opens) is the status of your offer. Just remember that this will show the status as Payplan understand it - your creditors may right to you with different information. You can forward this to Payplan if you like, but really it makes no difference until you are close to paying off the initial amount. To find out your total balance, click on the My Payplan summary tab, this is where they show how much you have paid so far, how much your next payment will be, the date, how much you've paid in total so far, and how much is left to pay, as well as an estimate of your debt free date.
HTH

I don't tend to pay any attention to what it says on Justabank, as most of mine just say 'Pending'!

I checked my credit report the other day. Every creditor has defaulted me, except for my NR loan with whom I have an 'arrangement to pay'. They seem quite happy and every year I just have to renew that agreement, or give them an update at any rate.

bluelewis

I don't tend to pay any attention to what it says on Justabank, as most of mine just say 'Pending'!



on my justabank they have now all been accepted only lloyds tsb are playing hard game but have still accepted payplans temporary agreement.

hopeful1983happy

Hi all,

Firstly - the advice on here is brilliant, by sharing everything with others you have really helped me so thanks.

Secondly I have a few questions I was wondering if anyone could help.

a) What actually happens if your creditors don't agree with your payment? They default you and then can they take you to court if they don't accept your payment? I work in the finance sector so am really worried if something goes wrong it could be my job on the line.

b) Are token payments standard while the DMP is being set up? I didnt see anything about it on the CCCS...

c) Lastly - hopefully the last questions - what happens with bank accounts that are for your children? My daughter has two accounts with one of our creditors. One of which I can move because it is jsuta passbook account but the other is a web saver with no access until the anniversay of the opening (which is June). There is about £250 in it, so not irreplacable, but thats not really the point, its money that has been given to my baby girl so what to make sure she can have it eventually.

Thank you in advance for all your help

xxx

sarahowen

Hi, all

My budget makes my head hurt a bit because some of my money comes to me weekly Abd the rest monthly. I never seem to know what's going where etc... I'm working on it though. Just confusing. Budget starts 1st April along with DMP so I've got a few weeks to sort things out. Am getting some financial coaching which is helping but my brain seems to just freeze when it comes to sorting my money out. I can never quite figure out how to sort out the weekly income so there is enough for monthly payments, if that makes sense...

Roll on April...

Hopelessly_Hopeful

hopeful1983happy wrote: »

Hi all,

Firstly - the advice on here is brilliant, by sharing everything with others you have really helped me so thanks.

Secondly I have a few questions I was wondering if anyone could help.

a) What actually happens if your creditors don't agree with your payment? They default you and then can they take you to court if they don't accept your payment? I work in the finance sector so am really worried if something goes wrong it could be my job on the line.

b) Are token payments standard while the DMP is being set up? I didnt see anything about it on the CCCS...

c) Lastly - hopefully the last questions - what happens with bank accounts that are for your children? My daughter has two accounts with one of our creditors. One of which I can move because it is jsuta passbook account but the other is a web saver with no access until the anniversay of the opening (which is June). There is about £250 in it, so not irreplacable, but thats not really the point, its money that has been given to my baby girl so what to make sure she can have it eventually.

Thank you in advance for all your help

xxx

Welcome!

1) Most creditors don't bother to tell you they have accepted. It will take 3 months or so to settle down. It seems unusual for all creditors to accept. There is no rythmn to it is, some think it's done random so that the system is not played. You will see that overall most feel DMP works for them.

2)Most people do token payments the month they are setting up to tied the creditors over. Some do several months, others go straight to plan. I did £10 tokens but you are no better thought of that if you did £1 so save ourself some money for an emergency fund. Of course the advantage of going straight in is your debt is paid earlier!

3) They shouldn't touch accounts with your daughters name on it. It has happened from time to time but a shameful apology usually follows. I think you should run this past your DMP provider or the debtline.

Good luck xx

Hopelessly_Hopeful

sarahowen wrote: »

Hi, all

My budget makes my head hurt a bit because some of my money comes to me weekly Abd the rest monthly. I never seem to know what's going where etc... I'm working on it though. Just confusing. Budget starts 1st April along with DMP so I've got a few weeks to sort things out. Am getting some financial coaching which is helping but my brain seems to just freeze when it comes to sorting my money out. I can never quite figure out how to sort out the weekly income so there is enough for monthly payments, if that makes sense...

Roll on April...

Morning Sarah

Times your monthly payment by 12 to give you (a)
Times your weekly payment by 52 to give you (b)
Add (a) and (b) together = (c)
Divide (c) by 52
That will give you the weekly amount.

That will work for anything you are working out. Find out how much a year of something costs then divide by 52.

Good luck

HHx

hopeful1983happy

Thank you for all your help, very much appreciated. Good news on my daughters account.

Another question I am afraid - has anyone got a company credit card who is on DMP? I have an Amex, all paid for by the company for expenses (I have just paid £180 on it for a return train to london from Birmingham!!!! - no wonder people don't use the trains!). I was just wondering if this was affected by a DMP? It was shown up as a credit check on my file when I intially was given it (god know how though, I was in such a mess) but I dont pay the bills or anything.

I am waiting til payday next week then going to submit a CCCS SOA and budget, hopefully can get it all set up by April.

Thank you so much

ianmak

hopeful1983happy wrote: »

Thank you for all your help, very much appreciated. Good news on my daughters account.

Another question I am afraid - has anyone got a company credit card who is on DMP? I have an Amex, all paid for by the company for expenses (I have just paid £180 on it for a return train to london from Birmingham!!!! - no wonder people don't use the trains!). I was just wondering if this was affected by a DMP? It was shown up as a credit check on my file when I intially was given it (god know how though, I was in such a mess) but I dont pay the bills or anything.

I am waiting til payday next week then going to submit a CCCS SOA and budget, hopefully can get it all set up by April.

Thank you so much

I have a corporate card that I received after I started my DMP. I spoke to my finance dept about any problems and they say there are no credit checks to receive one, as I guess any issues fall back on the dept. Plus if I do misuse it that's my job gone!

I don't seem to remember speaking to my DMP provider about it either!