DMP Mutual Support Thread - Part 7

MissPriss

Hope everyone is ok - am off work tomorrow for hospital appt, so just want to wish everyone a chilled and stress free weekend!

bones65

Hi peoples
I too went from payday to payday living on credit until late last year i totalled the amount of debt i had 25k. made me stop and think i tel you.
During December i studied this forum very closely adn read many posts i did the income outcome calculator and then sought advise from the CCCS (recommended bhy this forum)
I started paying in late january and have since made 3 payments to them enabling me to pay off my parents and ebay fees (from a failed business). Now i owe 4 credit cards. I have managed to stop the interest on 2 now and am awaiting a response from the others.
I have money left over each month now so have started a slush fund in hope that i will have enough by years end to pay off one creditor in full.
Is this a good idea or should i keep paying the normal amount to CCCS i want my debts cleared as fast as possible.
:j

Twit_Head

Hopelessly_Hopeful wrote: »

Winning - you bet. Count me in. That one will keep me going for a while in the gym

UE's certainly not for the faint hearted. Personal choice and all that. Not allowed to post a link to the other site but drop me a PM if you want to check it out Twitty. A few of the Paddler DMPers are over there giving it some welly!


HHx

Thanks HH
I have actually been over and dabbled in 'the dark side' site of UE a while ago, but as you say it's not for the faint-hearted and my conscience gave me a slap as well!

Looked into the statement of account and notice of arrears thing as well today. Wow - bit scary and I agree it is depressing. I was unaware of this. ‘Arrangements to pay are recorded on credit reports and will automatically drop off your report once six years have elapsed from the date of account closure.’

However in looking into that I found info, that stated if creditor doesn't send you statements of your arrears as per schedule, and you don't play ball in paying, the debt could be unenforceable. (Posted a question about this a while ago) ‘Failure to do so results in agreement being unenforceable if customer does not comply with agreement.’


Really busy at the moment but I will try and set time aside over Easter to re-assess my position nearly 20 months in

'Twitty'

Twit_Head

bones65 wrote: »

Hi peoples
I too went from payday to payday living on credit until late last year i totalled the amount of debt i had 25k. made me stop and think i tel you.
During December i studied this forum very closely adn read many posts i did the income outcome calculator and then sought advise from the CCCS (recommended bhy this forum)
I started paying in late january and have since made 3 payments to them enabling me to pay off my parents and ebay fees (from a failed business). Now i owe 4 credit cards. I have managed to stop the interest on 2 now and am awaiting a response from the others.
I have money left over each month now so have started a slush fund in hope that i will have enough by years end to pay off one creditor in full.
Is this a good idea or should i keep paying the normal amount to CCCS i want my debts cleared as fast as possible.
:j

Welcome and haven't you done well? :beer:
Excess money is always a bit of a debatable point. It's always a good idea to squirrel some away so you have a 'cushion' to protect against the financial upsets that come your way - car breakdown, boilers not working etc
Full and final offers may be frowned on by your other creditors but they would be a way off.
Maybe you could save some, but still increase your payment amount a little? Then you would have the best of both worlds - a shorter DFD and some financial security

'Twitty'

Mrs_Ryan

Hi everyone - long time no speak!!

Well, unfortunately for me things have gone belly-up in a big way. I was doing so well with Kensington but was sweet-talked into moving elsewhere (wont say who though - forums have eyes!) and oh, what a mess. Then OH got himself into a massive money mess that I had to help him with, and then to cap it all we were rammed off the motorway in November which made an unholy mess of both me and our 11 month old on very expensive finance car :mad: :mad:

Luckily, the car survived and was fixed, other driver admitted full liability. I was off work for ages and so my wages went right down, so in 6 months of a DMP with this other company I made 2 payments :eek: :eek: I then started getting grief from my creditors about the payments I HAD made not arriving and I had instructed them to tell my creditors about my circumstances while I was recovering with strict instructions for them to leave me alone so I could recover properly and lo and behold, they didnt and I had to change my phone number because of Reliable Collections who said they didnt care if I was capable of managing the account or not, they would keep ringing until I paid them :mad:

So finally, I've gone back to Kensington as Im sick of the grief! I'm still in constant pain from the injury and although my solicitor is working on my case and looking to settle ASAP, I have no idea how long that will be although I will be settling with some of the more patient creditors when my compensation does materialise. Another twist is HFO have stuck their oar in with an old Barclaycard account, threatening their usual doom and destruction (although I did detect a disgruntled tone in the letter that would usually be full of threats knowing that you owned your house etc but the sentence that began 'we know this house is registered to..' ended with a full stop and they clearly were disgruntled knowing the house isnt mine :rotfl:) I've handed it to Kensington to deal with which hopefully they can, I rang them the other day in tears about this bunch as I've read so much stuff about them but Kensington have told me not to worry, they'll deal with it.
I just hope so - going home on Sunday for the first time since the accident (was on way there when it happened) and just need to relax..
Hope everyone's ok.
Mrs_R x

MoneysTooTightToMention

Hello all

We have all been ill with the norovirus and the youngest has been in hospital. Update on my DMP though

Ist SO to Payplan goes out on 1st May. MBNA immediately stopped all charges and interest,fab! LLoyds TSB have refused and are still charging me £80 a month in charges on my bank account. LLoyds TSB collections looking after my CC and loan have aknowledged ex gratia payments of £10 and frozen interest/charges for 30 days, after which time they will add them on again if no arrangemrnt to pay. I find that interesting considering Payplan have already been in touch.
On the plus side, no phone calls, scary letters at the moment, fingers crossed

JSF23

Similar story, first payment to CCCS on 1st May. £538 for at least 7 years, assuming all freeze. Not likely i know.

MBNA have accepted the offer and frozen interest. :j

Only 13 more to accept. :eek:

OhdearOhdear_2

Hi everyone, been lurking and reading this thread from the start.

I have just initiated proceedings with payplan and it seemed like a weight lifted from my shoulders. The advice in this thread has helped tremendously (many thanks to the regs).

However I am getting concerened as my partner and I took out a secured loan with our 100% mortgage and they say they need to include this on the dmp (can understand why) and my partner is very concerned about this as she has a good credit rating and does not want to be linked to my debt. Is this inevitable? Will northern rock get really aggro with us over defaulting on this loan?

It was going so well untill today, and now she is worried sick. I am contemplating cancelling the whole DMP just to keep the peace.

Any advice greatly appreciated.

JSF23

Make sure they know it's secured. DMP's are for unsecured debts. They will take your mortgage and secured loans into account when working out your disposable income excluding unsecured debt repayments. Hope that makes sense.

OhdearOhdear_2

Hi, thanks for the response. My bad, it is an unsecured loan. So I guess that we need not worry about northern rock too much on this?

My partner pays the direct debit on the mortgage and this loan and I cannot see her cancelling this DD for the loan so I guess I am just gonna have to cancel the whole thing.

I just cant see a way out of this at the moment as they need this included and my partner doesnt want to budge.