DMP Mutual Support Thread - Part 7

ianmak

salduck wrote: »

How long should i wait to hear from Companies regarding freezing interest? i sent off my letters and CCCS have sent through my DD details to be taken in June however i havent heard anything from anyone apart from a few letters saying "you aint paid!!".. Also when should i expect my log in details from CCCS for the online management?
Sorry hundreds of banal questions!
x

Most of mine stopped pretty sharpish, though MBNA took a couple of months, and my two ODs took 6 months, in the meantime adding lots of charges too. At no point did I ever ask them to stop interest though.

Matt_EA

salduck wrote: »

How long should i wait to hear from Companies regarding freezing interest? i sent off my letters and CCCS have sent through my DD details to be taken in June however i havent heard anything from anyone apart from a few letters saying "you aint paid!!".. Also when should i expect my log in details from CCCS for the online management?
Sorry hundreds of banal questions!
x

Re the login details for online DMP management, mine never arrived and so I rang up. I was advised to go to www.cccs.co.uk, click DMP Login in the top right corner (grey bar), then click Forgot password. It'll ask you for your client ref number and your email, and then send you a new password. I got mine straight away, good luck!

geoffmr1

copperboom wrote: »

Hello everyone! I hope you're all having a nice, lazy Sunday

I have a question about F&F's as there's a small chance I may receive some money from a relative to the tune of just under half what I owe in total.

If I make a F&F offer to each of my creditors for 45% or whatever it might be, and they reject it, will they still expect to receive that money from me since they know that I have it? My relative doesn't really want to give me this money unless it's going to clear this debt rather than just contributing to it. And if some of them say yes and others say no, would I just be able to pay the amount those who said yes and then give the remaining "no" money back to my relative? Or would the best practice be to choose my two largest debts and offer them both 75% or whatever the amount came to on them and then just continue with a DMP for the remaining, smaller debts if they say yes.

I hope all that makes sense, and I hope you can help as my relative is reluctant to give me the money until they have all the facts (if at all, as they had wanted to give me this amount to save towards a deposit on a house )

Hi copperboom,

I do agree with Toffee Penny about F&F's. It's highly unlikely any creditor will agree to one if you have only just started your DMP. As suggested I would leave it a few months (maybe 6) and then make them.

I would say that 45% is actually a decent amount to offer & in all honesty I wouldn't initially start that high, maybe 30% to each.

With regards your other question, you need to make it clear when offering F&F's that the lump sum payment is only available if they accept the offer, this is standard practice. In answer to your actual question... yes you will be able to give your relative back the money that any creditor rejects, if one creditor rejects the offer it does not mean you have to pay the others more or make a lump sum payment to bring your debt down.

Hope this helps.

geoffmr1

Having seen a few comments on here about PP trying to sell insurance and that their first choice debt relief quite often being an IVA can I just say that it seems CCCS have also taken the IVA route. Nobody should be fooled, both PP & CCCS make money from IVA's and a lot of it. CCCS' IVA is one of the lowest charges around but still earns them £5000 per client.

My DMP was with CCCS and they handled it very well, I never had any complaints about that at all. The only complaint I had about them was with regards their legal advice, it was only the fact that I called them twice and got two different answers to the same question that I went elsewhere to get advice. If I had listened to CCCS I would have ended up with a CCJ & charge on my property.

I think both PP & CCCS are excellent at managing DMP's, just don't rely on them for other things.

dubczech

hi all,

I havent used the forum in such a long time but hope someone can put me stright.

I ve been a debt free wannabee for around 4 years, starting with debts of around 22K - now Im in debt to the tune of around 7k

ive been on a dmp for about three years with another two to go

now heres where im looking for advice:

i am pondering quitting my dmp and looking for a loan to clear the rest of my debt ( and also possibly buy a new, well 2nd hand car)

but im also aware that perhaps i should sit tight until tottally debt free.

if i go down the loan route, and with poor credit history, would i be paying a fortune? anyone recommend a suitbale lender?

geoffmr1

dubczech wrote: »

hi all,

I havent used the forum in such a long time but hope someone can put me stright.

I ve been a debt free wannabee for around 4 years, starting with debts of around 22K - now Im in debt to the tune of around 7k

ive been on a dmp for about three years with another two to go

now heres where im looking for advice:

i am pondering quitting my dmp and looking for a loan to clear the rest of my debt ( and also possibly buy a new, well 2nd hand car)

but im also aware that perhaps i should sit tight until tottally debt free.

if i go down the loan route, and with poor credit history, would i be paying a fortune? anyone recommend a suitbale lender?

Hi Dub,

Firstly congratulations for doing so well on your DMP. Secondly, I must say I see little point in getting a loan to pay off your remaining debt, without knowing your exact circumstances it's hard to say but I would assume by now that all your creditors have stopped charging interest. Therefore to get a loan to pay the 7k off means your effectively going from an interest free debt to one in which you will be paying a lot of interest.

There is going to be very little difference between being on a DMP to when you first pay it off, it will take time to build your credit record back up. The interest rate on a loan will be prohibitive right now.

CommitedToChange

Dub

Personally I would sit tight and ride out the DMP - I can't imagine anyone would give you a loan at a sensible apr, Why would you put yourself in more debt when your DMP is working?

Plus lets be honest - consolidation loans rarely work.

Hales82

Hey Everyone

It's been a while since I posted on this thread, have been lurking but haven't posted as, to be honest not much has been happening

We're now 3 payments into our DMP and all is going really well. We've had acceptances from MBNA, Egg, Barclaycard, Halifax, Capital One, Tesco Credit Card, Next and HSBC for a CC and an overdraft. Tesco Personal Finance and Santander have also accepted for loans.

They've all stopped interest apart from Barclaycard, they've reduced it to 6%. Some said they weren't going to stop interest (I'm looking at you HSBC and Halifax) but on my most recent statements there's been no interest added :T

HFC haven't officially accepted our offer, but on this months statement there's no interest and no charges :T

It's so nice to see money coming off the balance. In 3 months we've paid a little over £3,100 off and it feels good We've still got a long way to go but I feel we will get there.

I'm really getting into the swing of budgeting. I can't believe how much mine and H's attitude to money has changed so drastically. It's true what everyone says on here, as soon as it's your own cash you really think twice about what you need.

To all those just entering into a DMP, it can be incredibly stressful at the start, changing banks, DD's etc but stick with it. It really is worth it. Without the DMP we wouldn't EVER be debt free I don't think, it would have taken a lottery win to get us out of our hole. We still have a lot of debt now, but we're doing something about it and can see light at the end of the tunnel.

Good luck x

antk4

Got home from work today to yet another lovely letter from Santander. I phoned them ready for an argument and the person I spoke to said plan was accepted and interest stopped. Only started Dmp in March and now all 8 creditors have accepted and stopped interest and charges. Can finally see light at the end of a very long tunnel.:j

Growurown

ianmak wrote: »

Good news on the bank account, just remember to cancel or refuse that overdraft, if you haven't already done so!

Ooooh gosh I know I should but it is so tempting! No you are quite right will phone them asap. Thanks for the good advice!;)

PS I was slightly alarmed by this big red newbie sticker. Thought I had done something wrong!