Whats the longest anyone been on a DMP?

winner12

Hi there
At present i am on my own DMP getting lots of letters most have agreed to stop interest and charges battling with Monument and Capital one these are the lowest amounts owed intention is to go for FF on these when I can, its best to pay off largest interest charges first or as I see it the most pains in the bum first
Good Luck:j

PinkPeach

Winnner12 - how did you negotiate your own plan with the banks? My partner has just ended his DMP with Debt Line as they were useless and never seemed to know what was going on with his account. He's decided to go it alone as they weren't worth the monthly fee so I was wondering how you managed to sort things out for yourself? It wasn't that he can't afford to pay back his debts (which are prob about £2500), he just kept forgetting when they needed to be paid and this got him into trouble. Any advice would be appreciated - he's got no patience with speaking to the banks so we've agreed he'll make the initial phone call to each of them and gives them permission to discuss the account with me, so I'll probably be the one doing the negotiating.

winner12

Hi Pink Peach
I called National Debt Line in January this year first step to facing upto debts load off my mind I did my SOA with them and used their pro rata template letters to make my offers I only paid them what it said in my SOA lots of letters and threats later March 2010 I spoke to National Debt Line who put me in touch with CASHflow they helped me prepare a new SOA that you cannot alter without speaking to them first andTemplate letters etc this was all up and running by April 2010(you do all the negotiating)Barclays MBNA Lloyds all accepted like I said still battling with Monument (they have frozen interest and charges) but not officially accepted and Capital One who are useless but all along I only pay my offer but its every month and I have not missed any payments since January and they cant have what I havent got its hard work but if you stick with it (dont miss payments) what have you got to loose

winner12

Whoops sorry Pink Peach forgot to add dont call them do it all in writing then when you need to look up something that was said its there in front of you dont forget they want their money back and Telephone conversations get forgotten

PinkPeach

Thanks Winner12. Am I correct in thinking then that as even when negotiating as long as you continue to make payments to them of whatever you can afford that this then can't go against you? Sorry if thats a silly question, I just wasn't sure if a payment of any amount wouldn't satisfy them whilst they've not agreed to anything.

winner12

Exactly
Work out you SOA first then use template letters and add any of your own wording send to all your crediters with first pro rata payment as a gesture of good will its no gurantee but its shows you are trying to sort out your problems

winner12

Hi again Pink Peach we are jumping on someones thread here so its probably best to start a new one

Jinx

I started in November 2004.... still got a little bit to go as you can see in my signature. I calculated initially that it would take 8 years so I suppose I'm on track.... (have to admit I have got a bit lazy after 6 years!!)

The best thing about doing a DMP is that the huge stress it takes to set it up is so much reduced once running. I daydream of being debt free but every month brings it a smidge closer :j

alona1

I started 3 years ago, I still owe approx £14000 in total but want to try really hard and get them paid off by F&F in the next 12 months or so :-)

winner12

I thinks thats sound advise set up the DMP and then at least you can pay something and go for F&F when you can at least it gives you breathing space and hopefully you can sleep again and above all start to live abit:T