DMP Mutual Support Thread - Part 7

Giraffeseeker

Hi everyone, I've been a member for a while but have had my head in the sand regarding my debts, but the credit has run out now and I've had to face up to the fact that I can't meet my monthly repayments and provide for myself and my children. So I'm kind-of a newbie

I'm on a good salary but have over £40K of debts which have spiralled out of control so have completed debt remedy with CCCS this morning, they recommend a DMP and so I've taken the step of cancelling all my DD's except the priority ones and it's liberating to know that my bank account will not be sucked dry of all my wages in the next week! I am hoping for token payments in January and February to get myself on an even keel (Car tax and MOT are due) and build up a bit of a slush fund before starting the DMP in March.

I have a question though, I bank with the Co-op and my mortgage is with them, a condition of my mortgage is that my wages continue to go in. I have a small overdraft limit which will not be used if my debt repayments do not come out this month. Can I continue to bank with them and do I need to tell them I am going on a DMP? My other debts are with Barlaycard, Virgin (MBNA), First Direct, HSPF and Santander.

Hopelessly_Hopeful

tintingirl wrote: »

Hi everyone, I've been a member for a while but have had my head in the sand regarding my debts, but the credit has run out now and I've had to face up to the fact that I can't meet my monthly repayments and provide for myself and my children. So I'm kind-of a newbie

I'm on a good salary but have over £40K of debts which have spiralled out of control so have completed debt remedy with CCCS this morning, they recommend a DMP and so I've taken the step of cancelling all my DD's except the priority ones and it's liberating to know that my bank account will not be sucked dry of all my wages in the next week! I am hoping for token payments in January and February to get myself on an even keel (Car tax and MOT are due) and build up a bit of a slush fund before starting the DMP in March.

I have a question though, I bank with the Co-op and my mortgage is with them, a condition of my mortgage is that my wages continue to go in. I have a small overdraft limit which will not be used if my debt repayments do not come out this month. Can I continue to bank with them and do I need to tell them I am going on a DMP? My other debts are with Barlaycard, Virgin (MBNA), First Direct, HSPF and Santander.

Welcome. You should be fine with Coop as they are not linked. you don't need to inform them you are on a DMP. Technically you aren't meant to have an overdraft but CCCS are inconsistent with their advice on this. I was told because of my work it was ok to keep a small one. I have only used twice in 20 months.

Good luck with your start up.

HHx

Giraffeseeker

Hopelessly_Hopeful wrote: »

Welcome. You should be fine with Coop as they are not linked. you don't need to inform them you are on a DMP. Technically you aren't meant to have an overdraft but CCCS are inconsistent with their advice on this. I was told because of my work it was ok to keep a small one. I have only used twice in 20 months.

Good luck with your start up.

HHx

Thanks HH - I was hoping that would be the case. I also was thinking that if I didn't use it this month then I could just get them to remove the facility. I will definately be able to get rid of it if I do 2 months of token payments I think.

paintpotter

Originally Posted by tintingirl
Hi everyone, I've been a member for a while but have had my head in the sand regarding my debts, but the credit has run out now and I've had to face up to the fact that I can't meet my monthly repayments and provide for myself and my children. So I'm kind-of a newbie

I'm on a good salary but have over £40K of debts which have spiralled out of control so have completed debt remedy with CCCS this morning, they recommend a DMP and so I've taken the step of cancelling all my DD's except the priority ones and it's liberating to know that my bank account will not be sucked dry of all my wages in the next week! I am hoping for token payments in January and February to get myself on an even keel (Car tax and MOT are due) and build up a bit of a slush fund before starting the DMP in March.

I have a question though, I bank with the Co-op and my mortgage is with them, a condition of my mortgage is that my wages continue to go in. I have a small overdraft limit which will not be used if my debt repayments do not come out this month. Can I continue to bank with them and do I need to tell them I am going on a DMP? My other debts are with Barlaycard, Virgin (MBNA), First Direct, HSPF and Santander.

Speak to DMP company which does not charge you. Payplan is the company I am with. It is so easy to start it up. Everything is so easy now.
:j

CommitedToChange

Happy new year everyone :beer:

Sorry I've been absent for a while, but I'm back and ready to kick my debts a$$. I start a proper full time job tomorrow, no more freelancing which will be nice as it means once I know how much I get paid after tax and student loans (I may have to start paying back all 6 :eek:) I can increase my DMP payments and my DFD will drop from its ridiculous date of never to a more realistic date .

I have just sorted out my budget for 2012, and written to full and final letters to my smallest creditors, but since they are payday loans (I know ) I'm not holding my breath. I may also send a silly offer for my overdraft as they are getting buttons at the moment and may well except a small amount over what they are getting.

I hope everyone is good and the creditors are leaving you all alone. (As if )

Diamonds2010

Happy New Year Everyone

I bite the bullet last month after I found myself not being able to cope anymore and feeling I was going into a very dark place. I received all my paperwork last week and start my DMP in February. I feel like a huge weight has been lifted off my shoulders and I can now see light at the end of the tunnel.
I have also signed up for a few survey sited to bring in a little more. Every penny counts
I like my job but have to get something better paid so updated my CV on job hunting sites.
Going to upload all my CD's onto my Ipod and sell them.

2012 Bring it on!!!!!:T

scottygees

I am currently on a DMP which has been going well for the last 14 months. My wife also has credit cards and a catalogue which amounts to £4700 in total. Due to ill health she has had to downgrade at work, which means she is about £150 a month down. I have been through her incomings and outgoings and it looks like she has about £60 a month to pay these off, I know she has previously had late payments, so her credit record isn't perfect. Would she be accepted for a DMP with her only having this amount left to pay creditors? Would she be able to add these to my DMP, making it a joint agreement?Also one of her creditors is Simply Be.Has anyone had any dealings with them in similar circumstances?

Any advice would be appreciated

JES_F1

Happy New Year everyone!

I've not been on DFW much over the last year but my 'resolution' is to participate again in 2012. For January, I've signed up for the 'no spend days' challenge - loved doing this one!

It's been almost four years since I had my lightbulb moment and then started on my DMP with the CCCS. Life on a DMP hasn't been as bad as I'd expected but equally it's not always been easy.

About a year ago, I was getting really fed up with the whole debt thing. But over the last couple of months or so, a loan and a couple of credit cards have now been paid off meaning larger payments to my other creditors. It's felt good to see a balance of zero and other debts going down quicker!

All debts should be clear by March 2013 so I feel like there's finally a light at the end of the tunnel!

Good luck and very best wishes to everyone.

:j

Hopelessly_Hopeful

scottygees wrote: »

I am currently on a DMP which has been going well for the last 14 months. My wife also has credit cards and a catalogue which amounts to £4700 in total. Due to ill health she has had to downgrade at work, which means she is about £150 a month down. I have been through her incomings and outgoings and it looks like she has about £60 a month to pay these off, I know she has previously had late payments, so her credit record isn't perfect. Would she be accepted for a DMP with her only having this amount left to pay creditors? Would she be able to add these to my DMP, making it a joint agreement?Also one of her creditors is Simply Be.Has anyone had any dealings with them in similar circumstances?

Any advice would be appreciated

Hi

I think you have to have £100 available to pay towards any debt to go onto a DMP but I may be wrong. You can enter the details anonymously onto the CCCS debt remedy tool on the website and see what it suggests? Probably worth checking out the place of debt relief orders too.

Good luck.

HHx

Hopelessly_Hopeful

JES_F1 wrote: »

Happy New Year everyone!

I've not been on DFW much over the last year but my 'resolution' is to participate again in 2012. For January, I've signed up for the 'no spend days' challenge - loved doing this one!

It's been almost four years since I had my lightbulb moment and then started on my DMP with the CCCS. Life on a DMP hasn't been as bad as I'd expected but equally it's not always been easy.

About a year ago, I was getting really fed up with the whole debt thing. But over the last couple of months or so, a loan and a couple of credit cards have now been paid off meaning larger payments to my other creditors. It's felt good to see a balance of zero and other debts going down quicker!

All debts should be clear by March 2013 so I feel like there's finally a light at the end of the tunnel!

Good luck and very best wishes to everyone.

:j

Hi Jes

Ohhhhh your last full year on DMP, great news for you!

We shouldn't wish our lives away but I do hope it goes smoothly for you.

When you paid some creditors off and then were in a position to increase the payment to the remaining ones has that given you problems? I have heard of some people having issues when they go over minimum repayment amounts for example?

HHx