DMP & Mutual Support Thread - Part 8

Growurown

speshfesh wrote: »

Thanks HH, I'll take a look this afternoon and get this moving.:T
I'll be back if I get stuck.;)

Yes have a good look. Ultimately the decision is yours it is your money after all! However I would say that I doubt this company will do any more for you than Payplan or CCCS. They won't have any more sway over your creditors than the free services. I have to agree with my fellow DMPers here you are better off putting the fees towards your debts. We didn't get a lot of phone calls when we started and now our DMP is up and running it takes very little of my time. I think once your creditors know you are with either Payplan or CCCS they mostly play ball. There's not much else they can do really. As has been said many times before they can't have what you haven't got.

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Once again, don't do it.

https://forums.moneysavingexpert.com/discussion/3280558

https://forums.moneysavingexpert.com/discussion/1771925

http://www.debtforum.org.uk/index.php?topic=839.0

From their own website:

"Debt Management is subject to two costs, a one-off set-up fee and a regular monthly management fee.

When you sign up to a Debt Management Plan, your first two initial repayments are made to us. This is an administration charge and covers the setting up of your account, including negotiating with your creditors and organising the right documentation for you. This administration charge is the equivalent of two monthly repayments whilst on the plan.

Once you are on the plan, our monthly management fee is 17.5% of your regular monthly repayment. However this comes with a minimum and maximum fee bracket. The minimum fee we will charge is set at £35.00 whilst the maximum fee is £100.00."

Your creditors will get nothing for 2 whole months which will increase your debts by incurring charges and extra interest plus you lose £1260 which could have been paid towards your debts. Oh and that is without mentioning all of the earache you will be getting via letters and phone calls as to why they haven't been paid. Ashley Park will then go on to charge you £110.25 per month for a service which CCCS or Payplan would do for nothing.

These fees add up to way more than the £3000 you have been quoted, 2 months at £630 then 40 months at £110.25 = £5670. Do you have the £3000 in writing or was that a telephone quotation?

You can't go wrong with HH's suggestion of using the CCCS Debt Remedy tool on their website, we actually organised our DMP and had it up and running before we ever spoke to CCCS. If you don't have much time or don't want to speak to anyone, it's ideal. As I said earlier, everything you need is at your fingertips on their website 24/7 and you don't pay a penny for the service.

What great finds TTFTM. You will get your reward :A

HHx

speshfesh

Well, I've taken the initial plunge with CCCS and/or Payplan so I'll wait to receive the packs and decide who I'm going with (probably CCCS).:)
Should I be putting letters together informing my creditors of my current situation or is it better for CCCS/Payplan to do this for me?:undecided
I guess I should be making some minimal payments to them also?

speshfesh

Time_to_face_the_music wrote: »

Once again, don't do it.

https://forums.moneysavingexpert.com/discussion/3280558

https://forums.moneysavingexpert.com/discussion/1771925

http://www.debtforum.org.uk/index.php?topic=839.0

From their own website:

"Debt Management is subject to two costs, a one-off set-up fee and a regular monthly management fee.

When you sign up to a Debt Management Plan, your first two initial repayments are made to us. This is an administration charge and covers the setting up of your account, including negotiating with your creditors and organising the right documentation for you. This administration charge is the equivalent of two monthly repayments whilst on the plan.

Once you are on the plan, our monthly management fee is 17.5% of your regular monthly repayment. However this comes with a minimum and maximum fee bracket. The minimum fee we will charge is set at £35.00 whilst the maximum fee is £100.00."

Your creditors will get nothing for 2 whole months which will increase your debts by incurring charges and extra interest plus you lose £1260 which could have been paid towards your debts. Oh and that is without mentioning all of the earache you will be getting via letters and phone calls as to why they haven't been paid. Ashley Park will then go on to charge you £110.25 per month for a service which CCCS or Payplan would do for nothing.

These fees add up to way more than the £3000 you have been quoted, 2 months at £630 then 40 months at £110.25 = £5670. Do you have the £3000 in writing or was that a telephone quotation?

You can't go wrong with HH's suggestion of using the CCCS Debt Remedy tool on their website, we actually organised our DMP and had it up and running before we ever spoke to CCCS. If you don't have much time or don't want to speak to anyone, it's ideal. As I said earlier, everything you need is at your fingertips on their website 24/7 and you don't pay a penny for the service.

Thanks TTFTM, I feel a bit of a dummy now I've seen it all laid out.
To be honest, I've probably stuck my head in the sand for so long, I'm guilty of just going with what I saw as the lesser of several evils:(.
Time to wake up and do this right!:o

speshfesh

Growurown wrote: »

Yes have a good look. Ultimately the decision is yours it is your money after all! However I would say that I doubt this company will do any more for you than Payplan or CCCS. They won't have any more sway over your creditors than the free services. I have to agree with my fellow DMPers here you are better off putting the fees towards your debts. We didn't get a lot of phone calls when we started and now our DMP is up and running it takes very little of my time. I think once your creditors know you are with either Payplan or CCCS they mostly play ball. There's not much else they can do really. As has been said many times before they can't have what you haven't got.

Thanks HH;)

Hopelessly_Hopeful

speshfesh wrote: »

Well, I've taken the initial plunge with CCCS and/or Payplan so I'll wait to receive the packs and decide who I'm going with (probably CCCS).:)
Should I be putting letters together informing my creditors of my current situation or is it better for CCCS/Payplan to do this for me?:undecided
I guess I should be making some minimal payments to them also?

Well done

Send £1 token postal orders to each Tell them you are sorry but in financial difficulty and are currently looking at the possibility of starting a DMP. You don't have to tell them who the provider is that this stage. Whilst you are at ask them to stop interest and tell them contact in writing only. Send letters registered post. There are plenty of templates on both sites, here and also national debtline to help.

Stash the spare money between token and minmum away as you will need it for an emergency fund.

HHx

Time_to_face_the_music

speshfesh wrote: »

Thanks TTFTM, I feel a bit of a dummy now I've seen it all laid out.
To be honest, I've probably stuck my head in the sand for so long, I'm guilty of just going with what I saw as the lesser of several evils:(.
Time to wake up and do this right!:o

I just hate the idea of people like us who are already in financial difficulty wasting their money and lining the pockets of these vultures :mad:

I had my own head buried in the sand for long enough and I knew absolutely nothing when I came here. Just 4 months on, we have paid off over £5000 of our debt and I have my boxing gloves on for any bank who tries to take one more penny than they are owed, all thanks to these forums and the people who are willing to share their knowledge and experience :T

I know you are busy, lots of us are, but drop in occasionally and keep us updated please

speshfesh

Hopelessly_Hopeful wrote: »

Well done

Send £1 token postal orders to each Tell them you are sorry but in financial difficulty and are currently looking at the possibility of starting a DMP. You don't have to tell them who the provider is that this stage. Whilst you are at ask them to stop interest and tell them contact in writing only. Send letters registered post. There are plenty of templates on both sites, here and also national debtline to help.

Stash the spare money between token and minmum away as you will need it for an emergency fund.

HHx

Great advice HH, thanks.:D

speshfesh

Time_to_face_the_music wrote: »

I just hate the idea of people like us who are already in financial difficulty wasting their money and lining the pockets of these vultures :mad:

I had my own head buried in the sand for long enough and I knew absolutely nothing when I came here. Just 4 months on, we have paid off over £5000 of our debt and I have my boxing gloves on for any bank who tries to take one more penny than they are owed, all thanks to these forums and the people who are willing to share their knowledge and experience :T

I know you are busy, lots of us are, but drop in occasionally and keep us updated please

Thanks TTFTM, I really appreciate the time you've taken today on this.
Ding ding...Round 1!:mad:
I'll definitely need to be back here as soon as I'm up and running.

Thanks again.:beer:

Hopelessly_Hopeful

speshfesh wrote: »

Thanks TTFTM, I really appreciate the time you've taken today on this.
Ding ding...Round 1!:mad:
I'll definitely need to be back here as soon as I'm up and running.

Thanks again.:beer:

I appreciate one of your motivations to go through a company was in an attempt to save hassle but trust me this way is a good halfway house and you will feel so much more empowered.


Have you cancelled in writing yet email and registered post and your bank to cancel their direct debit?

HHx