DMP Mutual Support Thread - Part 7

sanctuary_seeker

Original message from Sam89


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............




It was so good to hear how well you've done in reducing your debt and it sounds like your quality of life has improved as well. I'm right at the beginning of dealing with my debts and organising my DMP but messages like yours make me realise there is a way out and also as you say there are many more people in the same boat. I know the debt is our own responsibility but the credit card companies certainly play a part by constantly extending credit limits as soon as people get close to them, so it's encouraging to hear of interst being stopped etc. Unfortunately my biggest debt is with TSB credit card and lots of people on here seem to suggest they are by far the worst ..but hey ho one day and one creditor at a time. Thanks again for the inspirational message ! SS

sanctuary_seeker

Hiya , it's free to post on gumtree ..just google gumtree and you'll be able to find the one closest to you area .

Good Luck

SS

jupster

Hi Everyone

Just an update on where i am up to!!

Still no further on am awaiting my bank account details which i am hoping will be through this week so i can transfer everything over. Am about to send off my token payment to my creditors except Halifax gotta wait until my new account is set up.

Has anyone had an overdraft added to their plan and if so how does it work as my account will be left with £1700 debt and i know that they are going to bang charges on, do you think they will eventually pass it on and close it

Would really appreciate your advice

xx

fermi

CharliesAngel wrote: »

My Cashminder's a visa debit... not electron... it will vary, it's worth checking before you pay the minimum £20 at asda self service fuel station lol

Co-op have started issuing Visa Debit rather than Electron now.

Even still, some people still have problems as quite a few retailers still have even the new cards listed as an Electron in their own databases. So they are treated as one, even though they aren't an Electron.

They retailer should update their database to show the new Coo-op Visa debit isn't an Electron, but quite a few (Tesco included) seem to be too idle to do so.

Twit_Head

ianmak wrote: »

I know this is in the wrong place, but I can't be bothered to look on the forums...

People have posted on here in the past, saying they'd sold stuff on Amazon Marketplace, eBay etc. Have people had success using them? I'm asking as I won a Dyson recently, don't need it and want to sell it, but Amazon charge 17.25%? Is it worth it?

Cheers for any replies!

Can't speak for Amazon but eBay can generate some money but it is hard work and the fees aren't cheap especially accepting payment through Pay-Pal.
I recently sold a Miele vacuum cleaner (worth £250-00,won in a competetion some while ago) that I had used for quite a time.
Got about 75-00 for it which was extremely welcome.
I find it worth doing because it's just a bit of icing on the very plain cake but the return for the work you put in is generally very small.

'Twitty'

scouselad1974

jupster wrote: »

Hi Everyone

Just an update on where i am up to!!

Still no further on am awaiting my bank account details which i am hoping will be through this week so i can transfer everything over. Am about to send off my token payment to my creditors except Halifax gotta wait until my new account is set up.

Has anyone had an overdraft added to their plan and if so how does it work as my account will be left with £1700 debt and i know that they are going to bang charges on, do you think they will eventually pass it on and close it

Would really appreciate your advice

xx

Hi

I have an over draft in my DMP and TBH I haven't had any problems from that creditor, they immediatley closed my account and have not added any charges or interest to my balance and they accept my DMP payment without a problem.

mamajojo

jupster wrote: »

Hi Everyone

Just an update on where i am up to!!

Still no further on am awaiting my bank account details which i am hoping will be through this week so i can transfer everything over. Am about to send off my token payment to my creditors except Halifax gotta wait until my new account is set up.

Has anyone had an overdraft added to their plan and if so how does it work as my account will be left with £1700 debt and i know that they are going to bang charges on, do you think they will eventually pass it on and close it

Would really appreciate your advice


xx

Hi Jupster
Our overdraft is on our DMP - its with IF so part of Halifax, they just sent a letter accepting the offer so long as we keep up the payments, at the moment the statements show interest to be added each month but the od amount is falling the dmp amount each month. So its looking good for now!
The account has been frozen and its been made clear that anything that accidently goes into the account will be offset straight away.
HTH

shell37_2

Hi Everyone - not been on the forum for ages although I do receive the email every week and read it thoroughly!

My Debt position is gradually improving, currently paying a DMP with CCCs. I'm fortunate as compared to others I only have 3 creditors but the debt is still approx £4000 which I am not proud of (paying a total of £134 per month towards it). It's taken a couple of months to get payments set up but fingers crossed it's ok so far although I'm still scared to answer any 0845 or similar numbers.

I'm now able to make the payments but I started a new job 3 months ago (but although I work for a company I'm classed as self-employed or freelance) so was just wondering if anyone had some advice or tips to get me back on track budget-wise? I make sure I always pay my rent, CCCs, phone, etc but not sure how to stretch the money I have left as I get paid usually once a month? I mean things like what is a reasonable weekly food budget for 2 adults & 2 teenage kids, putting money aside for car repairs/birthdays etc?

I appreciate any advice at all, I find it extremely reassuring that I am not the only one in this position.

x

ianmak

jupster wrote: »

Hi Everyone

Just an update on where i am up to!!

Still no further on am awaiting my bank account details which i am hoping will be through this week so i can transfer everything over. Am about to send off my token payment to my creditors except Halifax gotta wait until my new account is set up.

Has anyone had an overdraft added to their plan and if so how does it work as my account will be left with £1700 debt and i know that they are going to bang charges on, do you think they will eventually pass it on and close it

Would really appreciate your advice

xx

I had two ODs, one for £1300, the other £400. Both took around 6 months to pass on to DCAs, and continued adding charges in the meantime (Because I was over my OD limit). Compared to all of my creditors, the two ODs were the hardest to sort out.

ianmak

shell37 wrote: »

Hi Everyone - not been on the forum for ages although I do receive the email every week and read it thoroughly!

My Debt position is gradually improving, currently paying a DMP with CCCs. I'm fortunate as compared to others I only have 3 creditors but the debt is still approx £4000 which I am not proud of (paying a total of £134 per month towards it). It's taken a couple of months to get payments set up but fingers crossed it's ok so far although I'm still scared to answer any 0845 or similar numbers.

I'm now able to make the payments but I started a new job 3 months ago (but although I work for a company I'm classed as self-employed or freelance) so was just wondering if anyone had some advice or tips to get me back on track budget-wise? I make sure I always pay my rent, CCCs, phone, etc but not sure how to stretch the money I have left as I get paid usually once a month? I mean things like what is a reasonable weekly food budget for 2 adults & 2 teenage kids, putting money aside for car repairs/birthdays etc?

I appreciate any advice at all, I find it extremely reassuring that I am not the only one in this position.

x

CCCS should have made sure that you budgeted properly, to make sure you have enough to live on. If you find that you're struggling, then you may need to have a word with them to make any amendments. You need to make sure you include every possible expense that you have.

Other than that, it's just the little things. You can save money on the food budget for example.