DMP Mutual Support Thread - Part 7

sunfleur

SarahNeedle1872 wrote: »

Hi all!

Got home today to two letters from MBNA (Virgin and BT cards) saying 'thanks for the I&E, we can't offer you a formal payment plan, but if you keep making the payments you have outlined, we will waive late fees, overlimit fees and future interest charges'..... good right?!

It also said something about adding a note to my credit file, a 'Notice of Correction'.... whats that all about?

Feeling good about things today, because of the letters, and OH gets paid tomorrow so the new month/new budgets can start
Sx

That's great news Sarah! What is an I & E? It's great when payday comes around isn't it LOL

SarahNeedle1872

sunfleur wrote: »

That's great news Sarah! What is an I & E? It's great when payday comes around isn't it LOL

Income and Expenditure... or SOA or whatever you wanna call it

Sx

sunfleur

SarahNeedle1872 wrote: »

Income and Expenditure... or SOA or whatever you wanna call it

Sx

Oh of course. I'm trying to learn all the short forms but a few do flummox me LOL :rotfl:

Twit_Head

garbaldisham wrote: »

Hi, I'm a newbie to this thread. We've had a DMP for a year now and it's made life much easier (and to the worried poster it does settle down soon enough once creditors realise they can't get blood out of a stone!)

Anyway, I've got a query - as per Martin's advice, as our home insurance is close to renewal I've been on all the comparison sites and we're paying well over the odds. Only problem is, as a DMP obviously affects your credit rating seriously, will this:

a) Affect any home insurance quote? and

b) Will it affect our ability to pay monthly?

However great the annual saving would be, we're just not in the position to fork out £300 in a lump sum.

Any ideas, anyone?

EDIT - have I put this in the right place? Would I be better asking on another thread?

Welcome and yes you are in the right place
I have changed both my car and buildings/content insurance recently. Like yourself I was worried that getting a better deal would be dead in the water because of the DMP.
But no problems at all
Now got a much better deal on both, paying by monthly direct debit. The company I was with previously even asked me to reconsider my decision to leave as they 'valued my business.'
Go for it - you could save extra money towards the DMP .

'Twitty'

tallulah20

SarahNeedle1872 wrote: »

Hi all!

Got home today to two letters from MBNA (Virgin and BT cards) saying 'thanks for the I&E, we can't offer you a formal payment plan, but if you keep making the payments you have outlined, we will waive late fees, overlimit fees and future interest charges'..... good right?!

It also said something about adding a note to my credit file, a 'Notice of Correction'.... whats that all about?

Feeling good about things today, because of the letters, and OH gets paid tomorrow so the new month/new budgets can start

Sx

how funny! we also received a letter from mbna today saying the same - can't offer you a formal plan but keep making payments and we will waiver over limit fees, interest etc. I did not quite understand though - what's a formal payment plan and are they accepting what has been offered by cccs?

thanks

gaztop26

Hi peeps,

Not been around for a while but thought I'd drop by as I am celebrating my 1 year anniversary since starting my DMP. I can't believe how much more relaxed things are now. My DMP is the best thing I have ever done. It has cut my stress down massively!!
All creditors are onboard and interest and charges stopped. Debt coming down nicely. No correspondence received from creditors this year!! (apart from statements). I am now able to budget much better and can finally cope with my finances.

The end is in sight (just!).

If you are reading these boards and are not sure whether to commit to a DMP, in my experience it is life changing and you should do it.

Hope you are all well.

sarjo95

Hi can anyone please tell me where i can find a good template letter to write to my creditors to start doing my own DMP ?? Any help would be much appreciated thanks..

danilou1910

Hi SAR,

You could contact national debtline, they sent me a self DMP pack in the post all free. it had a budget guide, budget sheet and template letters for all stages of setting up your own DMP. Also have you ever considered getting some help in setting up a DMP with CCCS etc.

My experience with CCCS thus far has been great, they are fab, really helpful and non judgemental at all.

Good luck

ex-rayday

sarjo95 wrote: »

Hi can anyone please tell me where i can find a good template letter to write to my creditors to start doing my own DMP ?? Any help would be much appreciated thanks..

I use national debtline and edit it as I see fit. I started mine years ago before I even realised it was called a DMP!

I would say doing your own is easy, well much easier than trying to manage with no money! My top tips would be to be organised file away and answer mail ASAP. If you are organised you can use this against companies later.

A contraversial tip but I am glad I did it is to change your telephone number, then you have the power to deal with things when you want to, open your mail after your cup of tea when you are up to it. Also it forces all communications into writing. I just told family that we were having harassement via phone no one battered an eyelid.

Double check you are OK with your bank account, is it related to other accounts that you hold debt with and do you need to change it?

To start off I wrote an initial letter asking for balances etc saying we were in trouble and sending a £1 token payment this gave me more money for the first month to stick in my new bank account (I had to find a new account as we banked with Lloyds and credit cards were with them).

Remember that 90% of replies back from companies are automated and make no sense to the last letter you sent and patiently plug away and wear them down, it will work.

Its a great feeling to turn your thoughts around too from I have x amount for food this month left to I have this to live on and x amount for creditors.

Good luck and sorry for the waffle!

the_tooth_fairy

Hi everyone, called Payplan as we got an online reminder to have our first annual review!! Spoke to our case officer, who said that the 'reduced interest' is common with RBS cards, and they may take it into account at the end (if we are ever in a position to offer F&F's). I didn't realise that you can make offers to your smaller creditors at any time without compromising the others (duh!) however she said that it's important to have the funds to do so, because as she said, "If they come back to us with a reduced amount offer, they expect to be paid." So no dipping toes in the water, then. We do have a few smaller ones that we would consider paying off, perhaps next year, so for me that was good news. Will let you know how the review goes, can probably only afford another £20 max, I really hope thats going to be OK.
Have a great weekend, all.

ttfx