DMP (debt management plan)- your experience.

kevster1009

I have a NatWest account and probably a Citibank one coming with Debit cards so I have done that allready. It shouldnt take me long to sort it, but I was scared about the house thing thanks for your advice.

sgx.saint

Perhaps a good start would be to provide an SOA. See the sticky at the top of this forum.

That way we can start to see if we can save you any money anywhere in your finances. Also, gives us a better understanding of your situation.

kevster1009

I have followed this site for a few months now and acheived just about everything I can at the moment. I am currently expecting to pay about £280per month into a DMP to spread between the creditors.

sgx.saint

That sounds like a good healthy amount. You should be fine, I wouldn't worry too much Kev.

Post up your SOA though so we can have a look in detail and see if we can help in that respect.

Kazonline

~Hi Kevster, Here's the link for CCCS.
http://www.cccs.co.uk/
As the others say, they are very helpfull and I found their website a good help. IF you fill in your financial details anonymously it provides you with a custom made advice booklet and a web ref. You can then call them and quote that ref and they'll have all your details to hand.
I asked them about my owing Halifax on my credit card as I have my mortage with them, and they said they can't take the house as long as I keep up the cards - however I do only owe Halifax about 2k. I'd be interested in hearing what they say to you about this if you feel like sharing it.
Kaz x

Kazonline

Just wondering if anyone else could share their experiences of DMP's (good and bad)?
Cheers,
Kaz

keithboy40

i would also like to know others experience. especially with cahoots, lloyds, northern rock and rbs. are they going to hassle me for money i cant afford. have these banks got bad reputations.

moxie_2

I've been in a DMP for about 18months with Payplan, who are fab. I set it up with them as they were recommended by my trade union and they have been nothing but helpful and reassuring. The big relief is that any contact from creditors I just pass staright to them to deal with for me. When I was looking at setting it up, I got a lot of hassle from MBNA with almost daily phone calls, usually to my work phone number. As soon as I told them I was setting up a DMP with Payplan the calls stopped. I owe a lot (see my signature) and my budget is tight, but just about OK. Mainly thanks to this board I have really cut back on everything, and even managed a holiday this year, thanks to reclaiming £900 worth of bank charges. I update my signature every month and it is a great feeling to see the debt coming down, slowly but surely. It is the best thing that I ever did, and would highly recommend both a DMP and Payplan to anyone who is in a difficult situation.

JBsplit

I to am about to face the fact that i cant keep up with the 35k i owe.
Like others i havent yet faulted on any payments to anyone and i want to avoid that as long as possible.
I do have enough equity in my house but i would rather die than give up the house.Also if i give up the equity how would i ever get another house.?

Is there a difference between an IVA and a DMP..?

Does anyone have experiance with loan companys and dmp's(N'rock)

One thing that concerns me is that once started can you stop.? by that i mean if i go down the route of a dmp and the creditors demand the sale of the house can i say no and stop the dmp.can you 'test the water' to see what would happen or will it ring alarm bells with them.

mophead

Just thought i would share my experience of my DMP with CCCS.

In november 2004 i had just been to my Barclays Branch and was on the verge of signing for a £10,000 consolidation loan which would have taken me 10 years to pay!! It was then that i had my LBM as this would be my 3rd consolidation loan and i could see a very scary pattern emerging.

So i went home and contacted CCCS who i had heard from on another forum. They told me to hang fire regarding the loan and that an advisor would ring me and do a short interview do my SOA and advise me of my best options.

Basically after the interview i was told me had more going out than what we had coming in due to the fact that i had to give up work to care for my sick mother/ who before she had fell ill had been providing p/t child care for me whilst i worked. Plus a redundancy just before x-mas 4 years earlier had sent us down the debt path. We had to face fact we were trying to claw are way out of an ever increasing hole.

So we started a DMP we were lucky in one sense as we rent with an HA and had no arrears with rent,CT and utilites. We did the letter which CCCS send you a template od and sent a token payment of £1 and did'nt pay another penny until we heard back from our creditors:

Barclaycard: thay were great accepted and no charges were added.

Barclays Loan and Overdraft: they were a little bit shirty saying they didn't deal with CCCS, in the end someone a CCCS spole to them and they then accpted.

Littlewood: no problems

Capital One: right pain in the A*!? in the end after about a week of phone calls and some late payment charges they froze interest and settled for a lower payment.

Tesco finance: no problems as yet?

Halifax: would freeze interest as my payment met the minimum anyway.

Only barclaycard has been in touch this past month to say that as my payment now meets the minimum that are going to start adding 9.9% interest as from December.

So upto now not too bad, i forgot to add that i closed my account with Barclays and opened a cash account with coop.

Best thing i ever did, my credit rating is shot for 6 years but to be honest on my track record that maybe not a bad thing.