DMP Mutual Support Thread - Part 7

HayleyLou_2

I have just started my DMP. Im so nervous and downtrodden. I feel like a failure.

Im just scared...any else feel like this to begin with? x

bones65

took me 12 months to realise i couldnt carry on the way i was SPEND SPEND SPEND. when i finally took control of the rheins the burden lifted and that is what you have done taken control its a great feeling too. The debt is no longer controlling you....

LIFE IS GOOD LIFE IS DEBT FREE:T

3431Anna

I sometimes still feel like that, I have just had my annual review with payplan, my payment has gone up by 20.00 per month but i still sometimes feel like i am not making much head way into my debts but a least they are not growing through interest and charges and I am not getting letters and calls everyday so I just try to keep plodding on I no one day they will all be paid Good Luck with you plan

Twit_Head

bones65 wrote: »

i keep seeing at the bottom of each persons thread how much they have already paid off being on a DMP.
i have four creditors 2 have now suspended interest the remianing havent, and what i owe these has actually increased is there anything i can do about these.
BTW they are capitol One and Egg

Are you new to your DMP? It is very usual at the start for creditors to add interest, overdue charges etc. etc
As far as they can see you are not filling your contractual obligations and paying the required amounts. Once you get into your plan, and are making regular (reduced) payments, things tend to settle down.
I believe in writing and setting your cards on the table. Stress your financial diffliculties and your commitment to repaying the debt. Hopefully, your interest might be stopped (or at least reduced.)
I think most of us have experienced our total debt rising at the start before seeng those totals start to go down.
HTH and soon you'll see a decrease too!

'Twitty'

Twit_Head

HayleyLou wrote: »

I have just started my DMP. Im so nervous and downtrodden. I feel like a failure.

Im just scared...any else feel like this to begin with? x

Oh pet, join the club! I don't think there will be a soul on this thread, who hand on heart, can't say they haven't gone through what you are doing, feeling what you are now.
But here we are, going on day to day and settling the finances for our long term future
Please don't think 'failure' or 'downtrodden' - you've taken the first steps to redeem your finances. That is brave, sensible and far-seeing :beer:
Make no mistake it's not easy ride to live on a DMP, but how much better than living in fear and trying to shuffle non-existent money around to live?

Welcome! Keep reading, posting and learning. This is your private escape route

'Twitty'

mikon

******************************************** NOTE FOR DMP NEWBIES ********************************************

Hi everyone

Here is some advice but first ask yourself this question "Where would I be if I did not embark on this DMP, how could I have continued to pay all my creditors"?

Firstly get a copy of the Lending Guidance see the link http://www.lendingstandardsboard.org...endingcode.pdf

Now you can see what the guidance and rules are for lenders and also more importantly what they need to do when someone is in financial hardship ie stop interest or reduce interest. I have read that some of you are worried that embarking on a DMP will mean that interest charges will spiral out of control. Well initially this will happen with some creditors but the majority will either stop or reduce interest and comply with the lending code of conduct. I have used this several times when I have written to creditors and this is my bible. So save it to your hard drive and refer to it.


Now read the following and follow it.

1. Do not sign anything any new credit agreements.

2. Do not sign any letters you send to creditors.

3. Write to your creditors asking them to contact you in writing not by phone also ask them to remove all telephone numbers from their records.

4. If a creditors uses threatening language such as we will ring you at work remind them that it is offence under Section 40 of the Administration of Justice Act 1970 and Section 1 of the Malicious Communications Act 1988
·to harass of debtors with a view to obtaining payment including the issue of letters which convey a threat or false information with intent to cause distress or anxiety.

5. Enusre that erverytime you contact your creditors that CCCS or Payplan are authorised to deal with your finances and therefore they should speak with them and give them your refrencence number.

6. If you get letters from creditors that your not sure about contact CCCS or Payplan and send a standard letter stating point 5.

7. Keep a diary of all contact with creditors and ensure you also make a note of when your reviews with each creditor is due.

8. Please note that some creditors will notify you of acceptance and others will not.

9. Please be sure to check your monthly statements and by law your entitled to one per year.

10. Watch because some creditors such as Barclaycard will stop interest and charges for the first 6 months and for some reason will then restart interest at a low level.

11. Remember all the letters you get from creditors always use the word may "We may take you to court, we may pass the debt on to a third party, you may incur charges etc." Remember the majority of letters you receive will be computer generated and just need to be filed.

12. Keep all correspondence from your creditors.

13. Unlucky for some but most calls stop after about 2 months and some creditors stop immediately but things do settle down.

14. If a creditor or Debt Collection Agencies (DCA) threaten to come to your house to collect debt. They will be breaking the law if you receive a letter from a creditor informing you that they will be calling Do not worry write a letter to the creditor or DCA

To Whom It May Concern

Dear Sir / Madam

Re your reference:

With reference to any possible Home Visit you may be contemplating, I would advise you that OFT rules and regulations clearly state that you can only visit me at my home if you make an appointment and I can advise you now that I have no wish to make such an appointment either now or at any time in the future. Further, there is an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc. (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore, take note that I revoke license under Common Law for you, or your representatives, to visit me at my property. If you send "doorstep collectors" to my home you will be reported for harassment and be liable for damages for a tort of trespass. You would also be liable for conspiring in a tort of trespass by acting in defiance of my instructions and sending someone to visit me nevertheless. Should it prove necessary, I will obtain an injunction.

Yours Sincerely

I hope these cover some points that you all have queries about. Remember

I hope these tips help you.

15. If you receive Default Notice do not worry it is protocol. The creditors follows this protocol and the default is registered for 6 yrs from the date it is served. If the creditor sells your debt the DCA cannot issue a further Default Notice you can only have one Default notice per debt. This is the document that wrecks your credit rating.


I started my DMP 11months ago and if you read my previous posts you will see I experienced the worry, nightmares and tortured myself with what happens if this happens or that happens but 11 months down the line its the best thing I have ever done. I am not ashamed of my situation I am addressing it and facing up to my debts. Together we will get each other through this.

Yesterday had to reduce next months payment because of unforeseen expenses but I am in control of my debt now and entering a DMP has allowed me to live within my means it has also opened my eyes to how much the banking system fails people by pushing credit there way. I will be writing to all my creditors informing them of the reduction and also advising them that it will not and should not jeopardise our current arrangement.

This time last year I was a newbie never ever had I fought the system. I had never heard of a DMP but now I like to think I am quite knowledgeable on the subject and that is all down to me doing research and this forum. I now challenge what my creditors do, I also ensure that my debt is being repaid under my terms and not there terms. Admittedly I have days were I worry but I always go back to the question I asked you to ask yourself at the beginning of this post the answer is Bankrupt or in court being served a CCJ and being forced to make payments. The DMP has allowed me to work with my creditors and come up with an agreed payment plan.

Next month i will be reducing my monthly payments to CCCS due to the increased cost of living, but thats what a DMP is about its about allowing you to live again but also paying your debts off.

I hope this pot helps some of you newbies and if you have any questions just drop me a line or a post. Also I have letters I have used over the year that I am happy to share with you all.

Best wishes for the future

Mikon

howdiditgetto88

Mikon

Thanks for this post. Just started my DMP in March and without the support of you and others on this forum I would have gone mad by now. There are lots of people who stay in the background after endlessly googling "DMP - Good or Bad"...

My DMP story has been eerily quiet with a suspicion that creditors are just increasing my debt in order to maximise it to sell on. The thing is that this forum has taught me that these are the things that happen.

Out of the lows though has come highs....£0 interest in the month from 2 of my Creditors....just a bliss moment.

I regret getting so much in debt and it hurts me to think what a chance in life I have wasted...

...but now I realise as the fog of my debt lifts what a life I have.

MissPriss

Oh, Howdiditgetto88, what a lovely post! I too regret bitterly how stupid I've been, and what a chance I've wasted, and all the time it's going to take me to get back to square one, but how can we not appreciate what we've got? And the truly lovely people on here - and the sunshine! Hope you have a great day, and Easter!

MissPriss

howdiditgetto88

Thank you MissPriss.

Very aware how I have looked on this site and got support by viewing....a just hope I (we) can support others post LBM's but pre "solution". Surely the scariest moment of it all.

The sun is out...my budget bbq awaits...no more expensive kebabs...just sausages and bangers...!!!

ianmak

howdiditgetto88 wrote: »

Mikon

Thanks for this post. Just started my DMP in March and without the support of you and others on this forum I would have gone mad by now. There are lots of people who stay in the background after endlessly googling "DMP - Good or Bad"...

My DMP story has been eerily quiet with a suspicion that creditors are just increasing my debt in order to maximise it to sell on. The thing is that this forum has taught me that these are the things that happen.

Out of the lows though has come highs....£0 interest in the month from 2 of my Creditors....just a bliss moment.

I regret getting so much in debt and it hurts me to think what a chance in life I have wasted...

...but now I realise as the fog of my debt lifts what a life I have.

And think of the life you have ahead of you (a better one hopefully!)