DMP Mutual Support Thread - Part 7

Twit_Head

Heydelboy wrote: »

Can anyone give me some ideas of what to expect with the final payment of a DMP, it's a way off.

Also, I have £15k outstanding, would creditors accept monies if I had say £8k to split?

Who knows?
Some people reckon to start offering a Full + Final offer around 40% of your outstanding debt then work from there.
What creditors (and the debt charities) don't like is favouring one creditor over another. It may seem like sense to us, if you have the cash to pay off your smallest creditor, to release more funds for the others. But it's not popular - you have to be seen to treating all creditors equally.

'Twitty'

Twit_Head

Heydelboy wrote: »

Hi HH,

Thanks for your reply!

I checked the current CCCS amount with the email letter I received from Cabot. Cabot never disclosed a balance or any statements at all stating what I'd be expecting to pay, they just said as long as I keep paying the CCCS all will be fine. They want a review now, I have no problems with that but the difference in balance worries me as if they are applying interest then my end date of the DMP will not come when I think and I'll be left with an awful amount in interest still to pay.

Thanks,

As HH says you need to keep your own running balance. If you have/do lose the plot a bit with interest/charges being added from all sides at start-up, you need to establish exactly where you stand.
A good (and free and sneaky ) way to do this is to sign up to one of the credit reference agencies if they are running a 'one month free' trial offer. Get your up to date balances, use the site to it's full advantage but don't forget to cancel after the free trial period!
As others have said it does settle. The creditors want to see the colour of your money and establish you're going to keep on paying - even if it's a reduced amout.

debtfreewannabee - End part of my post applies to you too. It's horrific seeing all these charges slapped on (yeah I'll just go and print some more money to pay them then :mad:) Grit your teeth and stick with it.

'Twitty'

Twit_Head

Hopelessly_Hopeful wrote: »

The Creditors are legally obliged to give you a statement more than just a balance each year but it would be difficult for them to refuse a full breakdown for you too so ask away.

HHx

Hi HH!
Chirpy and helpful as ever :T
Do you (or anyone else) know the implications if the creditors haven't kept to this part of their legal obligation re: yearly statements?
If you were to challenge do you think it would be a case of 'sorry, we sent it, must have got lost in post'?

'Twitty'

Hopelessly_Hopeful

Twit_Head wrote: »

Hi HH!
Chirpy and helpful as ever :T
Do you (or anyone else) know the implications if the creditors haven't kept to this part of their legal obligation re: yearly statements?
If you were to challenge do you think it would be a case of 'sorry, we sent it, must have got lost in post'?

'Twitty'

Hi Twitty

I think anyone that had cause to 'look' at this would say it's about reasonableness. Approach them after and ask again, no reason why they cannot email.

HHx

debtfree2010

Hey Mrs T,
I changed all the numbers on our MBNA cards online, and was suprised to see that the number entered for my OH card was actually my work number. anyway, deleted it and replaced with mobile number.
Few weeks later, sent out letters and token payments, and a week or so after OH payment was late and MBNA start phoning my work for him :mad: thankfully the receptionist is a very good friend of mine and just said he dosnt work here, I had to phone the 'struggleing to pay' phone number which was a UK specialist and told her the number is my work and she deleted it but up to that point they phoned everyday for a week :mad: so i guess it dosnt matter what you do they will somehow keep your old numbers :mad:

I was stunned to get a phone call from MBNA offering us there partner summat or other that specialise in consolodation loans, i told them i am not interested, so she went on to see if i wanted to clear my debt by remorgaging, when i said no, she asked why i wasnt interested, and i said coz i have been advised by CCCS to never make a unsecured loan into a secured one!! Joker...does she think we are stupid, I gave her a stern voice down the phone and told her straight, i will pay what i can and thats it!! :T

So far everyone has cashed the cheques all token payments of £10, but no one has replied to my income & expenditure sheet, or the offers of payments showing each creditor I was really hoping they would have been in touch even if its just to say there not happy

well apart from that its all pretty quiet....:rotfl:

Twit_Head

Hopelessly_Hopeful wrote: »

Hi Twitty

I think anyone that had cause to 'look' at this would say it's about reasonableness. Approach them after and ask again, no reason why they cannot email.

HHx

B*m!
I was holding on hoping that as I've never had a statement in nearly 2 years from one creditor (keeping check on the balance myself ) that there would be, if not a 'get out of jail free' card (yea dream on!), maybe some sort of legal loophole to wriggle through.
Thanks for that and please just excuse me while I strap myself to the treadmill again

'Twitty'

ianmak

sarahowen wrote: »

Morning, all. Hope you're all doing OK. My first DMP payment was due to go out on 1st April also but I'm pretty much not going to have the money for it. Am ringing CCCS later to throw myself on their mercy and hope they'll be OK with me paying on 10th or 12th.

I don't want to drag the list down but I am having a really hard time with things at the moment. It feels like more bills are appearing out of nowhere (although I obviously must have known about them at some point) and money is just not stretching far enough. I know some of this is to do with not having my paperwork etc... organised but I feel as if I have spent years struggling with this debt and that I am not grown up enough or lack the basic self control to pay my bills on time and stick to a budget.

I'm waffling, I know, but does anyone know what I mean?

Stick in there Sarah!

Speak to CCCS about the budget, as you seem to be struggling. Did you pay the small token payments to your creditors? What sort of bills have you been getting as they should all be included in your budget? When do you get paid? As my payment goes out at the beginning of the month so I know what I have left to play with for the month!

ianmak

Mothermercury30 wrote: »

I still fully intend, every few months, to check that all my creditors are receiving their payments via Payplan. I'm very wary at the moment- especially after getting stung so badly by DCM Money Solutions. A call to each of them will certainly keep me on top of things.

If the creditors don't receive their payments then you'll soon find out about it from them! But it's good to be cautious, and I really do believe a phonecall is good to keep in touch, even just to give an update and make sure everything's ok. That's just my opinion of course!

kneehigh85

Hello everyone,

I have been trawling the internet for advice about a DMP and came across Payplan. I called them this evening and they were really lovely and helpful and for the first time in a long time I hung up the phone after discussing finances not feeling like suicide, including with my partner!!
They are phoning me back tomorrow to do a full break down but I have now read some bad reviews. I guess I just want some support and to know that I am doing the right thing?

secretshopper75

kneehigh85 wrote: »

Hello everyone,

I have been trawling the internet for advice about a DMP and came across Payplan. I called them this evening and they were really lovely and helpful and for the first time in a long time I hung up the phone after discussing finances not feeling like suicide, including with my partner!!
They are phoning me back tomorrow to do a full break down but I have now read some bad reviews. I guess I just want some support and to know that I am doing the right thing?

Kneehigh, hello and welcome to the thread, it's worth speaking to Payplan, everyone has their own opinions and once you've chatted with them you'll know if you're happy to proceed..if not there are other companies that can help or your could do your own DMP.

Good Luck