DMP with CCCS - nearly all creditors have refused!!

Iggle

Okay, I am feeling sick .. set up a DMP with CCCS and my first payment has gone out today.

I have an embarrassing amount of money that I owe .. £56k .. not sure how it happened but involved redundancy, children, maternity leave .....

I just spoke with Nationwide who I have a credit card with (owe £3.5k) - keep ringing me all the time .. morning, at work, at home, on mobile and they are scaring me by saying that they will be selling my debt on in 3 months. I have never missed any payments to any creditors but as soon as the reduced payment has gone out everyone is calling me as I have missed. Nationwide are the worst, they tell me that I have spent a considerable amount over the last few months which is classed as excessive and I have to agree . I have Burger King, Dominos Pizza, Next .... need I go on .. on there!!

They say there is no way that they will accept the DMP, the debt will get sold on, my credit will be shot and the balliffs might come!!! I just feel sick. I thought entering into a DMP would make me feel less stressed but it doesn't .. I actually feel worse.

Does anyone have any words of advice for how to deal with this .. CCCS have told me to ignore the calls and try to stay positive as it will take a long time to get out of this mess.

We can't do an IVA as we have equity in our house but we have two very young children so selling would not be a good idea as it would be difficult to then get a mortgage or even rent with the bad credit hanging.

Is anyone else in this situation ... ? I feel as thought I owe the most money ever.

thank you for listening to my rant.
Iggle

CCCS_Amanda

Iggle wrote: »

Okay, I am feeling sick .. set up a DMP with CCCS and my first payment has gone out today.

I have an embarrassing amount of money that I owe .. £56k .. not sure how it happened but involved redundancy, children, maternity leave .....

I just spoke with Nationwide who I have a credit card with (owe £3.5k) - keep ringing me all the time .. morning, at work, at home, on mobile and they are scaring me by saying that they will be selling my debt on in 3 months. I have never missed any payments to any creditors but as soon as the reduced payment has gone out everyone is calling me as I have missed. Nationwide are the worst, they tell me that I have spent a considerable amount over the last few months which is classed as excessive and I have to agree . I have Burger King, Dominos Pizza, Next .... need I go on .. on there!!

They say there is no way that they will accept the DMP, the debt will get sold on, my credit will be shot and the balliffs might come!!! I just feel sick. I thought entering into a DMP would make me feel less stressed but it doesn't .. I actually feel worse.

Does anyone have any words of advice for how to deal with this .. CCCS have told me to ignore the calls and try to stay positive as it will take a long time to get out of this mess.

We can't do an IVA as we have equity in our house but we have two very young children so selling would not be a good idea as it would be difficult to then get a mortgage or even rent with the bad credit hanging.

Is anyone else in this situation ... ? I feel as thought I owe the most money ever.

thank you for listening to my rant.
Iggle

Hi iggle,

The first few months on a DMP are always the hardest; I know it is difficult right now but it will get easier.

It is important to remember what creditors can and cannot do to you. They can not send a bailiff, as you have not defaulted on a CCJ.

If creditors are unhappy with your offer they will probably issue a Default Notice. This is a formal letter demanding payment and telling you that you have broken the terms of your agreement. They may send your debt to a third party debt collector and this will give you another opportunity to negotiate a reduced payment.

A DMP is not easy but it will get easier – hang in there!

Amanda

Tixy

Hi

If your in a DMP then some of your debts being sold on is almost inevitable. The good thing is sometimes the DCAs are actually easier to deal with than the creditor.
Your credit will be shot anyway from being on a DMP, you will be defaulted and will not struggle for any new credit for the next few years. But if your debts are sold on that doesn't mean that baliffs are any closer to coming.

The only time a baliff could come is if you are taken to court and don't ask to pay in installments.
If you are taken to court and say you can only afford small repayments then usually the CCJ will b granted subject but with an installment plan. Only if you break this might baliffs get involved (they are not that common really -although it can feel like they are on this forum).

Hopefully you will find your creditors settle down eith your DMP soon.

Sunnylooloo

Hi Iggle

sorry it's a horrible time but as has already been said, a lot of the time it is just empty threats. Stop answering you phone and write and ask them only to contact you in writing - and if they ring at work - can you maybe get someone else to take the call and say you are not allowed personal calls and they need to remover that number??

I negoatiated my lower payments myself with my creditors (and help from National Debtline) and it appears to be working ok (obv credit history shot to bits but I don't really want credit anymore) and all my debts are at the moment with the original creditor.

Good luck with it all

xx

Iggle

Thank you so much ... the sick feeling is starting to subside a little. Nationwide even questioned me over my holiday .. I have just come back and my cover at work told them I was away. They asked how I had paid for the holiday if I had no money and she sniggered!! This is something that was already paid for .. by my mum. I am so upset with them ... nearly all of my other creditors I have much bigger debts with but these are the worst. They treat us like dirt don't they, I thought Banking Code ethics were to treat us with sympathy.

Anyway, rant over .. thank you again for your comments .. CCCS have been great and always calm me down but it's impossible to talk.

And .. the phone just rang again and it was nationwide!!!

Have a lovely sunny weekend all of you . ... at least sitting in the garden costs nothing!!

Iggle

kiwikaz

Hi Iggle

Just as Amanda and others have said, ' Hang in there ! '.

I'm in a very similar position to yourself. Huge debts, 2 young children and there's currently only my OH who can work.
We've 14 creditors and, all but Capital One accepted our reduced payments ( tho it may have been reluctantly ). There's 4 who haven't stopped interest and charges. RBS offered to accept a full and final settlement of 60 % of our outstanding debt but obviously we'd have probably gone for this had we got the money. So with a bit of tweaking here n there we're saving towards being able to offer a F & F to our lowest debt at some point.

With regards to phone calls I changed our phone number and then wrote to our creditors requesting that they only contact us by letter. With M & S we had to send a letter re harrassment which is on here somewhere to get them to stop phoning my OH at work and they stopped.

We're with CCCS and they've been sooooo helpful. On hindsight we wished we'd done this 2 years ago instead of letting our problem get worse.
However, we're now on the road to becoming debt free.

Stick at it .

Karen.:)

Tixy

Have you yet sent nationwide a letter to ask them to stop all calls and only communicate in writing? If not - http://forums.moneysavingexpert.com/showpost.html?p=23624437&postcount=2

NorthernLas

Link to letter to stop companies phoning you up

http://forums.moneysavingexpert.com/showpost.html?p=33792321&postcount=39

dancingfairy

To be honest if someone owed you a lot of money and suddenly stopped paying you wouldn't be too happy. You would try your best to get the money back. Eventually though you would come to the realisation that they just didn't have the money and you would have to put up with it.
It's the same with the banks - they don't like it but at the end of the day it's tough really - they can't have what you haven't got. You've faced up to it all and are trying to deal with it responsibly.
Stick with it.
df