DMP Mutual Support Thread - Part 7

sickasachip13

Hey welcome ProudMum,

I'm sure you'll find the thread useful and there's lots of support here - we try to help each other so please stick around and share your experiences and knowledge with other DMPers.

SAAC

typhoo_2

tintingirl wrote: »

Quick question....

I'm just sending my DMP letters to my creditors - should I sign them? Seems to be threads on here suggesting that I shouldn't??

Hey hey, I just printed my name rather than sign. However, have read somewhere that someone got asked to go into a branch to sign something as the signature on letter didn't match with their bank records (could be a ploy for a signature, who knows)

Giraffeseeker

proudmumof1 wrote: »

Hi all

Just starting out on my self managed DMP and just found this thread! Im on another couple of threads on here.

Great reading all the advice - I just know im going to need to come back as I've just started on this road.

Good to know that I shouldnt be signing letters - didnt even consider that one!

PM x

Welcome ProudMum, I'm just starting out on a DMP as well, mine is with CCCS. There are some very knowledgeable people on here! Good Luck!

ianmak

mallyash wrote: »

Bizzare that, Crapital One said to me that if I had used CCCS to construct my DMP then every thing would be fine and dandy and all charges and interest would freeze and the plan would start immediately. Because my plan is self managed they demand proof of earnings and a bank statement and until they receive them the account will run as normal ,obviously with all charges and interest active.Company policy apparently but It looks like its one rule for one and a different one for another. Delay tactics I'm afraid in order to continue to ramp up charges and keep you hooked for longer. Stand your ground and be stubborn and just carry on making the proposed monthly payment, I intend too and I bet they will come around sooner or later.

Sorry but I disagree to a certain extent... CCCS and PayPlan are both recognised charities and are approved by most creditors (I believe they're suggested on the Banking Code fact sheets.

It will be difficult at the start for a number of reasons, namely the cat and mouse game played cos the creditors 1) Haven't a clue on what's going on; 2) Want their money; and 3) Need to know if you're being serious about your debt problems and DMP.

Whilst written communication between the two parties is vital while on a self managed DMP, phone calls also help to calm the creditors down. They are after your money, and will try a few tricks, but they aren't all bad.

And in case you're wondering, I don't work for the banks, I just have a habit of seeing both sides of the story (Which annoys my GF and my family on occasion!).

mallyash

proudmumof1 wrote: »

Hi all

Just starting out on my self managed DMP and just found this thread! Im on another couple of threads on here.

Great reading all the advice - I just know im going to need to come back as I've just started on this road.

Good to know that I shouldnt be signing letters - didnt even consider that one!

PM x

Welcome to the mad house proudmumof1. Well done self managing your DMP and hope you stick with it. Try not to let it grind you down. There will be times when you cant be arsed with it any more and consider rolling over to your creditors requests just to make life simpler. Best not to though.There is enough experience on this forum to enable you to combat most stuff the Gimps try and throw at you.

Standingtall

Hi all:) I sent the standard Payplan letter to Santander just before Christmas, asking that they stop charges on my overdraft (included in DMP). They have replied with an apology, an assurance to not add further charges whilst I am on DMP and they have refunded £160 of charges:T:j:T:j

ianmak

There is a piece of software/signature available that can protect your signature in some way, similar to what happens if you photocopy a passport or driving license. I'll see if I can find it.

Bettingmad

typhoo wrote: »

Hey hey, I just printed my name rather than sign. However, have read somewhere that someone got asked to go into a branch to sign something as the signature on letter didn't match with their bank records (could be a ploy for a signature, who knows)

As a DMP is an informal agreement a signature is not required, if I was asked the first thing I would do would be to put in a CCA request as they have now alerted me to the fact that they want my signature for something despite apparently having one on record.
Play them at their own game.

PinotGrigio41

Standingtall wrote: »

Hi all:) I sent the standard Payplan letter to Santander just before Christmas, asking that they stop charges on my overdraft (included in DMP). They have replied with an apology, an assurance to not add further charges whilst I am on DMP and they have refunded £160 of charges:T:j:T:j

Thats great news ! Well Done ! I am hoping that Santander are as good to me

mallyash

ianmak wrote: »

Sorry but I disagree to a certain extent... CCCS and PayPlan are both recognised charities and are approved by most creditors (I believe they're suggested on the Banking Code fact sheets.

It will be difficult at the start for a number of reasons, namely the cat and mouse game played cos the creditors 1) Haven't a clue on what's going on; 2) Want their money; and 3) Need to know if you're being serious about your debt problems and DMP.

Whilst written communication between the two parties is vital while on a self managed DMP, phone calls also help to calm the creditors down. They are after your money, and will try a few tricks, but they aren't all bad.

And in case you're wondering, I don't work for the banks, I just have a habit of seeing both sides of the story (Which annoys my GF and my family on occasion!).

Fair points made. But you can use the help of CCCS to collate a Common financial Statement either using their online debt remedy or through a personal or telephone interview and use this as the basis of your self managed DMP. To quote 'The Banking Code' (to which nearly all the major money lenders are subscribed to) section 206 to 212
206.If a customer works with a debt-counselling organisation to complete a CFS, in support of a debt management plan, the subscriber should accept the CFS as the basis for pro-rata distribution amongst creditors covered by the plan. Repayment offers based upon expenditure falling within the trigger figures of the CFS should only be challenged by the subscriber if it has reasonable cause to believe that the customers income and expenditure figures may be incomplete or inaccurate.
209.There is no reason why the content of the income and expenditure statement should not be challenged but if the figures appear to be reasonable and in line with trigger figures where a CFS is used, then these principles should apply.
211.Subscribers should also comply with the Codes standards for CFS-based negotiations when considering debt repayment proposals made using other repayment models that are endorsed by the Lending Code sponsors. Currently, the CCCS Debt Remedy service and self-help tool CASHflow developed by the MAT are recognised and others will be reviewed from time to time.
212.Personal customers may choose a self-help approach to negotiating debt repayment. Subscribers should ensure that such proposals are given equal consideration as those presented through a debt adviser.

To reply to your other points.Creditors do know whats going on due to your Supplied CFS, List of creditors, total ammount owed and the letter of statement of affairs explaining your situation and why you are making these proposals. I agree, just not bothering not to pay anything and ignore all communication is a fast track to a CCJ. But supplying all the necessary information and payment proposals calculated on a pro rata basis shows you are addressing your debt problem in a positive manor. This married with the prospect of defaults on your credit file for the next 6 years and no hope what so ever of getting credit or a morgage proves wih out doubt that you are serious about your debt problem and subsequent DMP.
With reference to telephone calls, creditors will still phone you even if you are with a DMP agency like cccs. I dont mind talking to creditors on the phone but prefer all communication in writing, to eliminate any doubt when later refered to. You cannot put a telephone conversation into a filing cabinet. Telephone calls to some people also result in added stress and can quickly escalate to harassment. A call once or twice to confirm your intentions should be enough. 4 or 5 times a day and while at work only to ask you the same questions ain't on.
Finally they want their money, fair play and they are going to get their money, through a DMP. It might take a while to get it back,but tough.