DMP Mutual Support Thread - Part 7

antonic

Back in 2005 when I was setting up my DMP with Payplan, I used to get phonecalls every night & the weekend from Bank Of Scotland asking me to pay.

I told them that I was in the process of setting up the DMP and they would get paid when it was set up, I was polite at all times and in the end once the DMP was set up the calls ended.

So dont worry

ianmak wrote: »

The idea of paying a token payment (in most cases between £1 & £5) is to allow enough time to get some kind of agreement in place. At the same time you're showing the creditor that you are aware of your problem, and trying to pay something back (hence 'token' payment), rather than shirking your responsibilities.

By doing this, you'll also be able to build some kind of slush fund, that will help in the times ahead.

Regarding breathing space, you could phone each creditor up, explaining the problem and say you've sent token payments in the meantime. They may hold off the letters and phonecalls for a period of time, or suggest something else...

secretshopper75

Twitty....enjoy Halloween...ready and waiting for the trick or treaters to appear whilst listening Wicked...

grantalien

ianmak wrote: »

Well we can only hope!

Just out of curiosity, how many extra months do you think you'll have to pay?

It looks like some of my large creditors have done this, I have asked payplan to request again but after christmas I am going to write to them myself. I look at it in terms of my quality of life, this has increased 10 fold, I also think that as I defaulted then I am liable for the consequences and it is made clear that not all will reduce etc etc... I am sure that in a couple of years (with 2 years left on my plan) I will be looking to deal with some of the creditors that have been less generous

antonic

Every 12 months I complete a new budget online, Payplan review it and then send fresh letters to my creditors.

I have been in a DMP for 70 months now (14 to go) and every year bar this year because I didnt get a payrise, my payments have gone up (even if only by £5/month) and all my creditors are happy (never missed a payment !).

So dont worry, just do as they ask and be honest and you shouldnt have any problems.

debtfreewannabe321 wrote: »

Can I ask you all, how often you have reviews with the cccs/ payplan (or other company)...I feel like i seem to get a letter every 3 months and I get so nervous about calling them thinking they are suddenly going to day, I can't help you!!

Dfw x

Tigger1980

First default notice received.......would you believe that it was dated a day prior to me speaking with a rep who said that by engaging with them I could avoid this!! Oh well, at least it is at the beginning of my journey to being debt free and not the end

SomewhereOverTheRainbow

Hi

Having been reading this (and other) DMP support threads over last few days and now feel comfortable enough to share!!

We have been paying off debt after LMB 18 mths ago - so far managed £20k and are left owing approx £35k in personal debt (which was accured thru foolish spending and poor business management) and £10k in business debt. I am employed, DH is self-employed. However, with mega interest hikes, increases in all utility bills and a slowing down of DH business income it has all become impossible and so DMP world is calling for personal debt. With regard to business debt, we are well on our way to clearing this and will owe nothing by March if we continue to pay what we are paying, which we need to to keep suppliers on board etc.

In particular I have two queries

a) I lease my car - it is due for renewal in Feb 2012. I don't have any money (obviously) to buy a car and furthermore I drive at least 350 business miles per week and need a reliable car not least because I travel home to a rural area alone. I have thought of approaching leasing company to try to restart lease early before taking out DMP and completely trashing credit rating..........I am not sure they will even accept another lease since I have a few late payments on cc and two on this lease. Does anyone have experience in this area.

b) I also plan to put surplus monies into credit union over next three years - DH will need a new van sooner than later and also some necessary equipment is on its last legs - do Credit Union do credit check before lending, as this is how I plan to finance these purchases plus buy a car when new lease runs out.

Any advice/thoughts/comments would be greaty appreciated.

Many thanks

ianmak

Not sure on A, but I thought you could separate the DMP from Car lease payments.

Assuming Credit Union is another Creditor, you WON'T be able to get additional credit through them, just add any surplus cash to a savings account.

SomewhereOverTheRainbow

Thanks Ianmak

The problem is if I start DMP now, I won't get another lease agreement when current one runs out in Feb, that's why I was thinking of asking to re-lease early - just not sure if that is possible.

SomewhereOverTheRainbow

shameless bump!

ianmak

Then you'd have to speak to your DMP people to see what they advise. Is there no way of just buying a car?