DMP Mutual Support Thread - Part 7

sunfleur

Quick note to say we sent the letters off recorded delivery - second class - so now they can't say they haven't received anything as well as the CCCS correspondence to them.

One thing I noticed (cause I'm not up on the actual whys and wherefores of how it's done) that the pro-rata payments going to each creditor isn't to do with how much you owe to each one but is worked out quite differently. I rang the CCCS to check they were correct. For instance one creditor who we owe under £500 get's around £20 and yet another we owe less than £500 get's £5 something. This does actually mean that some of the little debts will be paid before the bigger ones. Yes Duh to me LOL I was imagining that if you just paid the same amounts for 9 years that the little ones would still be waiting to be paid LOL She did tell me how it's worked out but it just went over my head. DH knows more about it though - being a maths lecturer and all that......

It's not my fault that I can make something from nothing but can't do maths!

ianmak

sunfleur wrote: »

Quick note to say we sent the letters off recorded delivery - second class - so now they can't say they haven't received anything as well as the CCCS correspondence to them.

One thing I noticed (cause I'm not up on the actual whys and wherefores of how it's done) that the pro-rata payments going to each creditor isn't to do with how much you owe to each one but is worked out quite differently. I rang the CCCS to check they were correct. For instance one creditor who we owe under £500 get's around £20 and yet another we owe less than £500 get's £5 something. This does actually mean that some of the little debts will be paid before the bigger ones. Yes Duh to me LOL I was imagining that if you just paid the same amounts for 9 years that the little ones would still be waiting to be paid LOL She did tell me how it's worked out but it just went over my head. DH knows more about it though - being a maths lecturer and all that......

It's not my fault that I can make something from nothing but can't do maths!

CCCS distribute your payments according to your contractual (minimum?) payments.

PayPlan distribute your payments according to the amount owed.

Or something like that.... hope that helps!

sunfleur

ianmak wrote: »

CCCS distribute your payments according to your contractual (minimum?) payments.

PayPlan distribute your payments according to the amount owed.

Or something like that.... hope that helps!

Yes that's what she told me plus a certain percent for CCs and a different one for overdrafts etc. I didn't realise Payplan did it differently. I wonder if the companies who charge for doing DMPs do it differently again. I had never heard of Payplan until I came on these boards.

ukjs1976

Hi again ~ CCCS phoned me today to check an account number. They said all is ready to start the DMP on 1st September and will send stuff in the post to me confirming this. .

danilou1910

We ended up going with santander in the end. We filled out the application in branch and were told they would open the account in branch today and we would receive a confirmation letter to say account is open in 2-3 days. But with our post probably closer to monday. So fingers crossed, all going well we can get things rolling with CCCS next week

SarahNeedle1872

Morning all..... all things set up with me now, had to phone CCCS last night as I'd forgotten to write the account number on the Egg statement.... apparently they can't accept 12 ***s as a card number:rotfl:Also set up the DD over the phone, so just need to check that two dont get set up:o as I'd sent back the form too.
Paid the first payment by bank transfer as the DD won't be set up by the 10th, which is the date I chose for my payment.... but it feels soooooooooooooooo good

Just need to check the 'signed for' ref numbers on the PO website to see if all my letters have been recieved...

Sx

smcshane

Dear All,

Just a quick plea for advice.

I have been fobbed off from Halifax CC for the last two months about my account, since my reduced interest ended and finally managed to speak to a sensible gentleman today. Now that my year plan has ended and my CCCS payment is above the minimum I am now just a "normal" account holder :mad: I don't want to be normal!!! I also laughed when asked if I wanted my card back! As a result I am back paying full interest whch means a significant part of my DMP payment is being swallowed up in interest again! I did try and explain this but didn't get very far.

It seems really unfair that becasue I have manged to increase my payments of the last year I am now in a worse position!

Anyone got any suggestions on how I can tackle this as I know CCCS won't lower their payments due to the pro-rata.

Regards

Sx

purplermoon

Can i say being new to the site, how helpful i have found it. We are just about to enter into a dmp. nearly 90.000 debt with various creditors. Some how we have managed to balance them all for far too long now, but hit a wall hard two months ago and for the first time have now missed several payments. Hoping payplan will get interest frozen and we can start making a dnt in the figure. Very scared about not having credit to fall back on in the hard times and hope that i can stick to the budget, sepecially as we do not get a regular pay as we work for ourselves therefore some months are better than others!!!! So fingers crossed this works.

One thing we have opened a new bank account but not a totally basic one they have offered us a cheque book and debit card, is that ok?

. We are just waiting for our new business account bits to come through as our current bank is our main creditor, but we need a cheque book in order to run our business, it looks like they will send this to us so will that be alright too?

I may be asking many more questions in the future...so sorry in advance...and i liked your get tough approach, i just need to get tough too!!!!

sam89 wrote: »

Hi Everyone, just thought I would pop in, say hello :wave: and give a quick update on our DMP. Nice to see some familiar names, big hugs to anyone who remembers me.

We've been on a DMP with Payplan since Sept '07 and since then have reduced our debt from £104,000 :eek: to £59,000 .

All our creditors have stopped interest, some really quickly (M&S, HFC, Capital One and MBNA). The lady at M&S was so lovely and understanding she made me cry, but I know you'll understand how emotionally fragile you are at the start of a DMP .

First Direct were our biggest creditor (£20,000) and also accepted straight away but charge interest at 0.5% above the base rate; which is fine and is about £17 a month just now.

Citibank and Egg took about 3 months to accept but since then have applied no interest.

Debenham's credit card was awful, lots of phone calls and applied huge amounts of interest (they increased our rate as soon as they knew we were in trouble). They sold the debt to CL finance after 6 months and they have been fine to deal with, zero interest and just a monthly statement.

Lloyds TSB were the biggest pain of them all. A year and a half of agreeing, then withdrawing agreement, applying interest some months and not others. Constant phone calls and rude, ignorant phone monkeys. I passed everything to Payplan initially but Lloyds ignored them, then I got angry :rotfl:. A recorded letter to their chief executive, stating we refused to deal with them by phone, explaining our DMP and requesting interest stopped. Next statement came with a refund of interest, no calls for over a year now and just a monthly statement with zero interest :j.

During this time we've managed to live quite comfortably and I initially told people we were tightening our belts due to the credit crunch/recession, no-one blinked an eye-lid. I think there are a lot more people in debt and worried than we realise :cool:. We saved up for and bought a car (£600 ) and have a holiday booked and paid for in September. I totally sympathise with those who're struggling to budget, 3 years into it and I still have months where we overspend but on the good months I'm able to stash away an emergency fund and so far it's always balanced out.

So, I hope that I've given hope to those thinking about or just starting a DMP. The creditors eventually accept they will get what you give them. You can live life on it, it's the best thing we ever did and in another 3&1/2 years we'll be debt free. It will be like winning the lottery :T.

Good luck to all and I'll try to pop in a bit more often to see how you're doing :beer:

ianmak

purplermoon wrote: »

Can i say being new to the site, how helpful i have found it. We are just about to enter into a dmp. nearly 90.000 debt with various creditors. Some how we have managed to balance them all for far too long now, but hit a wall hard two months ago and for the first time have now missed several payments. Hoping payplan will get interest frozen and we can start making a dnt in the figure. Very scared about not having credit to fall back on in the hard times and hope that i can stick to the budget, sepecially as we do not get a regular pay as we work for ourselves therefore some months are better than others!!!! So fingers crossed this works.

One thing we have opened a new bank account but not a totally basic one they have offered us a cheque book and debit card, is that ok?

. We are just waiting for our new business account bits to come through as our current bank is our main creditor, but we need a cheque book in order to run our business, it looks like they will send this to us so will that be alright too?

I may be asking many more questions in the future...so sorry in advance...and i liked your get tough approach, i just need to get tough too!!!!

Hey and welcome.

With regards the bank account, that's fine as long as you don't get given an Overdraft!

Hopelessly_Hopeful

SarahNeedle1872 wrote: »

Morning all..... all things set up with me now, had to phone CCCS last night as I'd forgotten to write the account number on the Egg statement.... apparently they can't accept 12 ***s as a card number:rotfl:Also set up the DD over the phone, so just need to check that two dont get set up:o as I'd sent back the form too.
Paid the first payment by bank transfer as the DD won't be set up by the 10th, which is the date I chose for my payment.... but it feels soooooooooooooooo good

Just need to check the 'signed for' ref numbers on the PO website to see if all my letters have been recieved...

Sx

Hope your set up goes smoothly, sounds like you are almost there!

smcshane wrote: »

Dear All,

Just a quick plea for advice.

I have been fobbed off from Halifax CC for the last two months about my account, since my reduced interest ended and finally managed to speak to a sensible gentleman today. Now that my year plan has ended and my CCCS payment is above the minimum I am now just a "normal" account holder :mad: I don't want to be normal!!! I also laughed when asked if I wanted my card back! As a result I am back paying full interest whch means a significant part of my DMP payment is being swallowed up in interest again! I did try and explain this but didn't get very far.

It seems really unfair that becasue I have manged to increase my payments of the last year I am now in a worse position!

Anyone got any suggestions on how I can tackle this as I know CCCS won't lower their payments due to the pro-rata.

Regards

Sx

What a nuisance for you. Have you tried an appeal letter, thank you for your support and understanding (try not to throw up) and then the usual, if you apply interest it will have this impact please reconsider, I look forward to hearing from you type letter? Good luck with it.

purplermoon wrote: »

Can i say being new to the site, how helpful i have found it. We are just about to enter into a dmp. nearly 90.000 debt with various creditors. Some how we have managed to balance them all for far too long now, but hit a wall hard two months ago and for the first time have now missed several payments. Hoping payplan will get interest frozen and we can start making a dnt in the figure. Very scared about not having credit to fall back on in the hard times and hope that i can stick to the budget, sepecially as we do not get a regular pay as we work for ourselves therefore some months are better than others!!!! So fingers crossed this works.

One thing we have opened a new bank account but not a totally basic one they have offered us a cheque book and debit card, is that ok?

. We are just waiting for our new business account bits to come through as our current bank is our main creditor, but we need a cheque book in order to run our business, it looks like they will send this to us so will that be alright too?

I may be asking many more questions in the future...so sorry in advance...and i liked your get tough approach, i just need to get tough too!!!!

Hi and Welcome Purplemoon. My account has chequebook and debit visa, no one blinked an eyelid. Good luck with payplan and starting your dmp journey.

HHx