DMP experiences

scottygees

I am just at the first stages of setting up a DMP. Was wanting to know what interim payments to offer whilst DMP is being set up and also the length of time the DMP will take to set up. The paper work will be sent to CCCS this week.

I would also be interested to hear about peoples experiences of DMP's i.e Which creditors are better to deal with than others, regarding freezing interest and acceptance of the plan.

Would also be in interested to hear from anyone who has finished a DMP by paying the agreed amount through the DMP.

Thanks

eyeopener2

Send them all a token £1, its not the amount its showing the willingness to pay.

Regarding which creditors are good to deal with..............well from what I can gather we all seem to have different responses. All mine were great barring Santander but I think that was more down to Santander being the most disorganised bank EVER. MBNA, Barclaycard, M & S have all be great to me. Others have had problems with those creditors but others have had no problems.

The payday loan companys are nasty pigs however, but if your strong you will win.

CurlyTop

Hi

I never had to make a token when I set up with CCCS, I just went straight into the DMP although I also hadn't missed a payment to the people I owed money to, I just couldn't afford to live either!!!!

I found M&S fab to deal with. Always very helpful and friendly. Barclaycard were okay as long as you kept them up to date.

RBos are a pain. I had started to type out the problems I've had but I'll summarise. Three times they've taken me to court to increase payments. Three times its been kicked out. The first time was because they lost the payments I'd made to them which is what resulted in them taking me to court. I upset them when I asked them to remove the CCJ against my name. This they did. Cos they were upset,this caused the second time for them to try and get more money. Not granted by the court. The third time was for a charging order. Interim charge is on the account, although judge that day said she wouldn't have put it on if it had of come to her as I hadn;t missed any payments but she was standing in for the judge who did allow it to go through. This last week they have come back and asked for a statement of my affairs with a view to getting an increase. CCCS have told me to ring them and tell them they will send this to them, I am not to do so. This makes me laugh because I only owe on two accounts and they are both RBOS. They are going to look right thickos if I go back to court to try and pay more money to them. CCCS have kept to what the courts have said and have not increased payments on this one account to them so when I have upped my budget and had some extra money my other creditors all saw the benefits except this one account. It will be the last to have the money thrown at it. The other RBOS account will be finished, I think by the end of the year and then I will be throwing nearly 4 times the court appointed amount at the debt. I wouldn't mind but the debt will be paid off in 2 years (earlier if I can, but having ill health I do what I can, as fast as I can). I wouldn't mind but I have never missed a payment with them or anyone else. I've been on a dmp for 8 years nearly.

There will be times it will get you down. Its not always easy but you know what, you will get through it and see the whole experience as a challenge. If you haven't already done so, get onto the 'old style money saving' thread. Loads tips and hints on their and although I only joined here a little under two years ago, wish I'd joined sooner. Its being on this thread that has given me a new lease of life and a new outlook as to dealing with my finances. Hope this helps. Wishing you the best of luck. x

Deep_In_Debt

CCCS usually recommend you send a £1 to each creditor. Normally, it will take about a month to set up.

MBNA, my largest creditor, were brilliant with me and still are. They accepted my payments from the start and 2.5 years on, they've still kept interest frozen.

Barclaycard were a nightmare for about 4 months and even sent a doorstep collector, but after that, they accepted and have been quiet ever since.

Halifax were hell for almost a year with their harrassment, but passed the debt on and since then all has been quiet.

It will be a rollercoaster for a few months, but you just have to ride the storm for a while. I've not heard from a creditor for nearly 2 years now and I'm making serious headway into my debt.

Homershairdo

CurlyTop wrote: »

Hi

I never had to make a token when I set up with CCCS, I just went straight into the DMP although I also hadn't missed a payment to the people I owed money to, I just couldn't afford to live either!!!!

I found M&S fab to deal with. Always very helpful and friendly. Barclaycard were okay as long as you kept them up to date.

RBos are a pain. I had started to type out the problems I've had but I'll summarise. Three times they've taken me to court to increase payments. Three times its been kicked out. The first time was because they lost the payments I'd made to them which is what resulted in them taking me to court. I upset them when I asked them to remove the CCJ against my name. This they did. Cos they were upset,this caused the second time for them to try and get more money. Not granted by the court. The third time was for a charging order. Interim charge is on the account, although judge that day said she wouldn't have put it on if it had of come to her as I hadn;t missed any payments but she was standing in for the judge who did allow it to go through. This last week they have come back and asked for a statement of my affairs with a view to getting an increase. CCCS have told me to ring them and tell them they will send this to them, I am not to do so. This makes me laugh because I only owe on two accounts and they are both RBOS. They are going to look right thickos if I go back to court to try and pay more money to them. CCCS have kept to what the courts have said and have not increased payments on this one account to them so when I have upped my budget and had some extra money my other creditors all saw the benefits except this one account. It will be the last to have the money thrown at it. The other RBOS account will be finished, I think by the end of the year and then I will be throwing nearly 4 times the court appointed amount at the debt. I wouldn't mind but the debt will be paid off in 2 years (earlier if I can, but having ill health I do what I can, as fast as I can). I wouldn't mind but I have never missed a payment with them or anyone else. I've been on a dmp for 8 years nearly.

There will be times it will get you down. Its not always easy but you know what, you will get through it and see the whole experience as a challenge. If you haven't already done so, get onto the 'old style money saving' thread. Loads tips and hints on their and although I only joined here a little under two years ago, wish I'd joined sooner. Its being on this thread that has given me a new lease of life and a new outlook as to dealing with my finances. Hope this helps. Wishing you the best of luck. x

Hi,

Thought I would say that this is exactly the same situation as I find myself in at the moment. Haven't missed a payment, just money to live! Where your creditors ok? Did you do your own dmp?

Cheers!!

barbiedoll

Even if you use CCCS for your DMP, be prepared to write letters yourself, I got interest stopped on 3 of my accounts by doing this. CCCS are incredibly helpful for giving you a budget and for contacting your creditors in the first instance but it doesn't hurt to keep an eye on things yourself. The National Debtline website is full of good advice and template letters as is this board. And of course, you will get lots of moral support here too!

Lots of people do their own DMP but some creditors do play a little "hard to get" if you don't use a recognised charity or organisation, even though there is no legal obligation for you to do so. It depends on how organised you are, personally, I would rather pay out one amount each month and have someone else divide it up for me but that's just because I'm a bit lazy, plus I do have a demanding job and I'm studying at the moment too.
To be honest, no matter how you do it, you will have a few weeks of annoying phone calls and scary letters but it will eventually settle down. And I found it lifited a huge weight off my mind, just knowing that I was dealing with the situation. Don't worry, you'll be fine. Good luck!

stassy23

i have found barclays the worst company i had a lot of hassle from them all the rest halifax, next, argos and capital one have been great i have been on a dmp for nearly a year now have had a few letters but very lil calls and im very happy

most have frozen interest too

greygirl61

Hi,

best of luck.We have been on a dmp since jan this year and adjusting to living on a budget was hard for us ! But now we know debts are coming down and not going up anymore.
it was hard doing without a holiday this year BUT you just have to keep going and think it'll be worth it in the long run.
As for creditors I don't understand why they seem to treat people differently - MBNA have reduced interest as have Barclaycard (they are charging 2 different rates!) but RBS Egg and M and S have frozen interest as have natwest credit card but not a loan.

CurlyTop

Homershairdo wrote: »

Hi,

Thought I would say that this is exactly the same situation as I find myself in at the moment. Haven't missed a payment, just money to live! Where your creditors ok? Did you do your own dmp?

Cheers!!

Hi Homer

Apologies for the delay in replying, have only just quickly come back on line. I have had my dmp via cccs. I sent the initial letters out to everyone and waited to hear back. They seemed to accept what they were being offered. Barclays kept sending me the same letter at the beginning for about 3 months but I just kept sending the same reply back. I think the penny dropped eventually. M&S froze the interest initially. When the balance dropped to about £800 they put the interest back on. This is something you have to be prepared for, which I suppose in a way is fair. After all, what about people who have no problems paying minimum payments or whatever. Why should I not pay some interest if they are having to. As I'd had it frozen for ages, I just sucked it up. this is something that you are told at the time you enter into a dmp. In view of the pickle that people find themselves in, most companies are ok with freezing it. they may not like it but they do it.

I know someone who has just gone on a dmp and was told it would take about 10 years to clear and when they expressed concern as to how the creditors would take it, they were told that in view of the fact that there are a lot of people in this position now, that banks and banking societies are having to take it on the chin and face a delayed length of time in people paying their money back.

My advice to you is to go via cccs. They are a registered charity, they don't ask for money from you to pay your debts. By being on a dmp with them, it looks more official to your creditors. The sooner you enter into this the better. It does feel like a weight gets lifted. Good luck