DMP Mutual Support Thread - Part 7

Forever-Skint_4

Thanks guys, the support from everyone on here really has been amazing so far

I do have a question though, if I can word it without confusing myself or anyone else! (I thought I'd ask on here first rather than bombard the lovely people at CCCS as I know they're probably really busy, and have done so much for me already!)

We worked out that after all my bills and everything is paid for I would have £55 surplus at the end of each month. This was not including the loan I pay my parents back each month as it's in their name and cannot be included... This would leave me with a shortfall of £60 each month, CCCS knows this.

My question is, when paying back my creditors the amount that CCCS will agree with them (assuming they accept ), does this mean that I will be left with a little bit extra each month that I can make up my £60 shortfall with?

I AM looking at getting a second job, but I work funny shifts so it's proving more difficult than I thought

Katy1011

My first payment went to payplan on the 1st and have just found out Halifx (who we have 3 overdrafts, 2 credit cards and 1 loan with) have agreed our offer.
How do i know if they have frozen interest?

DizzyDizzy

Katy1011 wrote: »

My first payment went to payplan on the 1st and have just found out Halifx (who we have 3 overdrafts, 2 credit cards and 1 loan with) have agreed our offer.
How do i know if they have frozen interest?

The only way you are going to know is from the next statement / letter from Halifax. Unless you ring them and ask them?

shoe-gal01

Hi all

I'm new to the forum and looking for a bit of advice from some of you more experienced in a dmp.

I've been struggling for the last few months to make any kind of decent payments towards my credit cards (of which there are 8). They all seem to have increased the interest rates and minimum payments lately. I've taken cash out on some to pay for others, still spending for essentials on one...you get the picture.

I finally had a proper look at things las night and after an online enquiry with cccs they have advised a dmp is the best option for me.

It certainly looks like the best option - I'll actually be able to live without the plastic and the date the cccs have estimated to be debt free is far earlier than I feared.

So now I'm wondering about the process of it all. Does it get organised quickly? What is the chances that my creditors will accept the arrangements, especially since all my cards are pretty much up to date, though I have made late/missed some payments over the last few months. Would I be better contacting my creditors myself first and trying to make an arrangement with them?

All my banking is registered at my parents address because I work away. There have already been telephone calls to their house when I've had payments due in the last few months. The thought of 3 months of harassment with calls to them really worries me. Are my creditors likely to remove a landline number?

Any advice greatly appreciated

londonfraggle

shoe-gal01 wrote: »

Hi all

I'm new to the forum and looking for a bit of advice from some of you more experienced in a dmp.

I've been struggling for the last few months to make any kind of decent payments towards my credit cards (of which there are 8). They all seem to have increased the interest rates and minimum payments lately. I've taken cash out on some to pay for others, still spending for essentials on one...you get the picture.

I finally had a proper look at things las night and after an online enquiry with cccs they have advised a dmp is the best option for me.

It certainly looks like the best option - I'll actually be able to live without the plastic and the date the cccs have estimated to be debt free is far earlier than I feared.

So now I'm wondering about the process of it all. Does it get organised quickly? What is the chances that my creditors will accept the arrangements, especially since all my cards are pretty much up to date, though I have made late/missed some payments over the last few months. Would I be better contacting my creditors myself first and trying to make an arrangement with them?

All my banking is registered at my parents address because I work away. There have already been telephone calls to their house when I've had payments due in the last few months. The thought of 3 months of harassment with calls to them really worries me. Are my creditors likely to remove a landline number?

Any advice greatly appreciated

Hi there and welcome! I'll start with the usual (and quite right) Well Done!! You've take the first massive scary step and that really is (in my opinion) the best thing you can do.

So - there will be lots of others along (the more regular peeps on here have far more knowledge than I do) with lots of advice - but here are my pennies worth for you...

First - if you've decided to go with the CCCS - speak to them (I never did the online thing so don't know what happens with that - do they now call you?) and they will get you started on the road. Once the road is started you should STOP all payments to your creditors and, as you said you were worried about calls to your parents, write to them all - with a token payment (this can be as little as £1) explaining you are in the process of setting up a DMP with the CCCS (make sure you add in your reference no. so they know it's "real") and that in the meantime here is a token payment (there are template letters around - again someone with more knowledge than me can direct you to them) and also ask for your telephone number to be removed and state you only wish to be contacted in writing. This is your right and they have to adhere to it. Or if you want and would prefer they called instead of writing just ask them to replace a home tel. number (and remove it) with your mobile. Up to you. I made sure that I can now only be contacted in writing and it's a godsend from the days of harrassing calls.

You can certainly contact your creditors yourself - but only to say the above - don't try and enter into an arrangement yourself if you are going down the CCCS/DMP route - they'll do the arrangement bit for you (once they have established how much you can afford).

It can take between 2 weeks to 2 months (or even longer depending on your situation) to get a DMP up and running - mine was quick (2 weeks) because it fell at the right time with pay etc, but there's no problem if it takes longer - the CCCS will advise you on what letters to send and what to do r.e. token payments.

My one major bit of advice is to, if possible, make token payments for a month longer than you want to - that is to build up a slush fund for emergencies - once you are on a DMP it is hard to find that extra cash for boiler/car/etc repairs (although the CCCS are always understanding about emergencies should they happen). But it's useful to have an emergency fund stashed away - I didn't do that (as I said - got mine up and running in 2 weeks) and have regretted it once or twice when I have had to, instead, reduce my monthly payment to accommodate things.

Oh and another thing - v important - make sure you have a bank account that ISNT connected to any of your debts - no overdraft, credit card, etc etc. A lot of banks are "connected" these days and can use "offsetting" to take money. Again, those with more knowledge than me will advise but most (inc. me) seem to go for the Co-Op cashminder account. To be honest, even when I've finished my DMP I'm planning on staying with Co-Op as I have found them brilliant.

My advise - just my opinion - if you know you are going down the DMP route stop all payments to creditors ASAP - write and tell them what you're doing - set up a bank account and move priority direct debits to that account - get your salary moved to new account. And then let CCCS take over and tell you where to go next.

ok - lots to take in there - sorry!

Good luck - and keep posting your questions - this is what this amazing forum is all about. I don't know what I would have done without it - thanks to this forum I learnt about how to set up a DMP and am now just about 10 months away from my DFD!!! (debt free day!).

Keep smiling too - it's a hard thing to get to grips with but we're all there with you!!

Fraggle xx

londonfraggle

Forever-Skint wrote: »

Thanks guys, the support from everyone on here really has been amazing so far

I do have a question though, if I can word it without confusing myself or anyone else! (I thought I'd ask on here first rather than bombard the lovely people at CCCS as I know they're probably really busy, and have done so much for me already!)

We worked out that after all my bills and everything is paid for I would have £55 surplus at the end of each month. This was not including the loan I pay my parents back each month as it's in their name and cannot be included... This would leave me with a shortfall of £60 each month, CCCS knows this.

My question is, when paying back my creditors the amount that CCCS will agree with them (assuming they accept ), does this mean that I will be left with a little bit extra each month that I can make up my £60 shortfall with?

I AM looking at getting a second job, but I work funny shifts so it's proving more difficult than I thought

Hiya - am sorry but not sure I understand? (have had a few drinks - work do - so perhaps being thick here but..). So you owe your parents £55 a month - did you include that in your DMP - it can be added in you know?

sorry for being daft if have completely misunderstood?

Fraggle xx

londonfraggle

hi - late night trawl on here again - been a while since I said hi to the oldies who might remember me and a big "hiya" to the newbies!

Have replied to a few q's - not sure if it helps but always hope to as I had so much amazing advice and help when I first started out (couple of years ago now). I really don't know what I would have done without this forum!! Thank you so much.

So am on the home run now. 10 months (or so - still a couple of creditors adding interest) to go. Amazing to see the light at the end of the tunnel!

I'm at the crazy point of starting to imagine what I'm going to do with the extra cash when it's all done. I've already decided I'm going to whack most of it straight into a pension (something I haven't been able to think about while on a DMP). Although I am (being completely honest) going to spend the first couple of months of being debt free and DMP free to do the things I've been putting off - eg I'm getting married late next year and am going to put some money aside to buy a dress - I know its a bit frivolous 'cos I'll prob never wear it again but it's my dream to have a pretty white gown - especially as there was a point when I didn't think I'd ever ever be able to afford one!!! but Vera Wang it won't be!! BHS bargain bucket probably - once a money saver...

There's me getting carried away! Better not get too excited as you never know what might happen!

The annoying thing is that I was defaulted just yesterday on one of my debts!!! Why they didn't do it 2 years ago I don't know (especially as they are now receiving way more) - v annoying as that means 6 years from now before I'm clear - when I had hoped it was 4 years (most others who were going to default me did it v early on). But don't suppose it really matters as don't want any credit ever again. Will make the mortgage thing difficult, but luckily my fiance knows about my DMP (finally - took a long time to tell him but I did eventually do it and he was sososososo brilliant about it) so I guess we will just deal with it together.

So that's me for now. Just wanted to say again to anyone thinking about a DMP - it really was absolutely the best thing I ever did. Hasn't always been easy (not going to pretend there haven't been hiccups along the way) but WOW - being able to sleep at night, and know you're doing your best to pay everything back is such a relief.

Hope everyone is having a happy week. And yay - it's nearly the weekend!!!

Fraggle xx

DizzyDizzy

Just an update on our dmp - we had a creditor ring us last night as they only recognise dmp's for 6 months at a time and then they "review" it - so we thought:eek: what are we going to do now.

Anyway the lady on the phone did so much talking I hardly got a word in! She asked if our situation had changed if it was going to change in the next 6 months. I said no, and she said fair enough I'll make a note of it and we will be happy with the dmp for the next 6 months and no one will ring you !!!:j

So a peaceful life for the next 6 months again!

the_tooth_fairy

Hey, everyone! Been a mad few weeks at work, just reading through the posts (hi and welcome to all the Newbies) dare I say all quiet on the western front after our yearly review with PP. All the creditors have accepted new offers except guess who! Mind, when I checked my statement Sainsburys Visa haven't charged me any interest for the last 2 months, no doubt they are saving it up for an early Xmas present.
Hope everyone is well, will check in when I've read all the pages I missed.

ttf

moneyangel22

Hi everyone,

Hope you are all doing well!

I had a letter from Santander in response to my DMP and repayment offer. The letter starts by going on about bank charges and they understand i think they have been unfairly applied to my account etc etc...then they go on about the bank charges ruling in 2009, then say they cannot refund my charges!! Funny, I never said anything about bank charges, in fact I dont think I ever had any applied to this account!!! lol lol lol...they did however understand that I was writing to them about financial difficulties but have not mentioned anything about my repayment offer or whether they'd be willing to accept it!!

Should I write back or wait for them to realise their mistake??

Thanks.