DMP Mutual Support Thread - Part 7

the_tooth_fairy

samlovescomps wrote: »

Thanks Toothfairy. Can I ask another question whoudl I get teh postal orders made out to the creditors by post office? Or leave them blank? I am so glad you replied was paniking a bit about it! Thanks xxxx

I would just write the creditors name where it says to, just in case it gets lost in the post!

ttf

samlovescomps

the_tooth_fairy wrote: »

I would just write the creditors name where it says to, just in case it gets lost in the post!

ttf

Thansk you so much xxxx

Growurown

Hi fellow DMPers
Haven't posted for a while, been a bit busy, written off my car so waiting for the cheque to clear so I can go and buy another one. Absolutely gutted - loved that old car.

Anyhoo that's life, s**t happens. Lots of newbies on the forum and thank you Twitty for cheering me up. You really should be on the stage you know.

Nat West phoned me and said 'You are behind with your loan payments. Are you aware of this situation?' I was very tempted to say 'No, never, really?'

Into the second month of the DMP and things are still getting sorted but seems to all be going OK. A lot less stress than I thought it was going to be so I would encourage anyone thinking about a DMP to go for it.

On the plus side our new bank account with First Direct has given us the £100 joining incentive so I'm just wondering what to do with it. Put it towards the new car I guess?

DevonGirl

Lucee wrote: »

However I have received two letters today from CCCS informing me that Natwest (one for an overdraft & one for a loan) can not accept my repayment proposal due to: contractual payment required. Does anyone know what that means?

Hi Lucee

Contractual payments means the payments you originally signed up to. So for example when you took out your Natwest loan you would have agreed to pay £xyz per month, therefore by proposing a lower repayment proposal you are not meeting your contractual payment and so defaulting.

Try not to worry too much, it's all normal practice and just reminding you what you originally agreed. They may take a little while to accept your DMP and send letters like this but hopefully accept it eventually, or pass it to a DCA. Although this is a bit scary, DCAs can actually be a lot easier to deal with than the original creditor and (in my experience) accepted the DMP straight away and stopped all the letters and phone calls.

Finally don't feel alone if you can't talk to family and friends about this. Come onto the forum and share any worries - someone can normally help you out!
Hope this helps!
DG

sickasachip13

Hey DevonGirl, did you ever get to the bottom of the Santander/RBS sale thing? Anyhow, I saw this link on the Santander site and thought of you:

http://www.rbs.com/customers/our-services/sale-of-branches.ashx

sickasachip13

Hi Lucee

As DevonGirl says these are simply what the payments would have been. For example, when we started one of our contractual payments was £65pm, obviously the creditor wasn't keen on seeing this drop to £5pm and we received an awful lot of letters like yours (from them and others). Just listen to CCCS, they'lll keep sending the payments and the creditor will <eventually> decide what it wants to do. FWIW, the one that kicked up the most fuss with us is still taking the DMP payment nine months on and hasn't passed on the debt or charged interest.

Try not to let them rattle your cage!

ampafc

Hi all - posted this in the wrong place earlier.

I have finally decided to put a concrete plan in place to deal with my debts. I know I want to set up a DMP - but should I do this by myself, or go with CCCS?

My debts are as follows:

Virgin Credit Card £2200
Halifax Credit Card £4200
Clydesdale Bank Credit card £2500

Natwest overdraft £900
Alliance and Leicester £300
Clydesdale bank Current Account £900

I also have a joint current account and mortgage with my partner with Clydesdale bank. Neither of these are in arrears.

Will going into a DMP have a big effect on my partner's credit rating, given that we are linked with the joint account and mortgage? Neither will be included in the DMP. Also, will going into a DMP affect my relationship with the Clydesdale Bank, and in particular have any negative effects on our mortgage, which we have paid every month without fail?

As for going with my own DMP vs CCCS - does anyone have advice here? My wage per month is about £1600, so I can afford to make payments without the DMP, but I doubt any of the interest will be frozen if I go it alone.

Finally, what will going on a DMP with CCCS do to my credit rating? I accept that my rating is currently very low. But will it get much worse? I hope that in the long term my rating can actually improve.

Thanks for looking.

DizzyDizzy

Re Natwest - they are quite agressive when it comes to accepting DMPs and although they have grudgingly accepted ours they send me a letter every other month or so stating I am in arears and not make payments and have defaulted etc etc ! Last month I was a bit late paying the mortgage to Natwest and they threw the DMP out altogether and I had to ask CCCS to write to them again to request they agree to it. Which they have again, but grudgingly... !

Regarding a DMP Vs doing it on your own - my own feeling is that I think a creditor regards a DMP higher than someone writing to them and saying they'll do iy on their own. Whenever I've had a default or a nasty letter I just ring the creditor and as soon as I mention CCCS and give them our plan number they seem to ease all the pressure off. Having said that I know a lot of people do their own DMPs and have been very successful with them.

DevonGirl

sickasachip13 wrote: »

Hey DevonGirl, did you ever get to the bottom of the Santander/RBS sale thing? Anyhow, I saw this link on the Santander site and thought of you:

http://www.rbs.com/customers/our-services/sale-of-branches.ashx

Hi Sickasachip

Thanks very much for this link - very interesting - and thank you for thinking of me!

I rang RBS last week as it happens and they confirmed that my branch is one of the ones that will be sold. They were quite vague but said that they would write to all account holders in the next few months to give them their options. One of them might be to have an RBS account at a branch in Scotland. I will look into this but I think it might be better to switch over another bank such as to the Co-op Cashminder account that everyone seems to rave about on here! Their closest branch is 30 miles away from me, so not ideal, but I do everything online anyway so shouldn't make any difference.

I've heard so many bad reports about Santander (apparently they were the most complained about bank in the UK last year), as well as being the owner of Cahoot (one of my DMP creditors), so I can't risk not moving.

Anyway, thanks again!
DG

DizzyDizzy

Just to add also - I think your creditors will default you anyway whether you use CCCS or not!