DMP & Mutual Support Thread - Part 8

redfalcon

So out of my 7 creditors heard back from two so far... Lloyds TSB just a "thanks for letting us know your in financial difficulties" letter.. and Barclaycard have said they are freezing all interest/charges until they hear from CCCS regarding my repayment plan.

Still waiting to hear if any have accepted the plan! Fingers crossed.

Growurown

redfalcon wrote: »

So out of my 7 creditors heard back from two so far... Lloyds TSB just a "thanks for letting us know your in financial difficulties" letter.. and Barclaycard have said they are freezing all interest/charges until they hear from CCCS regarding my repayment plan.

Still waiting to hear if any have accepted the plan! Fingers crossed.

Well done redfalcon! There may be a few gremlins at the start so be prepared but it will all sort itself out in the end:)

trainergirl

justick9 wrote: »

I understand it stays on your credit record for 6 years after each account is settled, which means our record would still be tainted in 9 years or so.

Hi

Its my understanding that the default would stay on file for 6 years from when it started - not from when the account was settled. I may be wrong as I'm new to all this....

Anyone know for sure??!!

Hopelessly_Hopeful

trainergirl wrote: »

Hi

Its my understanding that the default would stay on file for 6 years from when it started - not from when the account was settled. I may be wrong as I'm new to all this....

Anyone know for sure??!!

Yes

You are both correct!

Defaults stay on your account for 6 years. So if at the start of your DMP every creditor defaulted you, the record would be clean in 6 years time regardless of the duration of your DMP. If your DMP was for 3 years, and say one of your creditors didn't default you until year 3 or had 'arrangement to pay' / AP on your record then the clock wouldnt start ticking until the end of the 3 years making 9 years in total. This is why we say good news if your creditors default you sooner rather than later.

Hope that helps.

HHx

Time_to_face_the_music

thegazp wrote: »

Afternoon fellow DMPers

I have finally sent of my statements, proof of income and authorisation to act for the Payplan. I'm aware taht I've probably got some difficult creditors (Natwest, HSBC, Barclays, Wonga and Quickquid), so some horrible times lie ahead. However, I'm here now and determined to make the most of it. My total debt is £10,000 and I'm repaying £110 a month, possibly upping to £150 later this year and £200 from January, providing budgeting goes ok for the first 3 months.

It's been an awful 3 years of struggling to admit there was a problem. It only really sunk in when I started missing meals every day so that our food budget went far enough to feed my OH and son properly. I was sick of spending night after night lying awake until 3am worrying if we'd run out of nappies before payday or how I would get to work with a car running on fumes. I dreaded making the call to Payplan, but I can honestly say it was one of the most liberating moments of my life. They're absolutely delightful on the phone every time I speak to them, so much so that I'm not overly scared of my creditors now. I no longer even feel like a massive failure.

That's my two-pence really. ut I was wondering how everyon else had got on with getting interest frozen and potential F&F settlements with any of the creditors listed above. Any suggested tactics for this battle would be greatly appreciated!

Chin up and soldier on everyone. Coming from someone who spent 12 months lurking, you're all very inspirational and very brave!

It is liberating and well done on taking that first and hardest step :T
The only creditor we "share" are NatWest and they are on our :mad: list but everyone seems to have different experiences and it seems like a lucky dip as to how you get treated :wall:

Good luck and now you are out in the open, no more lurking

Time_to_face_the_music

redfalcon wrote: »

So out of my 7 creditors heard back from two so far... Lloyds TSB just a "thanks for letting us know your in financial difficulties" letter.. and Barclaycard have said they are freezing all interest/charges until they hear from CCCS regarding my repayment plan.

Still waiting to hear if any have accepted the plan! Fingers crossed.

So far, so good :T

Like Growurown says it can be a bit bumpy at first so fasten your seatbelt and come here to sound off if you need to. There always seems to be someone here who can offer useful advice or share their experience

Time_to_face_the_music

Squirrel29 wrote: »

Hi, not posted in a while as all has been quiet on the DMP front... until now! I've been in DMP with Payplan for 16 months and at my review I upped payments from £101 to £120. Always paid on time. I owe £2300 approx on N'wide CC. They decided last Dec they wanted more than the £10.50 sorted out on DMP and offered f and f of £1500 or £50 a month. I rejected this as knew the moment the apple cart was upset on DMP ie one creditor suddenly getting more, then the plan would fall apart. They sent court papers and Payplan legal team returned them with my I & E and offering what I already pay on DMP.

Today I've got a CCJ for £85 a month instalments!! I'm going to ask for redetermination hearing but sods law, Payplan now shut until after Monday for advice!

Any advice? I'm worried as last month a got 10 months back pay of £120 plus earned £250 overtime but this isn't regular and in fact has all but stopped, so if I take recent bank statement, it looks like I'm lying about income. By the way, I spent extra on having dead and dangerous tree removed from garden, so not on luxuries!! I'll also post on main Debt free forum.

I can't offer any advice on this but didn't want to just read it and ignore. Does this mean that the court just disregarded Payplan's information on your ability to pay? If so, that seems both unfair and irresponsible

I hope you manage to get it sorted out with Payplan on Tuesday, please let us know.

tiredmumof2

Hi all,

Well LBM struck on 2nd May and since then I've contacted CCCS and completed my DMP of £300. We opened our new bank account yesterday so we've arranged for all our main DD's and SO's to be transferred over as part of the new account.

We have over £53K of debt between Hubby and I and its time to sort our life out. Hubby is very nervous - I've done most of the work but he knows we had to sort ourselves out. I have a couple of concerns and questions though and I hope you can help me.

• I have payment dates approaching so what is the best thing to do as my DMP with CCCS will not be set up in time? Should I include a payment (i.e. Postal order) in with my letter to them stating I'm moving onto a DMP or should I pay over the counter (may £10 payment for each creditor?)
• How long does it take for CCCS to take the first payment after setting up your DMP. I'll be posting my pack on Tuesday by registered post so they should get it Thursday 10th May at the latest. Will the first payment be taken out on 1st June?
• Most of my creditors have ALL of my contact numbers, work, mobile and home and I'm frightened they'll phone me at work and demand payment etc. How emabarrasing will that be? Is there anything I can do to stop them from calling me?
• I've submitted my bank detail changes at work - does anyone know (on average) how long this process takes to change the details on BACS (this is how I get paid).
• SOme of our CC's have 0% finance for 18 months - will they honour this when we move onto our DMP?

I'm really sorry if the above questions are a bit obvious and I'm being thick but I'm trying to pacify my Hubby about the DMP (as he's obviously worried) and I can't answer some of the questions he's asking - so I'm getting nervous now!

Growurown

tiredmumof2 wrote: »

• I have payment dates approaching so what is the best thing to do as my DMP with CCCS will not be set up in time? Should I include a payment (i.e. Postal order) in with my letter to them stating I'm moving onto a DMP or should I pay over the counter (may £10 payment for each creditor?)
• How long does it take for CCCS to take the first payment after setting up your DMP. I'll be posting my pack on Tuesday by registered post so they should get it Thursday 10th May at the latest. Will the first payment be taken out on 1st June?
• Most of my creditors have ALL of my contact numbers, work, mobile and home and I'm frightened they'll phone me at work and demand payment etc. How emabarrasing will that be? Is there anything I can do to stop them from calling me?
• I've submitted my bank detail changes at work - does anyone know (on average) how long this process takes to change the details on BACS (this is how I get paid).
• SOme of our CC's have 0% finance for 18 months - will they honour this when we move onto our DMP?

1. I would make token payments and put the money away I would have spent into a savings pot. You can pay by postal order or over the counter in the bank. Have you sent your creditors letters yet? If you have they will be expecting a reduced amount, if you haven't then send them the standard letter now tweaked slightly explaining how you have paid the token amount.
2. In my case it was up and running in a couple of weeks, so I reckon 1st June is do-able
3. You can write to your creditors and ask them to contact you by post only
4. Changing your bank details for your pay should be very quick, it just depends on how good your admin staff are. OH's work forgot to process the paperwork causing major hassle when we started our DMP. Might be worth a phone call to whoever does the pay in your organisation and checking they have done it.
5. Sorry can't answer this one as we didn't have any zero percent cards when we did our DMP.

Try not to worry to much. Things are scary when you start out because you don't know what to expect, but it will be fine. Loads of us on this forum have gone through this and most people will tell you that it's rocky at the beginning but things do settle down eventually.

savvykaz

Hi tiredmum, we're in EXACTLY the same position as you in that my hubby is a little nervous, concerned we won't have enough money to live on but we too just couldn't go on as we were. We have joint debts of just under £32,000 (excl. mortgage) and I'm just copying all our statements and then I too will be posting the pack off on Tuesday; I'm assuming the DMP will be up and running for the 1st June and am also hoping the change of banks will go smoothly, in that dds don't go out of the new bank before there's any money in it!! It's all a bit up in the air at the moment, but I'm sure everything will turn out right in the end . Good luck to you