DMP, what happens.....

Bobby81

sorry me again, im just wondering most of my debt is with my bank, but i have to include my catalogs and credit cards even though i dont owe that much on them, what happens if one or two of the smaller companys say no?
Also i let my friend order something from NEXt the other day, its not going to look good is it??

kickingkay

Bobby81 wrote:

sorry me again, im just wondering most of my debt is with my bank, but i have to include my catalogs and credit cards even though i dont owe that much on them, what happens if one or two of the smaller companys say no?
Also i let my friend order something from NEXt the other day, its not going to look good is it??

hello, to start off, you may well be advised to open a new bank account if you go into a dmp your bank may well close your account or retain your funds!,
as for the companies saying no they might but it wont change you making a token offer or a figure your dmp councellor will negotiate for you it wont stop them adding % or charges although some will do from the start,
as foir your friend ordering form next that will have to stop they cetainly wont let you order again, they also are one of the most annoying for dmp as they continue to ring and write asking ofr more money,
my advise to you is stick with a plan dont be put off by your debtors saying no they are bound to but evenyually it dies down and your debt will be repaid after all
tc klare xx

Janey51

Hi Bobby81. It does take a while for things to settle down but they will! As for the smaller companies not accepting offers, I would have thought from their point of view, they are getting a better deal. CCCS are paying all our creditors £5 a month and the amounts owed vary from £686 to Littlewoods catalogue to £25000 to Royal Bank of Scotland. Initially they were all getting £1 a month and accepted that (after numerous letters saying they wouldn't)

Letting your friend order from Next was a bit silly but hey! we all make mistakes. I'm sure it won't be your last.
Maybe your light bulb is still flickering a bit;)

livinginhope

Morning bob,open another bank account now with another bank you have no accounts with,get all money paid into it and change all essential DDs to this bank.
Stop using the catalogues NOW,they will not accept offers if you are continuing to use them,doesn't matter about it being for a friend it is YOUR account,the friend will have to find someone else to order things from.
The smaller the amount owed,the more likely they seem to accept offers,this is from my experience anyway,don't worry so much,things do settle down in time.
LIH

Bobby81

Thanks so much for your replys, its a great help, some people on this site (when i have read back all posts about DMP) have said they are a lot better off now and can live a little then on other posts it seems like people are still struggeling, i dont want to go into a plan like this if there is no change to now, if that makes sense. I always pay the bills but we dont have much left to live on if that makes sense.

CLAPTON

you really need to post a proper SoA. you have got several threads running and you have posted a bit of an SoA but you now need to sit down and work out a complete one. The reason you are finding conflicting information is that each persons experience is different and depends upon their individual financial and family situation.

you need to write out your SoA.
firstly because you need to understand where you money is actually going
secondly because the amount of money that your creditors or CCCS/Payplan/IVA company expect you to pay depends upon the SoA. Its worked out simply like this..its the difference between your income and your 'essential' spending. and not some figure like 300 plucked from the air.
thirdly if you approach CCCS/Payplan or if you approach your creditors directly they will all ask for your SoA.

so i would suggest you post a comprehensive SoA and remind us of your full circumstances all in one posting (you have too many threads to go back and reread.)

so read the following
http://forums.moneysavingexpert.com/showthread.html?t=107280
also read the 'budget planner' at the top of this page to get a good list of all the items that need to be in a budget.
also remind us about you family situation, number and ages of children and details of house (value and size of mortgage)

Bobby81

Ok sorry:mad:

Bobby81

My salary - £1280
Partners salary - £450 (take away childcare) about 370
Benefits - £116
Tax credits but go straight towards childcare 80%

Total - £1766

Monthly Outgoings:

Mortgage/Rent -
Council Tax -
Gas - £33
Electric - £21
TV License - £10.99
Sky £45.99
Phone - £40
Food - £320 (including nappys for two, baby milk a week)
Car Insurance - £48
Petrol - £100
Insurances £30
Lloyds TSB Loan: owe 17900 and pay £407 a month
Lloyds TSB: owe 8100 pay 180
Car HP: 180 pm
Next owe about 300 pay 35
Gus Catalog owe 300 pay 30
Lloyds TSB owe 490 pay minimum
barclay card: owe 73 pound pay 15 pound
sky card owe 98 pound pay 17 pound



Total: £1,595

Bobby81

rent and council tax comes out of husbands wages before he gets paid

CLAPTON

no need for 'sorry' and i didn't mean to be critical in any way whatsoever, but merely to explain why you are gettting mixed messages. indeed i'm sorry if i hit the wrong tone here but only trying to focus you on the SoA issue which will give a firm foundation for evaluating opinion and experiences.

Bobby81

Sorry forgot AGAIN lol, 2 children, married, 1 is 10 months and the other just turned 3. We have been pying for the big loan with ur bank for 2 years and we coped fine with that, its the new loans the car of 180 a month and the other loan of 8000 at 180pm, if one of them was gone we could probably do without the DMP too.

We also have two more credit cards one with a 10000 limit and the other with 7000 limit but dont owe on them, i dont know their APR's. The bid loan is 6.8% and the 8000 loan is 11.8 i think.