DMP Mutual Support Thread - Part 7

Twit_Head

moneyangel22 wrote: »

Does anyone know?

Sorry can't help with your original question re:banks passing on to DCAs
Think it's probably as per Devon Girls post re: acceptance of DMP. Some do, some don't - some will, some won't.
Apologies not able to help more.

'Twitty'

Twit_Head

selinaw001 wrote: »

Ok thanks I understand now, My DMP has not been set up as yet so my current bank doesnt know ( I have a £400 OD with them) but I have several payments due to creditors over the next few weeks and no way I can make full minimum payments to them so should I just send them something ? So sorry of all the questions my head is all over the place !!

Hello to you!
Best to send a token payment of £1-00 with a letter explaining you can't make the full repayments and that you are in the process of setting up a DMP.
You will need to set up a different bank account though if you have an overdraft with your current one.
This is because they can 'offset'. This basically means that as you owe them money they can help themselves from your account. So, if you had money in there for living expenses to last the month, they could nab it for themselves. (You also need to make sure none of your creditors are financially related to your bank as they could do the same.)
A lot of folk on here recommend a basic 'Co-Op' bank account.
Sorry don't mean to sound like I'm putting the frighteners on you!
Read back on this thread, or talk to your DMP company for more info. and reassurance.
It's so scary for you now, so much you don't know about this new, frightening situation you find yourself in.
Be prepared for bumps at the start but it DOES get better!

'Twitty'

Twit_Head

suehippo wrote: »

Thanks for the info. I was expecting as much but was hoping for good news in that, if there was a list, all our creditors would be on it. Still taking the first steps to being debt free in under 5 years so feeling really positive.:j

Welcome to you too
Five years is good compared to paying minimum payments and moving money from Peter to Paul in the vain hope it will all right itself (It doesn't! )
Taking control is empowering

'Twitty'

lynda231

Our Mortgage ends in 5 years and we will still owe 50k. The plan was to sell his house that he rents to pay it off, so I was happy to take out a DMP as I didn't think I would need a new Mortgage. But last night my partner, who knows nothing about my debts, said it might be better to sell the house, put that money in savings and get a mortgage for the 50k! I havent started the DMP yet so dont know whaat to do. Would he be able to get a mortgage on his own if he is retired?

SkintEarl

selinaw001 wrote: »

Ok thanks I understand now, My DMP has not been set up as yet so my current bank doesnt know ( I have a £400 OD with them) but I have several payments due to creditors over the next few weeks and no way I can make full minimum payments to them so should I just send them something ? So sorry of all the questions my head is all over the place !!

Just send them a pound! I spent ages diving up the sum that I could afford depending on what I owed but it's ultimately pointless. If you send each a token pound for now will be you able to clear the overdraft?

SkintEarl

lynda231 wrote: »

Thanks, should my letters inform them I am trying for a DMP?

I don't think that it would do any harm. I recall that some of the companies that I initially dealt with (by telephone) were very sympathetic once I had mentioned CCCS.

DizzyDizzy

SkintEarl wrote: »

I don't think that it would do any harm. I recall that some of the companies that I initially dealt with (by telephone) were very sympathetic once I had mentioned CCCS.

Hello, When we started our DMP last year and I made token payment for about 3 months, I mentioned everytime that we were getting the CCCS involved. It ended taking about 3 months to set up the DMP because of a delay on our part, can't remember what it was now; but anyway, yes I have a feeling the creditors tolerated 3 months of getting a postal order for a pound because the CCCCS were involved!

Jvic28

moneyangel22 wrote: »

Hi All,

Quick question, just about to start making token payments to my creditors, was wondering about some of my credit cards as they are still in a promotional period of 0% interest and if i stop making minimum payments they will start charging me, but I have to include all of them in a DMP dont I? the periods are not due to end yet either as some are fairly new cards....should I take the hit and include them?

Thanks

You have to include all your unsecured debts as faras I am aware. And you won't be able to obtain anymore credit. I presume you wouldn't want to anyway

Jvic28

suehippo wrote: »

Hi

First post so sorry if in the wrong place. We are just in the process of setting up a DMP with CCCS and wondered if there was a list anywhere of the lenders most likely to freeze interest and charges and accept the repayment proposals. We had some very bad dealings with Capital One years ago and although they aren't one or our creditors we are a bit worried.

Thanks for any information.

Probably an impossible question to answer as people have different experiences. Capital One have been brilliant with me, no interest or charges for almost 3 years and I haven't heard a peep off them.:D

SkintEarl

Jvic28 wrote: »

You have to include all your unsecured debts as faras I am aware. And you won't be able to obtain anymore credit. I presume you wouldn't want to anyway

By making token payments of £1 to your other lenders can you afford to pay a slice of the CCs off?