DMP Mutual Support Thread - Part 7

ianmak

moneyangel22 wrote: »

Hi,

I have started my own debt free diary so you can track my progress with my self-managed DMP. I just have another couple of questions I was hoping someone could help me with...

1. With the joint overdrafts we have just transferred into my name.....will it be obvious to creditors what my intentions were if I suddenly write to them saying I cant pay it back immediately after taking OH's name off the accounts? Should I wait a couple of months and keep paying the interest then check OH's credit file to see if the accounts have been removed first??

2. We have moved our banking to First Direct which is a joint account, and moved over OH's salary and dd's etc.....but I have a debt with HSBC, who own them! Have there been any problems with HSBC dipping into other accounts with them to take what they are owed?? I cannot take my name off the First Direct account, they told me OH would need to open a new account and transfer everything again which would be a right pain so we're not going to do that. I do not owe First Direct anything so we felt it best to use that account as it was already open!

Thanks!!!

I believe you should have an account with whom you have no connections at all due to offsetting. The article should clarify. Despite it being a right pain, it's still less painful than them taking all your money!
http://www.moneysavingexpert.com/banking/setting-off

jasperconran

hi all,

I know this has probably been covered, so forgive me for going over old ground.

bit of background:- 8 months into a 5 year dmp with CCCS, things have pretty much settled down, near enough all defaulted early. My question is this, we reduced our payment 2 months ago due to some unfortunate incidents. We pay £1004 a month:eek: and I want to reduce my dmp payment for the month of September to about half. As we are still struggling, I am hoping (fingers crossed) to get a second job (should find out end of this week) which is great as my ebay was going great, now, not doing so well

But will the CCCS agree to this? I did ask last month and didnt get the response I wanted. I have also asked to have our review early as my gas and electric has skyrockted although I am on fixed until 2012.

I know that we only really need to reduce our payment for one month again, what do you think? will they agree? things have settled down now and I really dont want to upset the creditors and rock the boat.......im scared, advice please?

thanks

Hales82

Hi

We've been on our DMP for nearly 8 months now and all has been going smoothly until today I had a statement from Halifax. Initially they refused our offer, I then wrote asking them to reconsider.

They then accepted the offer and stopped interest. I noticed on my statement today that they've started adding interest again and have been doing so randomly over the last few months (interest one month, none the next and then double the month after). Our payment now no longer covers the interest and the balance is going up.

I'm really annoyed about this :mad: Does anyone have a good template letter (or know where I can find one) about unfair interest charges?

Thanks x

Twit_Head

Hales82 wrote: »

Hi

We've been on our DMP for nearly 8 months now and all has been going smoothly until today I had a statement from Halifax. Initially they refused our offer, I then wrote asking them to reconsider.

They then accepted the offer and stopped interest. I noticed on my statement today that they've started adding interest again and have been doing so randomly over the last few months (interest one month, none the next and then double the month after). Our payment now no longer covers the interest and the balance is going up.

I'm really annoyed about this :mad: Does anyone have a good template letter (or know where I can find one) about unfair interest charges?

Thanks x

Try National Debtline http://www.nationaldebtline.co.uk/england_wales/debt_advice.php
Section 5 has a fantastic array of template letters (just use the drop-down arrow to view)
There is one in there that is a request for dropping charges etc.

'Twitty'

Twit_Head

jasperconran wrote: »

hi all,

I know this has probably been covered, so forgive me for going over old ground.

bit of background:- 8 months into a 5 year dmp with CCCS, things have pretty much settled down, near enough all defaulted early. My question is this, we reduced our payment 2 months ago due to some unfortunate incidents. We pay £1004 a month:eek: and I want to reduce my dmp payment for the month of September to about half. As we are still struggling, I am hoping (fingers crossed) to get a second job (should find out end of this week) which is great as my ebay was going great, now, not doing so well

But will the CCCS agree to this? I did ask last month and didnt get the response I wanted. I have also asked to have our review early as my gas and electric has skyrockted although I am on fixed until 2012.

I know that we only really need to reduce our payment for one month again, what do you think? will they agree? things have settled down now and I really dont want to upset the creditors and rock the boat.......im scared, advice please?

thanks

Hi
Would suggest you look back over the last few pages of this thread. Lots of people been in the same position recently (and I think more will be soon with the current strain on finances)
Speak to CCCS again. You can't afford to pay what you haven't got - you need to be able to live.
Perhaps you got someone on an off day last time. Explain your circumstances again.
Good Luck.

'Twitty'

moneyangel22

Hiya,

Can anyone tell me if any particular banks sell or pass the debt onto a dca quite quickly?

Just thinking about future f&f's.

Thanks

SkintEarl

Hi Folks. Reading this forum was a massive help when I started to tackle my own mounting debt a few years ago. I thought that I would share my experience of DMP for all of you who are where I was early in 2008. I am now at a stage where I'm starting to build some downhill momentum towards paying off the debts. I started with about £55,000 debt, plus HP on a car of about £10,000, plus a mortgage. I have paid CCCS the same amount (£600ish) since the first review and have managed any other surplus cash by myself. I took this approach as it's kept me in touch with my own finances and allowed me to tackle some of the difficult lenders whilst the more straight forward ones have been looked after by CCCS. It has also given me more freedom with my money which I found had been taken away and my family were really suffering from the budget limits set by CCCS. I think that it remains vital to keep a little disposable cash around. If I hadn't I believe the stain on my wife and children would have become too much. Don't allow the situation to stop you having any fun! You just have to change your habits.

To speed things up a bit I am thinking of switching my mortgage to interest only for 6 to 12 months and taking advantage of the low current interest rates. This will give me an additional £750 per month which can be added to the £250 per month that will be freed through finally paying for the car. In total my pot would become approx £2000 per month which I can use in some cases to offer full and final settlements. When I've paid off the unsecured debt I should be able to catch-up with the mortgage through over-payments.

I dread to think of how much debt and how many problems I would have built up without starting the DMP when I did. My advise for anyone facing problem debt who fits DMP criteria is to give it a go. Hope this helps!

SkintEarl

hopeful1983happy wrote: »

Hi

I just wondered if anyone had an experience of missing a payment? Ive been on a DMP since Feb and all been going well, but now the boiler (same old story!) has gone and we have no hot water or heating. We are washing by filling the bath by the kettle but we will need heating in the autumn...

All my debts have gone down to 0% so i dont want to rock the boat and them start charging me again but we do need a boiler...

Any advice/comments would be gratefully recieved,

Thanks

H1983H

Can you manage for a month? You could take out boiler cover but they will not allow a claim for about four weeks. Cost is about £20 per month and you can include this in your next review.

lynda231

Hi all, I am just starting to try to get a DMP. Spoke to Payplan yesterday who were very helpful. I have always managed to pay my minimum payments by doing overtime at work but this has now stopped. Should I keep paying the minimum payments (I would have to borrow to do this) till my DMP is set up or will creditors think I am able to pay so refuse to accept the DMP? Or should I pay a token payment so they can see I cant afford any more? I really would appreciate some help, I am terrified of ending up with bayliffs at the door.

moneyangel22

moneyangel22 wrote: »

Hiya,

Can anyone tell me if any particular banks sell or pass the debt onto a dca quite quickly?

Just thinking about future f&f's.

Thanks

Does anyone know?