DMP Mutual Support Thread - Part 7

sunnyface

Twit_Head wrote: »

Hi
Not all creditors will issue default notices (only 1 out of 3 did of mine) but be prepared for them to do so. (Tooth Fairy always reckons she could paper her hall with them ) It seems devastating at first when you are defaulted - 'never missed a payment, been a loyal customer for years and years' etc. but it really is not worth losing sleep over. In all honesty, by not repaying our contractual amount we have defaulted on our account.
So to the nitty-gritty - it is better to receive default notices sooner rather than later. They last 6 years on your credit file from the time of issue. You can only receive ONE default notice per account. The creditor could if they chose, issue a default notice when you are a lot further into your DMP but they are unlikey to do so. When you've been up and running for a while and honouring your reduced payments they tend to let things lie. A reduced amount of money from you is better than none.
Your credit file will be shot with a default recorded on it, but as you can't/don't want credit thats no probs is it? (I've never had any difficulty changing utility suppliers etc with a default registered.) As to moving if you need to remortgage you probably could but expect a not very favourable rate of interest. (Hopefully someone else has more info. than me on this.)
Hope that makes it all a bit clearer for you and other just starting their DMP.

'Twitty'

Ah thank you so much - that really does clarify things. So if I get defaults near the start of the plan, in 6 years, or when the plan is finished (whichever comes last), I should be able to move house ok. That's really good news :T

Twit_Head wrote: »

Regarding linked banks/creditors this is a bit better:-

http://www.payplan.com/debt-news/2011/01/20/right-to-offset/

But I do wish I could remember where I had saved the original
(Remember the Chinese venerate their old people )-there is loads of information stored in my brain but the recall system is very flakey

'Twitty'

Excellent thanks - going by this, my Santander bank account is safe

sunnyface

ianmak wrote: »

I believe MBNA do or used to administer Abbey/Santander cards, but as long as your card is MBNA and not Santander, you should be ok?

sickasachip13 wrote: »

Hi Sunnyface,

We moved our account to Santander and owe MBNA a pile of money - we haven't had any problems though. I hadn't even realised they were connected actually.

SAAC13

Excellent - thank you so much both of you :beer:

sunnyface

rubyjam wrote: »

Hi sunnyface, I can't offer you much in the way of advice because I'm new here too. You asked in another post how long the DMP takes to set up - I contacted CCCS on 30th June and my first payment is due out on 1st August. So it was 4 weeks for me. I think if you have all your statements and a bank account ready to use then it's up and running quite quickly.

Now I'm hoping that everyone accepts my DMP so that I can get on with paying it all back. I've had 2 default letters already, but I've read on here that it's best to get defaults sooner rather than later.

Good luck with your plan

Thanks for this - cool that someone else is starting out at the same time as me. Best of luck with it all :beer:

tinkerbell12

jo-urney wrote: »

hi, have been on a dmp with cccs for 13 months now. about 6 months in, we upped our monthly repayments by 25 quid - no complaints from the creditors about that, obviously lol - but this month we've had to put the monthly payment down by about 100 quid (child tax credits have been stopped since the tories lowered the earning threshold, and a stepchild has had to move in with us, making general living/food more expensive, car insurance also went up.....). the first reduced payment is due to come out of our account on 1st august - have heard nothing from any creditors yet about the lower payments, but in anyones experience, what negative things could happen from the lowering of our repayments? could some creditors refuse the lower amount and the dmp fall apart?
the lower payments will only be temporary as the step child is hoping to move out when she finds a job - i am hoping this information will help creditors to accept the payments being lower for a while.

Hi All,

I suppose you can call me an experienced DMPer having had my LBM over 3 and a half years ago. Been on a DMP since April 2008 and never looked back!

We recently had to lower our DMP payment by over £100 due to increases in fuel, bills, food and a loss of tax credits. I was worried that this would trigger off all kinds of problems. Luckily, so far all except NRAM (Northern Rock loan) have just accepted. NRAM sent automated letters saying we hadn't made full payment but when I called they were fine and are in the process of deciding whether to accept our new amount (assume they will!)

Can I advise that you ll check your credit records periodically? NRAM had noted 3 missed payments on my loan at very random times when I was in full flow paying my reduced amount. After many phonecalls and letters, they changed my record to show all payments being made on time. My credit is shot being on a DMP and I don't want them making it any worse!

I think creditors are well aware that in these difficult times many of us are going to have to lower our payments and as long as we continue to pay CCCS each month, we are doing all we can.

sunnyface

katkins2 wrote: »

Hi there fellow DMPers,
I haven't posted for yonks but I do still read the posts regularly. I just wanted to report some good news for a change (still reeling from the shock if i'm honest).

Well, after reading a post on here the other week about someone's success getting interest refunded from the EVIL LLoyds tsb, I decided to have a bash myself, I bit the bullet and sent them a rather nasty letter about the interest they had charged on my credit card since the start of my dmp 2 years ago. Today I got home to a letter of apology and they are have refunded ALL the interest and charges they have charged me since being on my dmp!!!! I still can't quite believe it, they have been the worst creditor by far up to now.

It is a drop in the ocean with the amount of debt I have but I just felt I wanted to post to reassure people that it can come good in the end and to keep the faith.

To all the newbies starting out, things do take time to settle down, but once they do, you can breathe and have a life again. And look at me, 2 years ago I was terrified of the phone (and the postman lol) and now i've taken the b******s on and got a result whoop whoop. Stay strong, you're doing the right thing.

Take care
Kat x

Wow - well done!
Thanks for the words of encouragement - i'm absolutely crapping it now that I know how bad it's going to get shortly - so it's good to know that it will get much better after that.

jo-urney

hey sunnyface - just to say, ive been on a dmp with the cccs for 13 months now - and i can quite honestly say it is the best thing i have done in regard to my debts. sleeping soundly at night is now a regular occurance, an i have found every single creditor to be positive and friendly when i have told them i am with the cccs. there has been no repayment pressure from anybody so far on top of what i already pay. good luck over the next few weeks to be honest, the thing i found the most difficult was changing all of our direct debits manually so it happened more quickly than a new bank doing it for me lol. everything else just kind of fits into place quite quickly!!

pipps0316

Hi,

Haven't been on here for a while, last time I was here I found so much help, thanks to those who commented!!

Reading the last couple of pages I seem not to be as bad off as some debt wise - hope that doesn’t sound like I'm taking the mick!!

I started my DMP today, so not too sure what to expect. I've read some bad things about payday lenders and I have 5 of them on my DMP, 10 creditors altogether and they don't seem to want to deal with DMP's. Mine is with CCCS and I will be paying £474 a month for the next 12 months if interest is not added, which I am not to hopeful about so maybe this will be more like 18months. It leaves me with £60 a month for myself after bills but so be it, my own fault for getting myself in this silly mess. Won’t touch a payday lender again no matter what!!!!

Have a few questions, hoping you can help. My 5 payday lenders are Wonga £650, Lending Stream £600+, TxtLoan £400+, Quick Quid £212 and the DREADED Tooth Fairy Finance £408. What do you think the likelihood is they will accept the offers from CCCS? Can they refuse to deal with them and keep chasing me, or will they give up if I'm hard nosed and keep pointing them in CCCS direction? If they refuse to deal with CCCS, will CCCS still make payments to them? As these and the other 5 creditors are all unsecured loans what's the likelihood I'll have people turning up at the door?

I've got plenty more questions but these are the ones I'm most worried about!!

Thanks for reading and hopefully putting my mind at ease.

midget123

All pretty quiet with my DMP credit cards all seem to have stopped interest for the time being anyway. Default notices from most creditors, but I know that it's not a problem.

Halifax are being a bit of a pain, they have put on £150 in charges (£5 per day) for being over drawn. I will push to get this refunded.

A little bit stressed about it all, but it's better than trying to magic up £800 per month.

Midget

sunnyface

jo-urney wrote: »

hey sunnyface - just to say, ive been on a dmp with the cccs for 13 months now - and i can quite honestly say it is the best thing i have done in regard to my debts. sleeping soundly at night is now a regular occurance, an i have found every single creditor to be positive and friendly when i have told them i am with the cccs. there has been no repayment pressure from anybody so far on top of what i already pay. good luck over the next few weeks to be honest, the thing i found the most difficult was changing all of our direct debits manually so it happened more quickly than a new bank doing it for me lol. everything else just kind of fits into place quite quickly!!

Thank you for this - I really do hope it all gets done nice and quickly.

midget123 wrote: »

All pretty quiet with my DMP credit cards all seem to have stopped interest for the time being anyway. Default notices from most creditors, but I know that it's not a problem.

Halifax are being a bit of a pain, they have put on £150 in charges (£5 per day) for being over drawn. I will push to get this refunded.

A little bit stressed about it all, but it's better than trying to magic up £800 per month.

Midget

That's how I feel - I keep waking up in the morning and feeling slightly sick, knowing that I'm about to default every one of my creditors, but as you say - it's better than trying to magic up imaginary money and then borrowing even more.


I'm a bit worried about my DMP as I have some extra money coming in every month at the moment which will only continue until the end of the year. I have included it in my DMP, but I will have to reduce my payments at the start of next year - is this the wrong thing to do? I'd rather do it this way, but not if the creditors will all get really annoyed when I have to reduce the payments later on :think:

boot13t

Hello,

We're 2 years into a DMP with Payplan and all is well (some of the creditors are pains :mad:). I was thinking of re-claiming PPI on loans and credit cards we took out. Is this possible when you're on a DMP or should it be avoided?

Any advice would be appreciated on this issue.

Cheers