DMP Mutual Support Thread - Part 7

Ellieseleven

Oh thanks HH, I will apply for a standard one now and see what happens, fingers crossed!

ianmak

Ellieseleven wrote: »

Oh thanks HH, I will apply for a standard one now and see what happens, fingers crossed!

Just make sure you ask for no Overdraft if you go for the standard account, as extra credit is frowned upon on a DMP!

Twit_Head

the_tooth_fairy wrote: »

OMG! here I am chatting to everyone when just a few weeks ago I was saying Sorry to all for going AWOL and not helping the Newbies.
Hope I haven't taken over the Forum, but I'm er, 'helping' I hope!

ttfx

You been kissing that Blarney Stone again woman?
'The legendary Stone of Eloquence' that enables the TF to be a great help and gives encouragement to us all?
Always good to see your messages here.

'Twitty'

Twit_Head

tallulah20 wrote: »

Hi there -
Will it really not affect our mortgage?
thanks again for reading and any possible advice as its all so new to us.

Most important requirement of a DMP is that you honour your home and utility bills first and always.
As you long as you keep up the payments most mortgage providers will look kindly upon you. The squeeze has to come from your 'leftover money.'
If push really comes to shove your creditors could take out a charging order on your home. This means if you decide to sell your home then they could recoup their money from any profits on the sale.
However, I (and I think the majority of others) have had no problems with our mortgage providers. Just ensure you always continue to pay your basic living bills, but if you should find yourself floundering contact your DMP company and let them know.
It all seems so frightening at the start but you'll soon settle in.
Best wishes and welcome to the DMP group.

'Twitty'

Stewart_78

Hi all,

Just set up a DMP with Payplan for 46k with loans from Lloyds and Egg and cards from Lloyds, cap 1 and Barclays. I have a couple worries if you wouldn't mind.

I did all the budget with payplan and we came to a figure to offer the creditors. They all accepted immediately apart from BArclaycard (suprise) who wrote to me saying they wanted a higher amount. I called payplan and told them I could draw more from my business and meet this amount but they said we would have to offer all the creditors more.

A few niggles. Firstly, because they made new offers to the creditors, my justabank creditors page now says they are all rejected apart from Egg. Secondly, there were some initial hiccups with the monthly payment (payplan told me to make it on the 25th which I did. Turned out they needed to have it by the 25th so I needed to make it by the 20th).

Anyway, the long and short of it is that I keep getting letters from Lloyds and Mercers telling me that I have not kept to the agreed payment schedule and they are considering legal action unless I return to my contracted amounts. When I call Payplan they tell me to ignore them and keep paying!

I kind of believe them and I know they are just trying to scare me into paying more but it's a little unnerving. I do have a house with a mortgage (all up to date) and 3 young kids so the prospect of legal fees and demands for full repayment is kind of scary.

I am trying so hard to sort all of this out. I have my own company and our bank pulled the plug on our overdraft in late 2008 with no warning. We had just moved into bigger premises and things were going well. I now realise they were actually trying to destroy my business and cause a fire sale to get their money bank. Foolishly, I used my own credit cards to support the company (profitable then and still is today) through the cashflow crisis this caused. The next move was the credit card companies whacked the rates up to 30%. I was previously an A1 borrower on low rates. I tried for too long to support this but it started taking a serious toll on the business and I had to stop or risk mine and 3 other guys jobs who I employ.

I've not been Mr Ultra-Prudent, I admit but I am fully willing to pay back this money, I just want reasonable terms. I work 6 days a week up to 14 hours a day to make this business pay.

Am I right to worry or should believe Payplan and just ignore all these threats?

Thanks for any advice / support.

Stewart

Hopelessly_Hopeful

Stewart_78 wrote: »

Hi all,

Just set up a DMP with Payplan for 46k with loans from Lloyds and Egg and cards from Lloyds, cap 1 and Barclays. I have a couple worries if you wouldn't mind.

I did all the budget with payplan and we came to a figure to offer the creditors. They all accepted immediately apart from BArclaycard (suprise) who wrote to me saying they wanted a higher amount. I called payplan and told them I could draw more from my business and meet this amount but they said we would have to offer all the creditors more.

A few niggles. Firstly, because they made new offers to the creditors, my justabank creditors page now says they are all rejected apart from Egg. Secondly, there were some initial hiccups with the monthly payment (payplan told me to make it on the 25th which I did. Turned out they needed to have it by the 25th so I needed to make it by the 20th).

Anyway, the long and short of it is that I keep getting letters from Lloyds and Mercers telling me that I have not kept to the agreed payment schedule and they are considering legal action unless I return to my contracted amounts. When I call Payplan they tell me to ignore them and keep paying!

I kind of believe them and I know they are just trying to scare me into paying more but it's a little unnerving. I do have a house with a mortgage (all up to date) and 3 young kids so the prospect of legal fees and demands for full repayment is kind of scary.

I am trying so hard to sort all of this out. I have my own company and our bank pulled the plug on our overdraft in late 2008 with no warning. We had just moved into bigger premises and things were going well. I now realise they were actually trying to destroy my business and cause a fire sale to get their money bank. Foolishly, I used my own credit cards to support the company (profitable then and still is today) through the cashflow crisis this caused. The next move was the credit card companies whacked the rates up to 30%. I was previously an A1 borrower on low rates. I tried for too long to support this but it started taking a serious toll on the business and I had to stop or risk mine and 3 other guys jobs who I employ.

I've not been Mr Ultra-Prudent, I admit but I am fully willing to pay back this money, I just want reasonable terms. I work 6 days a week up to 14 hours a day to make this business pay.

Am I right to worry or should believe Payplan and just ignore all these threats?

Thanks for any advice / support.

Stewart

Hi Stewart

Welcome to the thread.

Sounds like scare tactics and early day stuff to me. Be polite, do as much in writting as you can. They can't have what you haven't got. If you read back through back posts the few that do end up having cases to court are almost always found in the favour of the dmper, not the creditor. I supported my exs business with my credit cards when people wouldn't pay so know how that is. Another dmp buddy had a slogan on her signature... banks lend you an umberalla in fair weather and ask for it back when it rains. Think lots of people here because of the 30% rate jacking so you are not alone! They can have your money, don't let them have your life. It will get better, just once we realise we are dealing with legalised robbers!

HHx

Stewart_78

Thanks. I've always been a little wary of banks. Now I realise fully what dead-eyed snakes they are. They are frankly...filth. Companies I have dealt with for 30 years can suddenly turn their back on me on a whim. I will never, ever trust a banker again and when I get out of this mess, I will give them both barrels (verbally) at any opportunity.

Payplan tell me not to communicate with them directly, but to do it through Payplan. Is this good advice? Mind you, every time I do speak to them I get some half wit in a call centre telling me my life will be all but over if I don't fish out my debit card there and then.

I do find it staggering the depths they will lower themselves to in order to prise an extra fiver out of a family in hard times.

ianmak

Stewart_78 wrote: »

Thanks. I've always been a little wary of banks. Now I realise fully what dead-eyed snakes they are. They are frankly...filth. Companies I have dealt with for 30 years can suddenly turn their back on me on a whim. I will never, ever trust a banker again and when I get out of this mess, I will give them both barrels (verbally) at any opportunity.

Payplan tell me not to communicate with them directly, but to do it through Payplan. Is this good advice? Mind you, every time I do speak to them I get some half wit in a call centre telling me my life will be all but over if I don't fish out my debit card there and then.

I do find it staggering the depths they will lower themselves to in order to prise an extra fiver out of a family in hard times.

I speak to my creditors most of the time, and other than at the very the start, have never had any issues with them, and I think further down the line you probably end up speaking to their specialist teams, rather than the usual call centre money collectors you get at the beginning? That's just me though.

Ellieseleven

Thanks Ian, I applied for a standard account but with no overdraft

Ellieseleven

Well, been refused for a standard bank account with the Co-op that doesn't stop me from going for a cashminder account does It?

Thanks
Ellie