DMP Mutual Support Thread - Part 7

Hopelessly_Hopeful

Hi folks

Just passing through to say hi. Hope you are all well.

My 4th payment goes off to CCCS next week. Trying to celebrate 3 key dates each month, payday, money to CCCS and money from CCCS to the Preditors to keep acknowledging things are heading in the right direction if you see what I mean!

HHx

smcshane

Ellieseleven wrote: »

I know what you mean Loubylou about freezing payments, that was my big worry and whilst most of my creditors say that my payments are not enough they have at least frozen the interest which I'm pleased about:o

I have had a mixed timewith stopping interest. Apart from Barclays all seemed too after about 3 CCCS payments, which was a relief, os sorts. Barclays were my biggest creditor. Then after a year Barclays stopped interest on both my loans and refunded some of the added from the last year.

The only issue I have now is with BOS. They are my second biggest creditor and because I have now paid off my arrears and paying above the minimum payment they dont think I am in financially difficulty anymore, I wish:cool: So going to be writing to them to advise of my increase and will also remind them of my other creditors to see if I can get the interest at least reduced.

Take Care all

Sx

suze72

smcshane wrote: »

I have had a mixed timewith stopping interest. Apart from Barclays all seemed too after about 3 CCCS payments, which was a relief, os sorts. Barclays were my biggest creditor. Then after a year Barclays stopped interest on both my loans and refunded some of the added from the last year.

We also had a mixed bag when it came to charges being stopped. Barclaycard stopped almost immediately, HSBC passed the debt to Metropolitan who then finally stopped, and Lloyds didn't stop :mad: They just forced my OH into bankruptcy which has really done us a massive favour and brought our debts down from 45kish to now just over 8k and our DFD from 2020 to 2012 :j

Suze.x

The-saint_4

Hello all, first time poster here.
About 1 year ago I was made redundant, thankfull I was living with my parents at the time but was in debt of around 7.5k. That had gone up to roughly 9.5k by the time I learned about a DMP. I have one set up for 3 months now with CCCS (who were so helpful and nice) and all my debt letters/phone calls have stopped. I can see that all my creditors have suspended interest on my payments, but now I have a new job and have around £600 a month that I dont NEED for anything, I have not told the CCCS of this yet as I am only 1 month into the job and dont want to risk changing payments then losing my job. Would I be better off telling them and increasing my monthly payment to them (currently £103) or should I save the money myself for 3-4 months then offer all my creditors reduced final payment, or leave something else I hadn't thought about?

Thanks for reading.

Unhappy_01

Hi, posted this on another thread but not had any replies yet so thought I'd try in this one.

Over the past 18 months I have got myself deeper and deeper into debt with payday loan companies. It's now at the point where I cannot and do not want to borrow from any others but the monthly payments I am making to these companies each month, approx £860 plus my rent, general living expenses and bills I am in a minus figure in terms of my monthly finances. I have managed to keep my head above water with regards to rent & bills but am now starting to struggle with these and need to take action before I fall into arrears on my priority payments.

I have not defaulted on any of these "rollovers" YET but i am due to pay another £150 over the next 10 days and I don't have the cash to do so. If the cheques are presented to the bank then I'm going to incur bank charges on top of everything else. I have considered not paying them and going into default but have "swept things under the carpet" in the past and want to see if I can take action before I start getting debt collection letters this time.

The £860 figure is only covering the interest of the loans and I am unable to make even a small dent into the capital payments, in total I owe these companies £5000 and am becoming more and more depressed each month and cannot see a way out of the problem.

In terms of my other monthly spending I am down to a bare minimum which covers rent, bills, food, transport costs and other household items and am in no way leaving beyond my means. These debts mounted up due to my previously living beyond my means and is something I have been forced to remedy due to having no spare cash whatsoever.

Due to my circumstances I cannot enter into an IVA and am unsure if a DMP would take into account payday loan companies. I have looked at a couple of websites of companies offering this service but cannot find a clear answer to this.

I have just completed the CCCS Debt Remedy online form and will call them on Tuesday to discuss my situation.

Has anyone else fallen into the payday loan trap who could offer advice how I can get out to it ?? I am hoping an DMP will help but as I say I am unsure if these cover debts to payday loan companies.

Any help / advice would be greatly appreciated.

I should add that i could reasonably afford to pay £350-£400 per month towards the debt which unfortuantly only half of what I am currently paying in "interest" payments alone :-(

ampafc

Hi all,

I have been reading this thread with interest for a while now, as I am considering entering into a dmp. Basically, I have suffered from an addiction to gambling for the last five years, which has left me around £12,000 in debt. For the last two months, I have been taking steps to address this problem (have joined GA, downloaded Gamblock so can't gambline online, and have passed my debit card on to my partner) so I feel that i am now in a position to sort out my finances without so much fear of getting into more trouble via gambling.

I live with my partner in our house which we own (with mortgage). We have never missed a payment on mortage, council tax, or other priority debts. I do not want to enter into any dmp with my partner, as she does not have debts. I take home approx £1460 p/m from full time job - and after contributing to mortage etc, I should have £700 to put towards debts.

My debts are as follows (approx)

£4200 - Halifax CC
£2600 - Clydesdale Bank CC
£2300 - Virgin CC

£1000 - Clydesdale Bank Overdraft

£160 - Wage day Advance
£300 - Quick Quid
£412 - Cheque Centre
£427 - Payday UK

£500 - Vodafone arrears

Do you think a DMP is for me? As I say, I will have about £700 to put toward debts every month from end of September. Should I just make the payments myself, i.e. try to get my creditors to stop interest? Or should I get something set up with PayPlan? I like the idea of PayPlan rather than CCCS as Payplan seems to do everything for you - am i right in saying that? I have already got the 4 payday loan companies to stop adding fees and interest, the same with vodafone.

Sorry for the rambling post. Desperately seeking help. I haven't gambled in two months (Have had the odd urge but the blocks I have put in place stop me from being able to gamble in any way, so i am now in a position (or at least i am from payday on Sep 28) to start repaying debts.

Thanks for reading.

eyeopener2

Unhappy_01 wrote: »

Hi, posted this on another thread but not had any replies yet so thought I'd try in this one.

Over the past 18 months I have got myself deeper and deeper into debt with payday loan companies. It's now at the point where I cannot and do not want to borrow from any others but the monthly payments I am making to these companies each month, approx £860 plus my rent, general living expenses and bills I am in a minus figure in terms of my monthly finances. I have managed to keep my head above water with regards to rent & bills but am now starting to struggle with these and need to take action before I fall into arrears on my priority payments.

I have not defaulted on any of these "rollovers" YET but i am due to pay another £150 over the next 10 days and I don't have the cash to do so. If the cheques are presented to the bank then I'm going to incur bank charges on top of everything else. I have considered not paying them and going into default but have "swept things under the carpet" in the past and want to see if I can take action before I start getting debt collection letters this time.

The £860 figure is only covering the interest of the loans and I am unable to make even a small dent into the capital payments, in total I owe these companies £5000 and am becoming more and more depressed each month and cannot see a way out of the problem.

In terms of my other monthly spending I am down to a bare minimum which covers rent, bills, food, transport costs and other household items and am in no way leaving beyond my means. These debts mounted up due to my previously living beyond my means and is something I have been forced to remedy due to having no spare cash whatsoever.

Due to my circumstances I cannot enter into an IVA and am unsure if a DMP would take into account payday loan companies. I have looked at a couple of websites of companies offering this service but cannot find a clear answer to this.

I have just completed the CCCS Debt Remedy online form and will call them on Tuesday to discuss my situation.

Has anyone else fallen into the payday loan trap who could offer advice how I can get out to it ?? I am hoping an DMP will help but as I say I am unsure if these cover debts to payday loan companies.

Any help / advice would be greatly appreciated.

I should add that i could reasonably afford to pay £350-£400 per month towards the debt which unfortuantly only half of what I am currently paying in "interest" payments alone :-(

Hi

Pay Day loans.....join the club. How many more of these stories are we going to see on here I wonder?

I am with CCCS and Pay Day Loans are just another creditor to deal with. Everybody runs scared of them but they are no different to any other lender. Yes they may shout and scream at you but once you take control with a debt charity they will back off.

Speak to CCCS and get the ball rolling. Don't delay though.

E2

Twit_Head

The-saint wrote: »

Hello all, first time poster here.
About 1 year ago I was made redundant, thankfull I was living with my parents at the time but was in debt of around 7.5k. That had gone up to roughly 9.5k by the time I learned about a DMP. I have one set up for 3 months now with CCCS (who were so helpful and nice) and all my debt letters/phone calls have stopped. I can see that all my creditors have suspended interest on my payments, but now I have a new job and have around £600 a month that I dont NEED for anything, I have not told the CCCS of this yet as I am only 1 month into the job and dont want to risk changing payments then losing my job. Would I be better off telling them and increasing my monthly payment to them (currently £103) or should I save the money myself for 3-4 months then offer all my creditors reduced final payment, or leave something else I hadn't thought about?

Thanks for reading.

Ooh err - I really don't know!
My own gut feeling would be to increase the payments somewhat to show creditors you are committed to repaying, and also to get that lovely warm glow when you see your total reducing, before hitting them with offers.
Maybe you could increase the payment but tuck a goodly amount per month away for F + F a few months down the line?
You say you don't want to risk changing payments then risk losing your job? Do you believe that's possible? I think your decision must rest on how secure you believe your job and income are.
Perhaps CCCS would be able to advise you further?
I'm afraid I can't offer you expert advice - only my thoughts. But well done you in gaining a massive income increase! :beer:
Whatever you decide to do it's going to be a great boost to your DMP and your debt free future! Good Luck, hope you find the best way forward soon.

'Twitty'

Twit_Head

Unhappy_01 wrote: »

Hi, posted this on another thread but not had any replies yet so thought I'd try in this one.

Over the past 18 months I have got myself deeper and deeper into debt with payday loan companies. It's now at the point where I cannot and do not want to borrow from any others but the monthly payments I am making to these companies each month, approx £860 plus my rent, general living expenses and bills I am in a minus figure in terms of my monthly finances. I have managed to keep my head above water with regards to rent & bills but am now starting to struggle with these and need to take action before I fall into arrears on my priority payments.

I have not defaulted on any of these "rollovers" YET but i am due to pay another £150 over the next 10 days and I don't have the cash to do so. If the cheques are presented to the bank then I'm going to incur bank charges on top of everything else. I have considered not paying them and going into default but have "swept things under the carpet" in the past and want to see if I can take action before I start getting debt collection letters this time.

The £860 figure is only covering the interest of the loans and I am unable to make even a small dent into the capital payments, in total I owe these companies £5000 and am becoming more and more depressed each month and cannot see a way out of the problem.

In terms of my other monthly spending I am down to a bare minimum which covers rent, bills, food, transport costs and other household items and am in no way leaving beyond my means. These debts mounted up due to my previously living beyond my means and is something I have been forced to remedy due to having no spare cash whatsoever.

Due to my circumstances I cannot enter into an IVA and am unsure if a DMP would take into account payday loan companies. I have looked at a couple of websites of companies offering this service but cannot find a clear answer to this.

I have just completed the CCCS Debt Remedy online form and will call them on Tuesday to discuss my situation.

Has anyone else fallen into the payday loan trap who could offer advice how I can get out to it ?? I am hoping an DMP will help but as I say I am unsure if these cover debts to payday loan companies.

Any help / advice would be greatly appreciated.

I should add that i could reasonably afford to pay £350-£400 per month towards the debt which unfortuantly only half of what I am currently paying in "interest" payments alone :-(

Hello and welcome to you and the other new posters on this thread
I have no experience with Pay-Day Loan companies but I'm pretty sure they can be included on a DMP. They are just another type of creditor although their terms and methods are more voracious than most
Talk to CCCS on Tuesday. They will go through everything step by step with you. They are the experts and will advise your best course of action. If a DMP is right for you, you will be left with a tough but do-able budget to live on (maybe better than what you've got now.)
You know you cannot continue living as you are. With the horrendous rates of interest you are paying, you are only ever going to go further down the pan.
You've done exactly the right thing in taking action. :beer:
Don't worry about the percentage of your payment. You can only repay what you can reasonably afford! They can't have what you haven't got.

Sleep well tonight and good luck tomorrow - come back and let us know how you've got on.

'Twitty'

Twit_Head

ampafc wrote: »

Hi all,

I have been reading this thread with interest for a while now, as I am considering entering into a dmp. Basically, I have suffered from an addiction to gambling for the last five years, which has left me around £12,000 in debt. For the last two months, I have been taking steps to address this problem (have joined GA, downloaded Gamblock so can't gambline online, and have passed my debit card on to my partner) so I feel that i am now in a position to sort out my finances without so much fear of getting into more trouble via gambling.

I live with my partner in our house which we own (with mortgage). We have never missed a payment on mortage, council tax, or other priority debts. I do not want to enter into any dmp with my partner, as she does not have debts. I take home approx £1460 p/m from full time job - and after contributing to mortage etc, I should have £700 to put towards debts.

My debts are as follows (approx)

£4200 - Halifax CC
£2600 - Clydesdale Bank CC
£2300 - Virgin CC

£1000 - Clydesdale Bank Overdraft

£160 - Wage day Advance
£300 - Quick Quid
£412 - Cheque Centre
£427 - Payday UK

£500 - Vodafone arrears

Do you think a DMP is for me? As I say, I will have about £700 to put toward debts every month from end of September. Should I just make the payments myself, i.e. try to get my creditors to stop interest? Or should I get something set up with PayPlan? I like the idea of PayPlan rather than CCCS as Payplan seems to do everything for you - am i right in saying that? I have already got the 4 payday loan companies to stop adding fees and interest, the same with vodafone.

Sorry for the rambling post. Desperately seeking help. I haven't gambled in two months (Have had the odd urge but the blocks I have put in place stop me from being able to gamble in any way, so i am now in a position (or at least i am from payday on Sep 28) to start repaying debts.

Thanks for reading.

Really sorry but I seem to be saying 'not much idea' to you, as I have in my last couple of posts!
Your situation seems quite complicated so I think it wouldn't hurt one little bit to speak to PayPlan. I'm with CCCS so can't speak for PayPlan and their activity on your behalf. It's all a bit of a minefield at set-up and it may just help you to have one of the debt charities to assist you at the start. Maybe later, when you are more confident you could consider administering a DMP yourself?
Think you've done brilliantly so far in recognising and addressing the base problems of your debts. Keep the momentum going! Hope you get sorted soon and you're always welcome here for advice or just to let your thoughts and worries out in a 'safe environment'

'Twitty'