DMP Mutual Support Thread - Part 7

mummum2

Hi all,

Not been on for a while! but wanted to let you all know that I've closed Cahoot with PPI payment( almost £4K), I'll get about £68.00 from that, but that's fine, as account is paid in full and closed! also Egg PPI payment reduce the balance on this debt to just over £600, outstanding balance of just over £4K. My debt now stands at £21,362.49, still have Lloyds, MBNA and Abbey credit cards PPI to come. Praying these get paid out and who knows maybe, just maybe I'll be able to be debt free sooner than I thought! was looking at Mid 2014, at the moment with the above payments looking at 2013, so might be able to make final payments to debt in late 2012. I could God willing be DEBT FREE!!

Keep plugging everyone, we can do this, I can't believe almost 4 years ago, I was so scared and had a debt of over £64K, so don't lose sight of the finishing, it WILL happen! Good luck!

MM2

bertie1606

mummum2 wrote: »

Hi all,

Not been on for a while! but wanted to let you all know that I've closed Cahoot with PPI payment( almost £4K), I'll get about £68.00 from that, but that's fine, as account is paid in full and closed! also Egg PPI payment reduce the balance on this debt to just over £600, outstanding balance of just over £4K. My debt now stands at £21,362.49, still have Lloyds, MBNA and Abbey credit cards PPI to come. Praying these get paid out and who knows maybe, just maybe I'll be able to be debt free sooner than I thought! was looking at Mid 2014, at the moment with the above payments looking at 2013, so might be able to make final payments to debt in late 2012. I could God willing be DEBT FREE!!

Keep plugging everyone, we can do this, I can't believe almost 4 years ago, I was so scared and had a debt of over £64K, so don't lose sight of the finishing, it WILL happen! Good luck!

MM2

Thats fantastic! Well done! I have only just started the journey, first payment to cccs will be 1st August, and I haven't had an 'end date' yet. I have worked out it will be about 9 years from now IF they all stop interest and charges with the amount we will be paying to start! Hubby works on commission, so hopefully a few good months and it will be sooner!

Twit_Head

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.

Hi to you (and PoshPants,Tats and Bertie) :wave:
Don't worry! Not hearing back from creditors is par for the course. Some will confirm acceptance, some might play hard to get, and some you won't hear a dicky bird from.
Just keep on paying your agreed DMP payment, (as well of course as your mortgage, utility bills as a priority.)
You might find some creditors do/don't respond but will start slapping on interest charges (letters, missed payment fees etc) but whatever, don't fret too much about what might happen.
Let 'keep on paying' become your new mantra!
Your creditors need to know that although in difficulties you are going to repay your debts (eventually ) so they might (and I did say might ) be a bit awkward at first.
Give it a while to settle down, and not too far into the future, you'll probably be thinking 'thank goodness we faced up to our money troubles and are moving on from there'

'Twitty'

rubyjam

Hello! It's nice to read that there is light at the end of the tunnel! Right now I'm in a very dark one can't see a blinkin' thing!

I've just sent off my letter to CCCS accepting my DMP and have spent the best part of today printing off letters, cancelling DD's and have opened a new bank account. I'm feeling slightly sick at the thought of not paying anyone though because I've never missed a payment ever.

But it had to be done. We've been living off thin air (and credit cards) for months, probably years if I'm being honest and the final straw came with this years Child Tax Credits/Child Benefit notifications (2 children leaving education this year) and Virgin's increased minimum payment.

So now I'm waiting for bad things to happen and praying that the phone calls/letters aren't too nasty.

I have a question - should I send a token payment with my 'I'm in financial difficulty' letters or should I just wait to hear from them? It doesn't seem right not paying anything.

Thanks

Twit_Head

DevonGirl wrote: »

Hahaha :rotfl: - love it Twitty!

You do have a way with words!!!

DG:D

Shakespeare eat your heart out???:rotfl:
Now, if only a publisher would like to send an advance for £50,000 and a 5* book tour of Venice I'd leave here like a shot (tart!)
Always say DG I'm not an expert on money matters but we're all this together, so I hope a friendly word and smile helps in this place where we can privately let off steam.

'Twitty'

Twit_Head

rubyjam wrote: »

Hello! It's nice to read that there is light at the end of the tunnel! Right now I'm in a very dark one can't see a blinkin' thing!

I've just sent off my letter to CCCS accepting my DMP and have spent the best part of today printing off letters, cancelling DD's and have opened a new bank account. I'm feeling slightly sick at the thought of not paying anyone though because I've never missed a payment ever.

But it had to be done. We've been living off thin air (and credit cards) for months, probably years if I'm being honest and the final straw came with this years Child Tax Credits/Child Benefit notifications (2 children leaving education this year) and Virgin's increased minimum payment.

So now I'm waiting for bad things to happen and praying that the phone calls/letters aren't too nasty.

I have a question - should I send a token payment with my 'I'm in financial difficulty' letters or should I just wait to hear from them? It doesn't seem right not paying anything.

Thanks

Hi rubyjam and welcome!
Just a very, very brief answer as I REALLY must go now but you are in the right place, and doing the right thing.
It is best to send a token payment with your letters, £1 is sufficient.
Postal orders fine. Don't sign your letters with your usual signature, just print or leave blank.
Hope someone comes along soon with a fuller answer but for now - hello! (reading back a few pages on this thread is always informative)

'Twitty'

rubyjam

Twit_Head wrote: »

Hi rubyjam and welcome!
Just a very, very brief answer as I REALLY must go now but you are in the right place, and doing the right thing.
It is best to send a token payment with your letters, £1 is sufficient.
Postal orders fine. Don't sign your letters with your usual signature, just print or leave blank.
Hope someone comes along soon with a fuller answer but for now - hello! (reading back a few pages on this thread is always informative)

'Twitty'

Thanks Twitty, I'll send postal orders.

And thanks for letting me know about not signing, I didn't know that.

Toffee_Penny

A massive hello to all the new names on here :wave: It's getting like the Secret Seven hundred club on here, just remember there is safety in numbers

I have read through the posts on this page and I remember the horrible feeling of shame and the gut wrenching feeling I'd done something wrong when starting out on our DMP. We knew we had to do something with our debts because we were drowning and it was a suffocating feeling trying to juggle money around to meet all the monthly payments. It got that bad we were using credit card cheques to pay off other cards! :eek: But I would never want to go back to how we lived then, we may have had several credit cards but my god what stress we had! Thank god we woke up and started sorting our life out by tackling the debt and starting a DMP. I cannot thank CCCS enough.

Some creditors are really nice and sympathetic some are complete to55ers! There is no point trying to work out which ones are which because from reading others experiences on here it really is the luck of the draw on how you get treated. Being in debt still gets me down every now and then because I've realised how much of a slave I have been to debt and creditors. Trying to sort out car insurance is a bloody nightmare when your banks refused to give you a debit card because of your credit history. I remember dreading going in the Post Office asking for a load of £1 postal orders or sending letters special delivery when I first set up our DMP and sending CCA requests and ppi letters. That Post Office woman must have stuck her twos up behind my back every time I left her counter :rotfl:

I am also learning that buying stuff doesn't equal happiness. I'm still afraid I am a spender not a saver but I am trying hard to manage my money better. I tried one of the challenges on here the 'save £365 in 365 days challenge'. I smashed open my tub as soon as I got to £100 Got to stay positive though and I always remember there are people worse off than me. But we will be debt free one day, in 5 years 8 months to be precise. I hate the suffocating feeling of being in debt but I know it took years to get into so much financial chaos it won't be an overnight thing unless we have a magic win on the lottery

mogsi80

Hi Everyone,

I haven't been on the site in a while.. and not been on this thread at all. My OH and I will be sending off our letters to our creditors over the weekend (if I can get the bloody printer to work!!).

We decided to go on a Self-Managed DMP, just wanted to know how successful others have found this? We have a number of accounts with Halifax & Barclays, a big CC with MBNA, 2 accounts with Littlewoods/very and argos card. In total about £45k - ridiculous and reckless I know, and to be truthful I feel like a complete scumbag that I can't even keep the payments up on it!

Just feeling very anxious about it all.. But I know (well I'm about 98% sure) that we are doing the right thing, we just can't go on like this anymore.. Merely existing in this world rather than enjoying it and living - I hope this is something that I start feeling soon!

Matt_EA

Hey rubyjam, I know people have different experiences but just so you know, Virgin were one of the most understanding CC providers I have dealt with when setting up my DMP... they were the first to write and say 'no more interest and we accept your new payment'. Fingers crossed!

Thanks also to Twitty & others, for your advice on my redundancy situation. I am paying my July payment and in the meantime have found out my redundancy figure so will let CCCS know. It is a fair bit but I just need them to know that until I have regular work again, I'll need it to survive on! I'll call them tomorrow. Again... fingers crossed!