📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

DMP Mutual Support Thread - Part 7

1434435437439440499

Comments

  • Hi everyone. I thought I would quickly provide an update on my situation for anyone reading this thread as research when thinking about a DMP.

    So: rang Payplan in September following advice fro Employee Assistance Programme at work. Two weeks later all facts and figures were with PP and a figure agreed upon. Total debt approx £17k, payment plan £120 per month. First payment via Payplan was late September and this was followed by the offer letters from them to the creditors (early October). All the creditors have accepted the offer and frozen interest and charges until pay review in 12 months:j

    My goodness, what a relief.

    I have been warned that things may turn ugly for a while if debts are sold on but will worry about that if and when. Payplan have used only my net income too which means I can still save my overtime to build up a nest egg emergency fund which is a great relief as a single parent.

    I hope this is of help for anyone who is starting out on a similar journey. I have an awfully long way to go but at least I can sleep at night:beer:
    LBM August 2011. DFD somewhere post [STRIKE]2025[/STRIKE]2022 :eek:
    Total debts October 2011 circa GBP 17,700 September 2018 GBP 0 DMP with Payplan
    What doesn't kill you makes you stronger:T:D:D:D
  • sickasachip: the moisturiser post did make me laugh. I do that with my foundation and its suprising i get a good extra 4 weeks out of it. There is a bit of frugality in me somewhere lol

    Quick Q on the co-op online banking? Mine doesnt seem to be updating payment go out. I had 45.99 in there and definately spent 37 in tesco on friday checked this morning this still isnt showing. Is this normal for the co-op inline banking. Being with the dreaded lloyds before their online banking updated pretty much straight away i just like to know where i am . If this is the case then i will get myself a little notebook and write what i spend good idea??
  • Right then Here we go. My first two letters with a budget plan and token PO have been posted today. 8 more to go. I'm glad I found this forum and all the super advice it contains. I've been struggling with debt now for about 2 years, an initial drop in pay and then the downward spiral of robbing peter to pay off paul each month taking its toll and making matters much worse. Ill give it a few days and wait for the flak to start arriving. Hey Ho.
    There are better things in life than worrying about money…like nailing a jelly to a tree for example.
  • Hi Mallyash, welcome aboard, we're a friendly bunch here in the good ship DMP Mutual Support. You'll find more help, advice and support in this thread than you can shake a late-payment file at.

    Best of luck.

    SAAC
  • Cheers SAAC, lets see what the next few weeks bring. No doubt Ill be posting here often.
    I've been lurking for a few weeks now while I've been getting my paper work together and without reading the posts on here would probably still be chicken to do any thing and just carry on struggling. I'm now armed with all the letter drafts and Knowledge to deal with most eventuality my creditors will throw at me. :j
    There are better things in life than worrying about money…like nailing a jelly to a tree for example.
  • doesnt look like my dmp will be set up for this coming month they need a bit more information from us about hubby overtime.

    As this is the case im assuming i will have to make my token payments for december what is the best way of doing this bare in mind we have 16 creditors all together? Ans will they be ok with this a lot of them have put the account on hold for 30 days.
  • Hi Fred

    We had to pay some of ours twice. We used postal orders from the post office. And I rang them to tell them about the hold-up and asked for sympathy. TBH, you're going to get stroppy letters from them anyhow, in the bigger picture, it probably doesn't really matter whether they have to wait a bit longer.

    Try not to worry, it will soon be sorted.

    Hi mallyash

    So pleased you've found some encouragement here. Who is doing your DMP with you, or is it self-managed? This thread is a wealth of knowledge and there's safety in numbers here - especially 'cos you realise you're far from the only one. When I was starting out I really felt like we were the only ones to have ballsed up our finances quite so monumentally...then we found MSE and this thread :rotfl: BTW, I did a short blog for CCCS about going on the DMP, the info can be found in my sig.

    SAAC
  • Hi there
    My partner and I have been on a DMP with CCCS since Jan 2009. After a rocky start with our creditors, eventually all but two had frozen the interest payments - AA and Creation Financial.
    I understand that these companies have no obligation to stop any interest but it is infuriating as it ends up being such a small amount that comes off the balance.
    Now, we were so fed up we wrote to both (having spoken to and written to them on many occasions in the past) informing them that we were going to complain to FOS.
    The AA came through with frozen interest, back paid interest off the account and a small amount of compensation for the cost of calls - result!
    However, Creation sent a computer generated letter refusing to stop the interest again and asking for details of our expenditure so they can agree a reduced payment - which we had been paying since 2009??
    To cut a very long boring story short, Creations final decision is that they are under no obligation to reduce interest but out of the goodness of their hearts they will reduce the interest rate to 15%. We have paid them a total of £710 and our debt has actually reduced by £60.77!!
    We will take it baack to the FOS and see if they will do anything further?

    It just infuriates me as bigger card companies with a much higher debt stopped making our debt worse as soon as we were established regular payers of the DMP.

    Has anyone else had these issues and did you manage to get them resolved???

    Also another quick question.....If we were able to save a little on the side out of our budget, could we gooo direct to our creditors to make offers outside of the CCCS or would we have to come of the DMP and deal with the creditors direct. I did see a post saying that they started being charged interest again once they were paying more than the minimum payment? Does this always happen?
    Sorry for all the questions, we still have another 4 years to go and it just seems endless.
    Thanks again Rednal
  • ianmak
    ianmak Posts: 1,125 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    sickasachip: the moisturiser post did make me laugh. I do that with my foundation and its suprising i get a good extra 4 weeks out of it. There is a bit of frugality in me somewhere lol

    Quick Q on the co-op online banking? Mine doesnt seem to be updating payment go out. I had 45.99 in there and definately spent 37 in tesco on friday checked this morning this still isnt showing. Is this normal for the co-op inline banking. Being with the dreaded lloyds before their online banking updated pretty much straight away i just like to know where i am . If this is the case then i will get myself a little notebook and write what i spend good idea??

    If you're making payments with your debit card then the payments won't go out immediately. Think it takes between 1-3 days depending on the shop.
    DMP mutual support thread No: 243
  • rednalslim wrote: »

    Also another quick question.....If we were able to save a little on the side out of our budget, could we gooo direct to our creditors to make offers outside of the CCCS or would we have to come of the DMP and deal with the creditors direct. I did see a post saying that they started being charged interest again once they were paying more than the minimum payment? Does this always happen?
    Sorry for all the questions, we still have another 4 years to go and it just seems endless.
    Thanks again Rednal


    Hi Rednal

    Creation sound like a pain in the ar se, glad they're not one of ours! I would keep badgering them if I were you. Try and find some way of getting through to someone that doesn't just trigger a computer response. Have you rang them?

    Anyhow, one your questions above, CCCS told me recently that they would deal with making offers on our behalf - not sure whether they negotiate as such but they are happy to put forward offers to the creditors for you. I asked them because my generous dad offered to give us some ££ for chrimbo to use towards our debt.

    On the minimum payment question. I don't have experience of this but have read a few times that when people's payments have got to the original contractual payment then the % kicks back in.

    Good luck

    SAAC
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.6K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.