DMP Mutual Support Thread - Part 7

twentyninetimes

Hi everyone,
This is my first post....
I took my first steps towards clearing my debt last week and finally rang Christians Against Poverty. The woman was so kind and I have an appointment for the 14th June. I'm looking forward to getting stuck in and paying my debts off but worried about facing the reality of the situation. I feel so stupid for letting it get this far - I owe around £8000 (including student overdraft) and I'm only 22 and earning around £1000 a month. A long road ahead but I'm determined to get stuck in, just think I need the support of Christians Against Poverty to be really disciplined and not let it get any further...

Hope everyone is doing well on their DMP, I look forward to sharing moral support with you all

mikon

twentyninetimes wrote: »

Hi everyone,
This is my first post....
I took my first steps towards clearing my debt last week and finally rang Christians Against Poverty. The woman was so kind and I have an appointment for the 14th June. I'm looking forward to getting stuck in and paying my debts off but worried about facing the reality of the situation. I feel so stupid for letting it get this far - I owe around £8000 (including student overdraft) and I'm only 22 and earning around £1000 a month. A long road ahead but I'm determined to get stuck in, just think I need the support of Christians Against Poverty to be really disciplined and not let it get any further...

Hope everyone is doing well on their DMP, I look forward to sharing moral support with you all

twentyninetimes

Welcome aboard. You have made the first and most difficult step which is addressing your financial problems. Well Done. Good luck for the 14th June.

Mikon

mikon

Just checked my online CCCS statement and was shocked at how much my creditors received this month. I had made a reduced payment for the first time due to unforeseen circumstances. Some of my creditors only received £1.60 normally get £5.00 I am expecting them to kick off. I have wrote to all of them and explained my situation so I guess I can just wait and see.

I bet they contact me at the weekend and ruin the bank holiday they always seem to do this.

robinc76

Hi All,

What a wonderful and very useful thread this is. I've been slowly reading this thread for a few months now and it's great to
see some real success stories and also very informative to hear about other peoples experiences with their creditors.

Currently sitting on around 20k of unsecured debt, 10k on a personal loan and the rest is on CC's and my long standing OD with
the Halifax. Am struggling to keep up with repayments and am only just able to cover all of it at the end of each month. Have
Been thinking about setting up a DMP for a while but have always thought my OH would eventually get a better paid job and help
with the mortgage and bills etc. We then had the arrival of our daughter at the beginning of the year and now I feel there is
little hope that my OH will get a well paid job for a while as she wants to be a mum and look after our daughter which I can't
blame her for.

My only real concern about going in to a DMP plan is the affect it might have on renewing my mortgage when the interest rate
terms come to an end at the beginning of next year. Have had my mortgage with the Halifax for around 11 years and never missed
a payment, as it's been ported to a number of different properties as I've moved over the years it's kind of a hybrid mortgage
where about two thirds of it is on a tracker and the rest is on two different fixed rate deals all due to end next year. So I
guess my question is - does anyone know or have experience at renewing their mortgage to a reasonable / sensible rate once
their term has come to an end whilst being on a DMP? Checked my credit scores with Experian and Equifax this morning and both
say I have an excellent score which I know will become trash if I go in to a DMP but I'm really getting to a point now where I
want to be debt free and a frugal saver instead and I'm really fed up with lining the pockets of these financial institutions
while I struggle to make it through each month.
Anyone with any experience in renewing their mortgage deal whilst on a DMP?
Thanks in advance!
Robin.

midget123

mikon wrote: »

Midget

You will have days when you think what's the point, but i am a year in an I can assure you it is worth it. You will imagine the worst Bailiffs, court and all that but the reality is if you make a payment generally speaking the creditors are quite happy to work with you, although do bear in mind that with DMPs there is no consistency.

I have had some ups and downs but on the whole it has been better than what i thought and i have been able to pay over £7k off my debt if i had not embarked on a DMP i would not have paid that amount off the overall debt.

Good Luck and keep your chin up, remember you can only pay what you can and nothing more.

Best wishes

Mikon

Thanks Mikon. Support very much appreciated. Just found your post when you started your DMP, I guess we all feel the same at the beginning.

Midget

sickasachip13

Back once again like a renegade master........

Hey everyone. I thought I'd check in as it's been a while. Our DMP is ticking along nicely, we've had a periodic review and our payment went up £4, which is fine. Most of our creditors are playing nicely and staying in their boxes. Two notable exceptions:

Bank of Scotland Preference Acc - % on again, and off again and on again. Same with default charges. They said they'd stop doing this if my payment to them went up by £1.67 pm. Tempted to arrange this seperately just to shut them up and stop the debt increasing but they're just so incompetent I don't know if it would work or is based in reality. They recently claimed (by phone) that they'd return all the charges to me if I paid the whole amount off within three months (it's £1200, so no chance of that).

Barclays Partner Finance - oh how I love thee! They kept putting default late payment charges on our account at the start of the DMP and would ring up incessesantly telling us that our DMP payment hadn't arrived. The reason for all this was because they would not shift the old payment date and the DMP payment usually arrives from CCCS with them two days later than the old payment. They said they'd change the payment date - first they said this would cost £25, then the next time they said £50. They agreed to stop the default charges though. We refused to pay and they said that they'd have to ring us every month - I said that's fine, looking forward to it matey. So, after ringing us for about 48 hours for each of the last three months they have finally become bored and changed the payment date, for free. Vive la common sense eh?

So, top tip, if you get the same with Barclays PF, just tell them you can't wait to speak to them every month - they'll get bored before you do!

Good luck everyone x

ianmak

robinc76 wrote: »

Hi All,

What a wonderful and very useful thread this is. I've been slowly reading this thread for a few months now and it's great to
see some real success stories and also very informative to hear about other peoples experiences with their creditors.

Currently sitting on around 20k of unsecured debt, 10k on a personal loan and the rest is on CC's and my long standing OD with
the Halifax. Am struggling to keep up with repayments and am only just able to cover all of it at the end of each month. Have
Been thinking about setting up a DMP for a while but have always thought my OH would eventually get a better paid job and help
with the mortgage and bills etc. We then had the arrival of our daughter at the beginning of the year and now I feel there is
little hope that my OH will get a well paid job for a while as she wants to be a mum and look after our daughter which I can't
blame her for.

My only real concern about going in to a DMP plan is the affect it might have on renewing my mortgage when the interest rate
terms come to an end at the beginning of next year. Have had my mortgage with the Halifax for around 11 years and never missed
a payment, as it's been ported to a number of different properties as I've moved over the years it's kind of a hybrid mortgage
where about two thirds of it is on a tracker and the rest is on two different fixed rate deals all due to end next year. So I
guess my question is - does anyone know or have experience at renewing their mortgage to a reasonable / sensible rate once
their term has come to an end whilst being on a DMP? Checked my credit scores with Experian and Equifax this morning and both
say I have an excellent score which I know will become trash if I go in to a DMP but I'm really getting to a point now where I
want to be debt free and a frugal saver instead and I'm really fed up with lining the pockets of these financial institutions
while I struggle to make it through each month.
Anyone with any experience in renewing their mortgage deal whilst on a DMP?
Thanks in advance!
Robin.

Hiya and welcome!

I've had my mortgage with Nationwide for coming up to 8 years (DMP for 3), and I didn't have an issue with renewing my mortgage for another fixed rate. Not sure what happens if you moved to another mortgage provider though. I've always stuck with Nationwide as I don't pay any fees whatsover for moving onto the new rate.

I point people to this site if they ask, but I've no idea what they are like! They are part of PayPlan.
http://www.whoslending.co.uk/

Oh, and do the DMP, what have you got to lose! (Other than your credit rating...).

PurpleTeddyBear

Further to earlier post -

bank account now switched and details passed to payroll, so mt wages go into this one.

Paperwork was sent to CCCS on Monday - call from them today and they will take first payment on 1st July, and will get in touch with everyone beforehand for me.

Huge sigh of relief all round, now just waiting for the phonecalls (and loving the fact that I can say this is being dealt with by CCCS, please deal with them!)

Hope you are all having a lovely sunny day --

Onwards and upwards.

PTB xx

sickasachip13

We found it a great relief PurpleTB, remember when you get your CCCS client ref, keep it and the CCCS phone number handy. Any creditors that ring, you must reiterate that you are working with CCCS, they have worked out the appropriate payment to each of the creditors, you do not have any way to make extra payments at all and then tell them to speak to CCCS, give them your client ref.

At the beginning at least some of the creditors will fail to receive (lose / ignore) the CCCS paperwork, so be aware that these phonecalls will happen - again, refer them to CCCS. Each time this happened I also emailed CCCS to tell them and for one creditor we had to have the paperwork reissued 4 times....

But yes, huge relief overall, it is hard work at times but so less chaotic and stressful than life was pre-dmp.

bones65

As i mentioned earlier in this thread i have split up with my partner who didnt like my debts but other reasons contributed to the split. When i initially took out my DMP with CCCS in january i had a debt of 25,500. My partner didn not want me to go down the route of a IVA because she didnt want her excellent credit rating spoilt by me taking out a IVA. Now we have split i am wondering whether that route may now be open to me to get rid of my debt once and for all in 5 years. Because interest was slow to stop with my 4 creditors one BTW still charges my debt has gone up to £25600 approx.
DFD 2019.:eek:
Is a IVA more advantagious and what are the extra pit falls i own my house (mortgaged)
Any advise and help would be much appreciated guys and gals

Bones xx