DMP Mutual Support Thread - Part 7

ianmak

sprozza wrote: »

Hi i'm new to this site, have been on a dmp with payplan for 12 months now, all is going well we are just about to have our annual review. Anyway I have a question regarding my mortgage, we are currently with Northern Rock on a fixed rate which is due to end in July we will then go onto the standard variable rate. We cannot re-fix our mortgage with northern rock and if we want a fixed mortgage we have been told that we would need to re-mortgage is this possible whilst on a dmp?

Hiya and welcome.

Have you spoken to PayPlan for advice? They do provide a service I believe to find you a mortgage. Not sure if that's the same with re-mortgages though.

So are NR refusing to give you another fixed rate? As really, each time you refix a mortgage, you're effectively remortgaging anyway. Or that's what I was led to believe.

Back to your original question, you can only try! Providing you've never missed a mortgage payment, I can't see it being an issue, though you may not get a decent rate.

This is the PP site for mortgages & remortgaging. At the end of the day they are a business, so I wouldn't recommend them over anyone else, it's just an option.
http://www.whoslending.co.uk/remortgages.php

Hales82

Hi everyone

Been a little while since I've posted here. All been strangely quiet on the DMP front.

Halifax had originally rejected our DMP due to 'recent spending on the card' so I wrote them a letter asking them to reconsider. Had a response back saying that they are suspending further action on the account for a temporary basis and will accept our payment the CCCS have offered them. I guess it really does pay to write them a letter. They're unfortunately not stopped interest, just reduced it.

BarclayCard had accepted our offer and reduced interest. Wrote to them again and they won't stop or reduce any further but are accepting our offer and not adding any charges.

HSBC is a bit of a strange one. They wrote saying they accepted the offer but would only reduce interest, not freeze it. I wrote back asking them to reconsider and received a reply saying interest is in the T&C's and will continue to be charged at the reduced rate. Then I received my March's statement and there's been no interest added? Under the section saying 'Summary of Interest On This Statement' it says in big capital letters that no interest has been charged. Bit confused what's happening there.

I also think Capital One have stopped interest. We've been sent a letter with a message on it that we're in arrears, but then in small letters it says that if the account is already on a reduced payment arrangement (which it is, they wrote to accept the payment and default us) then we're to take no further action and no interest or charges will be added as long as we stick to the arrangement. I'm still a bit unsure as the letter gives an account summart and says how much will be added in interest next month, but I'm wondering if this is just an automatic letter.

So out of 10 creditors we've only had 2 stop interest, the others have only reduced it (or not replied at all). I'm a bit hacked off as adding interest is going to push our DFD further and further away but there's not a lot I can do about that at the moment. I think because the offer the CCCS has given is quite close to the contractual payments they've decided to just reduce interest rather than stop it altogether.

Living on a budget this last month hasn't been too bad. We've overspent a bit so have a lean few weeks coming up but I've been keeping track of everything on a spreadsheet so can see exactly what we need to cut back on next month.

inamess_man

thanks ian

well had a text today from "cougar collections agency" a quick google shows they are the dca agent for capital one

they are going to write to me shortly , does anybody no whether a dca will generally accept the same terms as capital one did?

have no experience dealing with dca's so its a steep learning curve for me once again

thanks for any further help again

Mothermercury30

Hi all

In the end, I've decided to go with Payplan- they were very helpful, and I've spent quite a lot of time on the phone to them today. They said that a DMP was feasible in my situation, as I have enough disposable income to make this work, and they said that, if they can negotiate lower interest payments, It's very likely I'll be looking debt free in 3 years, making monthly payments of, initially, £580.00

It will be a bit of a tough road, but worth it in the end. Will keep you all posted as the DMP progresses.:D

eyeopener2

inamess_man wrote: »

thanks ian

well had a text today from "cougar collections agency" a quick google shows they are the dca agent for capital one

they are going to write to me shortly , does anybody no whether a dca will generally accept the same terms as capital one did?

have no experience dealing with dca's so its a steep learning curve for me once again

thanks for any further help again

They usually do but if they play the idiot then just quote your CCCS/Payplan number, put the phone down/write a snotty letter, and pay them the same amount anyway.

You have to be tough with these people and remember you always have CCCS/Payplan or whoever to back you up.

*edit - I see you are going "self managed" so therefore just pay them what you are comfortable with. Dealing with a DCA is no different, in fact I find it easier, than a bank. They play hard ball but once they realise your serious in what you are saying, they tend to back off. or they have in my experience anyway

Twit_Head

ianmak wrote: »

Evening all, hope everyone is well!

With regards having a life, and being beholden to debt, I'm curious to know what having a life should be defined as, as that definition is surely different to some people.

My life has changed beyond all recognition after starting my DMP, I've lost weight, learnt how to cook, stopped drinking regularly, and appreciate money a hell of a lot more!

I've met (another) lovely lady, who I think is the one, and after a few dates had pretty much told each other everything there is to know about each other. I told her how much debt I was in a few weeks ago, and though she was shocked, did think I was in a lot worse before I'd told her!

She has two kids, and is a single mum, and is skint herself, so I think we make a right pair, and want to spend time together. I'd love to fuss over her, but I can't always afford it, but tbh I think it'd be all material to her, and just wants us to be together.

So.... we don't currently have 'a life' per se going out, spending money having fun etc, but we keep ourselves entertained in other ways. And for those with dirty minds, I don't mean like that!

Just curious to know what other's thoughts are with regards having a life.

Aagh!
I'm a big softy at heart and I think that's wonderful news. I'm so pleased for you.
Although, as we all know a DMP is ruddy tough to live with at times, it does teach you a salutory lesson. One of the biggest I believe is value - I've only got x amount of pounds; is this item/service/utility the best I can get for my money?
It's really difficult when you're living in the midst of it to see the advantages, but you deserve a huge pat on the back for all you have achieved and you should be proud of yourself. You've become a 'new man' (literally) learning to cook, losing weight etc. And I bet you never thought your life would change so much at the start! As the Monty Python team so famously sang 'Always Look On The Bright Side Of Life'
As to having a life I've found on a DMP that 'treats' of any sort are to be relished and savoured (food references again ) You don't expect expensive holidays abroad/ fine dining/ designer clothes etc.
But a Travelodge sale room/ meal out on Tesco vouchers etc become great events, real red letter days!
As to romancing - staying in is the new going out (well it is in this house anyway)
1) Get a cheap DVD from the library, bottle of plonk from the supermarket and cuddle up on the sofa. :blushing:
2) Cook a meal special meal together - each do one course to share costs
3) Picnics in the summer - pack the food,
the kids and a football/frisbee
4) We ladies love flowers - even if it is a 50p bunch of daffodils from the local market
It's said that money doesn't make you happy, but for me the biggest worry on a DMP is not having that 'cushion' of cash in the bank to protect you from the hard times. Having a safety net would be such a relief.
And lastly are you insuating, implying and inferring that we all have dirty minds when it comes to free entertainment??
Make that number 5 on the list

'Twitty'

Twit_Head

Mothermercury30 wrote: »

Hi all

In the end, I've decided to go with Payplan- they were very helpful, and I've spent quite a lot of time on the phone to them today. They said that a DMP was feasible in my situation, as I have enough disposable income to make this work, and they said that, if they can negotiate lower interest payments, It's very likely I'll be looking debt free in 3 years, making monthly payments of, initially, £580.00

It will be a bit of a tough road, but worth it in the end. Will keep you all posted as the DMP progresses.:D

Welcome to the madhouse then
Three years seems like a lifetime now but it will soon pass. Expect your DFD to fluctuate a bit at start up. Usually takes a wee while for everything to settle into a routine.
Keep focused. You will have to make life changes but you have an end in sight.
My debt is a bit less than yours but my repayments much smaller. My DFD is running about 13 years at the moment. So sometimes it's very easy to lose heart, but this thread helps to keep it all together. :T

'Twitty'

NoMoreDebt_2

Hi all
My partner and i are currently in a lot of debt and we were trying to pay it back and were doing not so bad but things are now getting worse with the cost of petrol and shopping constantly rising and now MBNA wanting to more than double our min payment meaning most of the extra we were paying off our higher debt will now have to go towards that (we have just over £16000 on mbna but as this is LOB @ 6.5% its one of our lowest aprs) we are now looking at probably having to do DMP although it will be with either CCCS or Payplan i do have a couple of questions id like to ask

1. What stuff will i need to send to cccs or payplan?

2. My son currently goes to an afterschool club i pay weekly for the days hes attending but when i tell either cccs or payplan what evidence do i need to show, will i need to keep the recipts from paying or should i ask the manager for a monthly invoice?

3. Also i have paperless billing for my utilities do i need to get them to send me out a paper bill?

Im sure im going to have many more question just trying to sort as much as i can out while im on holiday from work.

thank you for all your help

antk4

My children go to an afterschool club and we didn't have to send in any receipts. We also didn't send any of our utility bills in either. If amount seems high they ask you to justify it.

GibbsRule_No3

I am on a DMP with Payplan and did not send them anything. Everything was done over the phone or online. I don't know if they contacted anyone themselves from the people I said I got my water, gas, electric and phone from to check my statement was true, but I did not send them any bills. I believe CCCS do things differently but not certain.