DMP Mutual Support Thread - Part 7

Allypops

Lloyds TSB are the biggest pain. We are several months in to our DMP through Payplan. I have paid £200 towards the overdraft but they are adding more in charges than we are paying and kindly upped the overdraft limit by £100 then £150 to accomodate their charges!! I have paid £1200 towards the Lloyds loan but now owe £250 more than when we started. I am now wondering whether a DMP is the way to go. At least with an IVA or bankruptcy there would be an end to it all in the end. At the moment Lloyds debts (and they are the biggest creditor) are just going up!

Anyone have any ideas. Payplan don't seem to be able to offer anything on this - just continue to pay the agreed amount - but it's not getting me anywhere?!

Very, very fed up. My anxiety and depression is getting worse again at the moment.

Payplan_company_representative

Speak to your case officer and tell them that you are not happy with your current plan. Unfortunately it can never be guaranteed that interest and charges will be frozen which does add more onto your debt.

Hopelessly_Hopeful

Twit_Head wrote: »

Hi HH!
Sorry to hear it's all gone a bit bottoms up for you.
But keep the faith! - you know by now that the left hand has no idea what the right hand is doing.
Keep plugging on at them. You're living on a restricted budget with no credit; there is no shame in having to reduce your payments to cover essential repairs. (OMG remember the days when we flashed the plastic at the garage-then it was all absorbed in the never-never total :eek:)
So give yourself a pat on the back. You've been proactive and informative with your creditors. Bring 'em back on line chuck!

'Twitty'

Bless you and thanks Twitty. I just need to get my mojo back on track. Busy at work this week but planning to kick butt at the weekend.

Hope life is OK with you?

HHx

Twit_Head

Hopelessly_Hopeful wrote: »

Bless you and thanks Twitty. I just need to get my mojo back on track. Busy at work this week but planning to kick butt at the weekend.

Hope life is OK with you?

HHx

I'm good thanks!
Going around and around in circles of frustration at the moment. I have to be organised, professional, responsive etc at work, so it's driving me crazy with lots of false promises being made. But other than that, just keep on keeping on
What a shame we can't organise a virtual 'butt-kicking' party for Saturday night :rotfl:
Lots of cheap plonk,budget food and letting off steam.
You, me, The Tooth Fairy definately,Grantalien and ChrisBlue I think would appear. Lots of others spring to mind who are experiencing difficulties and frustration.
Other than that I'll just write another letter/make another phone call etc (butt-kicking sounds much more satisfying!)

'Twitty'

(Official Disclaimer-Please note in the interests of 'Elf & Safety', Thought Police etc. etc. I do not condone violence in any form whatsever in reality - this is intended as a light-hearted escape valve message )

happymoneysaver79

Hi!
Is there anywhere where I can get advice on f&f settlement figures on here? I'd like to start with a credit card balance of £1000 and I'm not sure of the procedure or what to offer. Could someone point me in the right direction please.
Thanks in advance xx

ianmak

Twit_Head wrote: »

Hi TF
Try this for excellent info and a template letter http://www.bdl.org.uk/images/24_full_and_final_settlement_offers.pdf
I personally would write, send recorded, keep copies etc.etc (you know the routine by now )
I was asking about another matter a short while ago on the 'orange side' (unenforcibility site) and we got on to the subject of F + F's.
90% sounds WAY too high. Would go in about 25% if you feel brave enough.
Search the PayPlan site for advice, maybe phone them? Would certainly not show such a strong hand to your creditor in the first instance,
You've paid your dues and more over the years, so be strong and be prepared to barter.
I might also be in a position to ofer F + F's shortly due to a legacy.
But it feels like blood money - every day I miss my Mum, and hate the thought her frugal ways might ease my money situation.
I know you will keep in touch and let us know how it goes for you.

'Twitty'

Try this link from Twitty, it may help. I'm sure there is an F&F thread on here somewhere.

Westminster

First a bit of background:
I got into difficulties when I was self-employed and had to stop work to care for my wife who has MS when she had a very heavy run of relapses. We ended up on Income Support / Carers Allowance etc etc.

I had something like £70k of unsecured debt at the time. I have been on a DMP with PayPlan since mid 2006.

Since she started to improve, our financial position improved substantially after I trained for a new career (with lots of help from family to fund the training) so my DMP payments have more than doubled since it started.

I have been able to agree a few F&F settlements with MBNA, Citibank and Redcastle / Co-Op. I also have a few offers from Barclays and Cabot but not quite in a position to clear them at the moment.

Currently the debt stands at around £40k and I will have it cleared in 9 years at the current payment.

Now for the question:
I still get default notices (particularly from Cabot) so I wondered if I was possibly being 're-defaulted' every month so that the 6 years period for them to drop off my credit file was reset. I finally got the courage to check my file today. Most of the accounts on the DMP defaulted around 5 years ago with the exception of Cahoot who for some reason only defaulted me a year ago.

So once the 6 year period is reached on the default date - what happens on my credit file?

Is it worth trying to scrape together the money to take up my outstanding F&F offers to clear the DMP earlier?

FWIW - I have no interest in taking up credit again in the future as I have managed to live on budgeting real money for the past several years. However - we are expecting our first child in February and our current house will not be big enough for very long. I managed to keep clean & current on our mortgage and we have a fair amount of equity in it despite the drop in house prices.

PS - I did post this as a separate thread initially but thought it would quickly get lost so copied it here as this seems like the most appropriate active thread

Hopelessly_Hopeful

Twit_Head wrote: »

I'm good thanks!
Going around and around in circles of frustration at the moment. I have to be organised, professional, responsive etc at work, so it's driving me crazy with lots of false promises being made. But other than that, just keep on keeping on
What a shame we can't organise a virtual 'butt-kicking' party for Saturday night :rotfl:
Lots of cheap plonk,budget food and letting off steam.
You, me, The Tooth Fairy definately,Grantalien and ChrisBlue I think would appear. Lots of others spring to mind who are experiencing difficulties and frustration.
Other than that I'll just write another letter/make another phone call etc (butt-kicking sounds much more satisfying!)

'Twitty'


(Official Disclaimer-Please note in the interests of 'Elf & Safety', Thought Police etc. etc. I do not condone violence in any form whatsever in reality - this is intended as a light-hearted escape valve message )

Go go go, good luck

HHx

Hopelessly_Hopeful

Westminster wrote: »

First a bit of background:
I got into difficulties when I was self-employed and had to stop work to care for my wife who has MS when she had a very heavy run of relapses. We ended up on Income Support / Carers Allowance etc etc.

I had something like £70k of unsecured debt at the time. I have been on a DMP with PayPlan since mid 2006.

Since she started to improve, our financial position improved substantially after I trained for a new career (with lots of help from family to fund the training) so my DMP payments have more than doubled since it started.

I have been able to agree a few F&F settlements with MBNA, Citibank and Redcastle / Co-Op. I also have a few offers from Barclays and Cabot but not quite in a position to clear them at the moment.

Currently the debt stands at around £40k and I will have it cleared in 9 years at the current payment.

Now for the question:
I still get default notices (particularly from Cabot) so I wondered if I was possibly being 're-defaulted' every month so that the 6 years period for them to drop off my credit file was reset. I finally got the courage to check my file today. Most of the accounts on the DMP defaulted around 5 years ago with the exception of Cahoot who for some reason only defaulted me a year ago.

So once the 6 year period is reached on the default date - what happens on my credit file?

Is it worth trying to scrape together the money to take up my outstanding F&F offers to clear the DMP earlier?

FWIW - I have no interest in taking up credit again in the future as I have managed to live on budgeting real money for the past several years. However - we are expecting our first child in February and our current house will not be big enough for very long. I managed to keep clean & current on our mortgage and we have a fair amount of equity in it despite the drop in house prices.

PS - I did post this as a separate thread initially but thought it would quickly get lost so copied it here as this seems like the most appropriate active thread

Well done on the !!!!!! and for addressing the adversity. To the best of my knowledge you can only be defaulted once per account. Are they defo defaults you have from them? What some people dont realise that AP (arrengements to pay) for Stat arrears notices are far worse for your record than defaults. This is because they stay on your record fro 6 years from when they stop issuing them rather than starting to. Grrrrrr. I'd call the debtline for advice, they are very helpful. Also maybe worth a posting on CCCS message board here, they will probably help even if you are not with them.

Good luck, let us know how you get on.

HHx

Jaystag

I have just started a DMP. Two of my creditors are Wonga & Quick Quid. I have had to change bank account due to these 2 having my details. Bank account has an overdraft that I've included in my DMP so can't close account. Will bank allow these companies to take the amounts owed? If not, will I get a ridiculous amount of bank charges for rejected attempts at taking money out?

Many thanks in advance.