Barclaycard and Virgin Money Credit Card Debts... 19.5K total

Superbiatch

Teekaylon wrote: »

gotta sleep more to follow ................... once again thanks for the huge help

Its a condition of most DMP's that you don't take out any further credit, so call them up and at least reduce it right down to something like £50 or remove it completely

Teekaylon

Superbiatch wrote: »

Its a condition of most DMP's that you don't take out any further credit, so call them up and at least reduce it right down to something like £50 or remove it completely

I take it you mean my overdraft facility when u say reduce it of remove it completely? Like i say i do have an overdraft with First Direct of £500.00 but used very rarely if ever at all...

if you are managing a DMP yourself does this basically mean you deal and negotiate with your creditor yourself rather than set up a direct debit with a 3rd Party ..ie CCCS and let them do the negotiating on your behalf?

Superbiatch

Teekaylon wrote: »

I take it you mean my overdraft facility when u say reduce it of remove it completely?

Yes, sorry for not being clear

Superbiatch

Teekaylon wrote: »

if you are managing a DMP yourself does this basically mean you deal and negotiate with your creditor yourself rather than set up a direct debit with a 3rd Party ..ie CCCS and let them do the negotiating on your behalf?

Yes thats it, so you're in total control - most creditors are ok with this especially if you say you've been looking at the national debtline and CCCS websites in order to help you set it up. You can even get a pack from national debtline with issues you with a reference number and I put that on my correspondence and its keeps them happy.

The reason why I haven't gone with CCCS or payplan is they have been known to pay your credtors late and therefore your debt increases (although this doesn't happen in all cases but its sods law lol). And I'm a control freak

Teekaylon

Ok thats brillaint advice superbiatch thank you... when you talk about the CCCS websites pack that they provide you i have already done this, it was from this pack that i got the letter template that i have sent to my creditors yesterday.

When you talk about being a control freak i know exactly what you mean, i my self am a relatively confident person and have no problem dealing with pushy people on the fone am yet to be pushed into a corner i didnt want to be in so thats not really a problem, more the problem was knowing the process of the actual DMP



the reference number that you mention i do have one of these also yes although the CCCS Website does advise me not to supply this to my creditors?

Superbiatch

Teekaylon wrote: »

the reference number that you mention i do have one of these also yes although the CCCS Website does advise me not to supply this to my creditors?

I found MBNA to be particularly pushy so after i told them I'd sought advice from CAB, National Debtline and CCCS and gave them the reference number they seemed happy enough. I think they're just making sure you're not lying about income and expenditure. Oh and be prepared to be questioned about your outgoings, they're right nosey so and so's

Teekaylon

yeh thats all ok i can handle that im sure as long as they dont want to put some kind of charge on my earnings or similar delving into my actual bank accounts they cant do that easily can they in your experiences Superbiatch?

Superbiatch

Teekaylon wrote: »

yeh thats all ok i can handle that im sure as long as they dont want to put some kind of charge on my earnings or similar delving into my actual bank accounts they cant do that easily can they in your experiences Superbiatch?

Sorry for late reply, been out for tea

Nobody other than a court can gain access to your bank statements but they might try their luck to get a copy of your wage slip - don't supply it, or if you do, blank out your employer details as you don't want them trying to contact you there.

I actually sent them a copy of my SOA so they could see what was incoming and outgoing (after taking advice from the CAB about acceptable amounts for food and diesel etc) and they questioned me about it, and even advised I didn't put anything in for car tax lol. They can then see what is left and how it is proportioned out. No arguments then.

Teekaylon

thanks for all the sound advice superbiatch all makes great sense and has answered a lot of questions for me and settled a few anxieties... As i say i have fired off my letters now and made my token payments so will just wait and see what happens or when it happens.


funny isnt it makes you wonder how people coped before the days of forums like this one its a brill site!

Terry

Teekaylon

Edit: Forgot to mention if you bank with either of your creditors open a new bank account pronto and get your wages paid in there too. Do you have an overdraft also?

Also i forgot to ask regarding the overdraft facility why is it so important that i discard it?

not that this bothers me as i have hardly used it if ever at all im just curious thats all? and if my banck account is with First Direct how would either Virgin, Barclaycard or CCCS for that matter know if i had or i hadnt?

DMPs from my understandings are like a gentlemans agreement between a debtor and creditor or put another way .... an informal structured repayment plan so how would anyone know if I had actually binned this overdraft or not?