DMP Mutual Support Thread - Part 7

Hopelessly_Hopeful

Twit_Head wrote: »

I'm just about to start my full and final campaign. Shaking like a leaf at the moment.
Wish me luck!

'Twitty'

Good Luck Twitty

HHx

Hopelessly_Hopeful

copperboom wrote: »

Hi all.

My DMP has been going quite well since it started at the beginning of July. I've had 2 creditors stop interest (including Vanquis, which I was pleased about!) and 1 reduce it substantially. I'm still waiting to hear back from 3 others, but I'm having real trouble with the seventh - RBS. I have an overdraft with them and it's my biggest debt.

I'm paying in about £40 a month and they're taking out about £200 in interest and charges, which is more than I actually pay into my DMP altogether so my overall debt is actually increasing every month as opposed to reducing - it's gone from an initial £11500ish to about £12500 so far which is disheartening as I started this process to reduce my debts. When I speak to them on the phone they say that they don't have to freeze interest and charges (true) and that they haven't had anything from CCCS to say I'm on a plan. They still put me down as "DMP Confirmed" in their system when I quoted my reference number to them though, and all my other creditors have received CCCS's letters so why not them? CCCS says they've sent it.

Last time I spoke to them as well, they said that if I didn't pay the arrears on the account they wouldn't be able to accept my payment of £40 that month, which I knew was bull and I told them as much. I wish they'd default me or send it to a DCA so the charges would stop. I'm wondering if there are any regulations I can quote to them via letter or over the phone stating that the charges aren't reasonable to make them stop and perhaps even refund me the £400 odd they've charged me since the DMP officially began.

Please help, this is really getting me down. The worst part is they're hardly ringing me or sending letters so I'm just seeing the amount go up and up every time I log into online banking, it's so depressing. I feel like if I just stopped paying them it wouldn't make any difference.

It took me three months for my RBS cards to acknowledge DMP to be fair to them they defaulted and stopped interest. So do keep plugging away. Good luck.

HHx

Hopelessly_Hopeful

Twit_Head wrote: »

Received a shiny new CCCS e-mail newsletter today.

Thought this page was brilliant :T http://moneyaware.co.uk/debttoolkit/?WT.mc_id=august2011_7&dm_i=VD3,I100,4FULEV,1GREU,1

Full of useful info. such as basic bank accounts, financial ombudsman etc.etc. Sure we can all find something of interest in the links.

Hope it may be of help.

'Twitty'

Thanks Twitty, will try it for size laters.

HHx

Hopelessly_Hopeful

smcshane wrote: »

Morning all, I'm not going to have a very Mse day today as off out at noon for the start of a hen party...
I'm a bit proud of myself though as been squirrelling away the money so can go out in the knowledge that I haven't increasedy debt in any way or feel guilty about having a good time.
Hope all is well with everyone else and have a lovely weekend
Sx

Well done hope you had a great time. I use the extra wise buying on food budget to prop my miserable entertainment funds up!

HHx

shortie1205

moneyangel22 wrote: »

Hi all,

Im thinking of managing my own DMP and was wondering if anyone here had experience of doing this successfully??
Also could anyone give me guidance on what to put in my first letter to creditors offering lower payments and asking for interest and charges to be stopped?

Many thanks

Hi

I mange my own DMP. I used the template letters available at nationaldebtline to advise the creditors of my situation.
You should ring nationaldebtline and discuss it as you then get a reference number and they may advise you to use there cashflow process ( which I use )
This allows you to produce financial statements that are accepted by the banks and you have a reference number that can be quoted to them as some banks insist on a ref number otherwise they do not believe you are in financial difficulties.
Ask if you want any more advice....

Hopelessly_Hopeful

shortie1205 wrote: »

moneyangel22 wrote: »

Hi all,

Im thinking of managing my own DMP and was wondering if anyone here had experience of doing this successfully??
Also could anyone give me guidance on what to put in my first letter to creditors offering lower payments and asking for interest and charges to be stopped?

Many thanks

Hi

I mange my own DMP. I used the template letters available at nationaldebtline to advise the creditors of my situation.
You should ring nationaldebtline and discuss it as you then get a reference number and they may advise you to use there cashflow process ( which I use )
This allows you to produce financial statements that are accepted by the banks and you have a reference number that can be quoted to them as some banks insist on a ref number otherwise they do not believe you are in financial difficulties.
Ask if you want any more advice....

That's really useful, thanks.

HHx

Hopelessly_Hopeful

Woop woop, I got my third medally thingy!

Have a good start to the week all.

HHx

nolnoc

Hello everyone. I am on DMP with CCCS for 20 months. It has changed my life. However, today i looked at a letter from halifax. I pay them £106.37 per month but they charge me 89.47 every month interest. they say this is a reduced rate of 1% per month and that it is the best they can do. At this rate it will take 45 years to pay off the debt. I will be dead before then. this seems stupid. is there anything i can do? other debts are not charging interest at all. Thank you in advance.

Hopelessly_Hopeful

nolnoc wrote: »

Hello everyone. I am on DMP with CCCS for 20 months. It has changed my life. However, today i looked at a letter from halifax. I pay them £106.37 per month but they charge me 89.47 every month interest. they say this is a reduced rate of 1% per month and that it is the best they can do. At this rate it will take 45 years to pay off the debt. I will be dead before then. this seems stupid. is there anything i can do? other debts are not charging interest at all. Thank you in advance.

Hi

How long's your DMP for? When you pay the others off you will have more money to then pay to Hellifax. You could try ombudsman or at some stage if you can come off DMP go down the UE route?

Good Luck.

HHx

MRS_A_3

Hello to all out there.

I was just looking over this thread and can't believe it's been over a year since I first posted on this thread,(26/07/2010). Time has just flown.

My debt free year is currently at 15/08/17 so this isn't so bad. I just need to get rid of my car which is on HP and this will help considerably.

Keep up the good work people, we can do it!