DMP Mutual Support Thread - Part 7

Toffee_Penny

Evening all!

It's sad to read how many of us seem to be finding it a real struggle lately. We have just had our CCCS annual review and due to tax credit changes, cost of living rises we decided we had no choice but to lower our DMP payment. We always seem to miss one or two payments over the Christmas period when OH work dries up so we are hopeful by lowering the payment we can continue all through the year with a steady payment we can afford. Sadly it puts another 9 months on our debt free date, I can't say I am looking forward to the creditors letters threatening more money

I am feeling a bit down lately with myself mainly, I went for an interview last Thursday for a job which would have seen my wages increase by £400+ a month. Obviously I spent the money fifty times over pretending I had the job (as you do!) but I didn't get it and it gave me dent to the ol' confidence. Never mind suppose I should be grateful I do have a job I just got greedy and wanted a bit more.

I'm still smiling though, onwards and upwards, stiff upper lip and all that crap

Twit_Head

Aremess wrote: »

Thanks RockChick,

I did go through my details with CCCS last year and they wanted me to go down the route of a DRO, but with a small private pension I don't think that that will be an option. They look upon that as an asset worth more than £500 and that makes that nonviable.

I was surprised when Pay Plan said I would need to repay my creditors £150 a month in order for them to set up a DMP. They suggest that I make an Informal offer which will mean some of my creditors will only get £1+ a month. At that rate it will another 400 months to pay off. That's another 35 years which will put me around 100 years old.

I am at my wits end with it all.

Sorry Aremess - I'm doing the 'post before last thing' so have only just seen your latest message.

Would stick by my original advice and re-contact CCCS. If it was a year ago since you last discussed your situation with them, circumstances might have changed and improved in your favour.

Hazarding a guess here , but like me, youth is not on your side??? Are debt collectors allowed into care homes - give us your false teeth or else? :rotfl:

Sorry, not meaning to be flippant, but don't despair. Try CCCS again - there will be a way forward for you.

'Twitty'

Twit_Head

Toffee_Penny wrote: »

Evening all!

It's sad to read how many of us seem to be finding it a real struggle lately. We have just had our CCCS annual review and due to tax credit changes, cost of living rises we decided we had no choice but to lower our DMP payment. We always seem to miss one or two payments over the Christmas period when OH work dries up so we are hopeful by lowering the payment we can continue all through the year with a steady payment we can afford. Sadly it puts another 9 months on our debt free date, I can't say I am looking forward to the creditors letters threatening more money

I am feeling a bit down lately with myself mainly, I went for an interview last Thursday for a job which would have seen my wages increase by £400+ a month. Obviously I spent the money fifty times over pretending I had the job (as you do!) but I didn't get it and it gave me dent to the ol' confidence. Never mind suppose I should be grateful I do have a job I just got greedy and wanted a bit more.

I'm still smiling though, onwards and upwards, stiff upper lip and all that crap

Ooh Toffee Penny - I'm gutted the new job didn't happen for you. Did they realise what a gem they were turning down?
Don't beat yourself up over reduced payments. You're still paying 'em. Would imagine many creditors are getting letters to the tune of 'times is hard, be thankful you're still getting paid on a regular basis'
And we always like to spend what we haven't got!I 'invested' £2 of my hard earned dosh yesterday on a Euromillions ticket. Wow - just try getting your head round £117,000,000! Lovely dreams spending it but then you find you just wasted 2 quid:o
Nil desperandum kid - 9 months extra is just a tinkle in the pot of life:)

'Twitty'

DevonGirl

Twit_Head wrote: »

Nil desperandum kid - 9 months extra is just a tinkle in the pot of life:)

Hahaha :rotfl: - love it Twitty!

You do have a way with words!!!

DG:D

wiston

I would like to thank this website and all the helpful contributions and advice. I set up a DMP with CCCS and it has worked out exactly as they said. I made half payments for all my creditors except my bank OD and explained the situation when they called me or sent letters. MBNA and Halifax were quite understanding. Both halved my interest rate. If you follow their instructions and advice it really does work. The quality of advice on this website is excellent as well.

The_Cheshire_Cat_2

Hello all.
Been reading through lots of posts on the forum and fantastic advice it is!

I'm just after a little advice/opinion.
I have just set up a DMP with CCCS and all is progressing well and my first payment is due on this week.

However, my biggest concern is what would happen should some sort of unexpected emergency occur, such as car problems that need a chunk of money to fix. In the old days I'd probably just bang that onto a credit card! Do others on a DMP have any sort of contingency fund that they could fall back on in an absolute emergency - and how much do people put aside for this?

Out of the blue today I had some good fortune at work and a new job that raises my income by roughly £450 a month, but initially only for 6 months. I know that I'm supposed to let CCCS know about this change but at the back of my mind I'm thinking I should maybe squirrel some of this away into a separate emergency account.

Grateful for any thoughts!

Toffee_Penny

The_Cheshire_Cat wrote: »

Hello all.
Been reading through lots of posts on the forum and fantastic advice it is!

Out of the blue today I had some good fortune at work and a new job that raises my income by roughly £450 a month, but initially only for 6 months. I know that I'm supposed to let CCCS know about this change but at the back of my mind I'm thinking I should maybe squirrel some of this away into a separate emergency account.

Grateful for any thoughts!

OI!!! We didn't go for the same job did we? :rotfl:Well done you Ches! :j

If I were you and just starting out on my DMP I would NOT offer extra payments just yet. The reason being as much as you want to clear the debt as quick as possible from your life the first few months are not easy. The creditors will probably continue to add interest and charges until they realise you are genuine and cannot afford massive monthly payments like before. Any extra payments you make will be swallowed up from interest and charges and will be pointless.

For what it is worth I would enjoy the extra money, live by your budget what you originally agreed on your DMP and within the 6 months set up an emergency fund of at least £1000 to cover any household items replacements (my dryer and washing machine went within a few weeks of each other) or cash for car repairs/services etc if needed.

If you do have little debts for a hundred or so then I suppose you could consider clearing these with the extra cash to get rid.

Hope this helps? x

creditcrazy

Hello all!!!Well my first DMP payment goes out to CCCS tomorrow.All has been very quiet with my creditors,a couple have been in touch to say they accept but also a couple haven't...feels like the calm before the storm! Although I have not made full payments to any of my creditors for 2 months some just seem to be ignoring the fact as I have heard nothing from them,should I be worried about this?? Hey ho,suppose I will just have to wait and see what the next few months bring.

PoshPants

Morning CreditCrazy!

I'm in exactly the same position with my first payment starting tomorrow and having not been able to make payments to some creditors for the last couple of months.

I definintely think it's the calm before the storm as you say but just keep telling myself not to worry about what may or may not happen. If anything starts kicking off I'll be on here like a shot for advice and speaking to CCCS.

Good to know you're not going through all this alone though!;)

Tats_2

creditcrazy wrote: »

Hello all!!!Well my first DMP payment goes out to CCCS tomorrow.All has been very quiet with my creditors,a couple have been in touch to say they accept but also a couple haven't...feels like the calm before the storm! Although I have not made full payments to any of my creditors for 2 months some just seem to be ignoring the fact as I have heard nothing from them,should I be worried about this?? Hey ho,suppose I will just have to wait and see what the next few months bring.

Exactly the same boat as you! First CCCS payment comes out tomorrow and not heard back from any creditors (7) yet!? At least we're not alone!