DMP - How much less are YOU paying now?

rags2riches_2

Just wanted to start this thread to see the difference people are paying on their DMP compared to their original contractual payment.

Thought it might be interesting and wanted to see how my situation compares!

Contractual Payment = £931
DMP CCCS Payment = £719

£212 Difference

Jolinar

I think the difference is about £200 for me as well, I started with about the same amount of debt as you last year, but my payment is a lot less £424

LittleL_4

Before I was paying about £700 pcm - now £357!
Little L
x

rags2riches_2

Thats a great reduction!

As by figure is much closer to what I'm paying them now, will that make my creditors more of less likely to accept the terms of the DMP in your opinion?

What results have you had with your creditors?

LittleL_4

I think you'll be fine.... I'm sure they'll accept no prob!

I've had 3 acceptances (the biggie being MBNA) and I'm waiting to hear from the rest. But even if they say no you just continue with the payments and I've heard that 9/10 eventually they accept.

Try and not worry it's taken a weight off my mind as i'm sure it will yours.

L
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Jolinar

rags2riches wrote:

Thats a great reduction!

As by figure is much closer to what I'm paying them now, will that make my creditors more of less likely to accept the terms of the DMP in your opinion?

What results have you had with your creditors?

I think you're paying a really good amount there still, eventually most will accept as long as they can see you're making an effort and that really is all you can afford, which is why I went to CCCS in the first place and they have a great relationship with most creditors.

All mine accepted pretty much straight away, there were a few phone calls in the beginning and around the anniversary of the DMP. With lloyds they tried to get me to take a loan out with added interest but I politely declined and pointed out that it would breach the DMP terms and conditions and under my DMP I could repay them much faster, they accepted this and left me alone.

One thing I will say is definitely keep in contact with the creditors yourself when they write to you or your budget changes I think they really do appreciate it rather than leaving it all to CCCS I think it shows that you're committed to working with them to sort out the problem. Good luck this time next year you'll feel much better off

rags2riches_2

From reading the pack, I'm worried by all the talk of defualt payments and court action.

Can this happen with a DMP?

If I'm making reduced payments under the agreement will I get a CCJ or debt collectors hounding me?

Or won't this happen if the creditior had agreed to the reduced payments?

Hpw ugly can this potentially get?

joolz43

I am paying £720 which is about £300 less than I was.

A DMP with the CCCS doesn't prevent defaults or court action, but it makes it less scary. Most creditors seem to need to default you before they technically accept your payment offer. Some say they will take legal action (may be they do too), but if you have gone through the CCCS a court is more likely to accept you are making the best attempts at paying your debts than if you are 'going it alone.

rags2riches_2

joolz43 wrote:

I am paying £720 which is about £300 less than I was.

A DMP with the CCCS doesn't prevent defaults or court action, but it makes it less scary. Most creditors seem to need to default you before they technically accept your payment offer. Some say they will take legal action (may be they do too), but if you have gone through the CCCS a court is more likely to accept you are making the best attempts at paying your debts than if you are 'going it alone.

Have you met any problems with your DMP?

LittleL_4

Most people on this site who are on a DMP haven't experienced court action, bailiffs etc... CCCs are highly respected and have a good relationship with most creditors so I think it stops creditors from taking this kinda action.

L
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rags2riches_2

Little L you've caught me panicking again!

Ok, you've out my mind at ease a little.

Another question?!

My pack should be through on Monday/Tuesday so I can get it all sorted asap. CCCS say payment is taken on the first of the month.....

If I want my first payment to be on November 1st the should I pay all my bills in October?

I dont get paid till the 10th of every month so If I make my October payments, there wont be enough left to make a CCCS payment!??!

How does it all work?