Please help, creditors saying they will not accept my dmp?

abbie1988

Okay, to cut a long stroy short my rents gone up and i cannot afford to make the min payments to my 9 creditors. The biggest one being shop direct with 6 accounts.

After reading serveral posts on here i got in contact with payplan who advised me to send a letter explaining my situation, a list of my income & outgoings, a list of all my creditors, revised monthly payments and a letter from payplan with my case number etc.

Have heard nothing back from shop direct so just gave them a call and they said they would not be able to come to an arrangement with anything other then their min payments, which i can just not meet, they want £315 out of my £780 monthly salary. I can afford to pay them £120 a month which i think is quite a large token payment.

Anyway the lady on the phone advised me to ring a different department which are only open untill 6pm. She said shop direct would be able to offer me a loan at 39.9% to pay off all the accounts and just make one monthly payment.

39.9% is a JOKE on a total debt with shop direct of £4000.....

Any advice Please

thanks

dbt3mummy

I'm still quite new to this but what is your credit rating like? Would you be able to get a 0% credit card and move the debt to that and start clearing it?

Trollfever

Earlier posts indicate a mobile phone bill of £85 a month.

This is more than double what is considered to be normal living expenditure.

eyeopener2

Let Payplan take control

Do not speak to creditors on the phone other than to give them your case numebr

THings will settle down and most/all will accept the DMP

Cut your expenses and outgoings to the minimum

Good luck

* Edit

After seeing your other post you seem to be self manging a DMP and not going through Payplan.

You need to cut the phone bill to £10 max.

PNPSUKNET

aint shop directs apr that anyway?

Jinx

Dont speak to creditors on the phone - only communicate in writing.
I wouldnt take out an additional loan, start paying your token payments by cheque, recurring online payment - whatever your choice. Not direct debit though. They will accept the payments even if they want more...
And dont bank where you owe money.

Deep_In_Debt

Taking a loan is not the way to clear debt either.

Just let Payplan deal with them.

abbie1988

Trollfever wrote: »

Earlier posts indicate a mobile phone bill of £85 a month.

This is more than double what is considered to be normal living expenditure.

Yes am aware of this, however nothing can be done as 1 contract as about 14 months left and the other 18 months . in my income & outgoings i have more then made up for this as i have not budgeted for clothes (as i will use a clothes swapping site) haircuts (family friend does for free) entertainment (sorry but i can go cold turkey untill this is sorted) emergancy fund (this is zero) all my gas, electirc, water bills coucil tax comes under my monthly rent of £375. The only money that is not going on my debt is rent, food, money for my car & the 2 phone bills so i think this makes up for the 2 phone bills i can do nothing about, on some people soa they put 50on entertainment and 30 on clothes, i dont need those things.

abbie1988

dbt3mummy wrote: »

I'm still quite new to this but what is your credit rating like? Would you be able to get a 0% credit card and move the debt to that and start clearing it?

i have a very poor credit rating, surprised shop direct even gave me credit - i cant even get payday loans its that bad.

abbie1988

Deep_In_Debt wrote: »

Taking a loan is not the way to clear debt either.

Just let Payplan deal with them.

payplan will not act on my behalf, as the debt is not more then £8000 they can only advise me.

abbie1988

Jinx wrote: »

Dont speak to creditors on the phone - only communicate in writing.
I wouldnt take out an additional loan, start paying your token payments by cheque, recurring online payment - whatever your choice. Not direct debit though. They will accept the payments even if they want more...
And dont bank where you owe money.

I dont intend to take out a additonal loan just the lady on the phone from shop direct said the only way the would accept lower monthly payments would be to use their 'last resort' loan.

i thought creditors were only entiled to your surplus each other? i cant pay them what i dont have.