DMP & Mutual Support Thread - Part 8

cleokat

Hi all! Having spent years supplementing my income with credit cards, getting loans to pay off said credit cards and promising myself never to get in such a mess again followed by getting more credit cards my LBM came on Friday when all my credit maxed out. Can't believe how stupid I am. Am absolutely disgusted with myself. I earn a really good wage and should be able to afford holidays, designer bags and a nice car but instead all my wages go on repaying credit. I owe just over £23,000. Feel absolutely sick.

Have been researching DMPs all weekend and lurking on here reading all your inspirational stories and excellent advice. I completed the initial online form with CCCS who recommended a DMP, although a few of the 'contractual amounts' they worked out on the credit cards are more than I actually pay now!!! Do you get to amend this when you complete the proper paperwork? I'll end up worse off a month otherwise...

Looking at everything you've all said, a DMP definitely seems like a positive way forward. I'm so terrified of what might happen when I cancel my direct debits and change bank accounts leaving my overdraft to further charges but I know it's the right thing to do. I need to suck it up and be proud that I'm finally pulling my head put of the sand and doing something about all this debt.

Hope you don't mind me wading into this thread with my waffle! I'm so terrified right now and this seems to be the right place to be. It's nice to know that I'm not the only one in the world with debt.

Hopelessly_Hopeful

Tigsmom wrote: »

Got a letter from Barclaycard today. It says we've been charged a 'late payment fee' (despite the cheque for the token being sent well before the due date and then they took over a week to bank it). But it also says;

"This notice is given under the Consumer Credit Act 1974 and relates to default sums charged under terms of your agreement. Total Default sums charged this month £12."

So is this a 'default notice'? Does it mean our credit file (for Barclaycard) will be clear 6 years from now?

Hi

It is indicative but not conclusive. I would write to them (recorded delivery) and ask them to clarify if you have been defaulted or not.

Fingers crossed for good news, i.e default!

Let us know how you get on.

HHx

Hopelessly_Hopeful

cleokat wrote: »

Hi all! Having spent years supplementing my income with credit cards, getting loans to pay off said credit cards and promising myself never to get in such a mess again followed by getting more credit cards my LBM came on Friday when all my credit maxed out. Can't believe how stupid I am. Am absolutely disgusted with myself. I earn a really good wage and should be able to afford holidays, designer bags and a nice car but instead all my wages go on repaying credit. I owe just over £23,000. Feel absolutely sick.

Have been researching DMPs all weekend and lurking on here reading all your inspirational stories and excellent advice. I completed the initial online form with CCCS who recommended a DMP, although a few of the 'contractual amounts' they worked out on the credit cards are more than I actually pay now!!! Do you get to amend this when you complete the proper paperwork? I'll end up worse off a month otherwise...

Looking at everything you've all said, a DMP definitely seems like a positive way forward. I'm so terrified of what might happen when I cancel my direct debits and change bank accounts leaving my overdraft to further charges but I know it's the right thing to do. I need to suck it up and be proud that I'm finally pulling my head put of the sand and doing something about all this debt.

Hope you don't mind me wading into this thread with my waffle! I'm so terrified right now and this seems to be the right place to be. It's nice to know that I'm not the only one in the world with debt.

Hi and Welcome

That's the way DMPs go in the sense that you may end up paying some over the minimum. It's a must do from CCCS as payment are to do with contractual amounts.

We've all been that scared but it does get tons better, you only have to read back pages to see people's progress to see that.

How will you be worse off? Sounds confusing? If you can be specific we may be able to help more.

Good luck

HHx

cleokat

Thanks HH. I think I'll be worse off because when I put the total amounts owed on my barclaycard and my Halifax card CCCS automatically calculated the minimum payments and didn't let me put the totals i actually pay in. I currently pay barclaycard £195 per month but CCCS put it down at £245 and with Halifax I pay them £96 per month and CCCS have it at £171!! Will this get resolved as I get further into the paperwork?

On the plus side, they reckon that if all creditors dropped their interest charges I'd be debt free in 2 yrs 8 months!! If only that would happen!

Thanks for your help x

Time_to_face_the_music

Tigsmom wrote: »

Got a letter from Barclaycard today. It says we've been charged a 'late payment fee' (despite the cheque for the token being sent well before the due date and then they took over a week to bank it). But it also says;

"This notice is given under the Consumer Credit Act 1974 and relates to default sums charged under terms of your agreement. Total Default sums charged this month £12."

So is this a 'default notice'? Does it mean our credit file (for Barclaycard) will be clear 6 years from now?

Despite the date, I think they still charge it as a late payment because you haven't paid the amount due, i.e, the token may have been on time but the rest of the minimum amount payable wasn't.

Am really not sure about the default thing, we get those notifications every month but still seem to have only one default between us. :think:

Time_to_face_the_music

cleokat wrote: »

Hi all! Having spent years supplementing my income with credit cards, getting loans to pay off said credit cards and promising myself never to get in such a mess again followed by getting more credit cards my LBM came on Friday when all my credit maxed out. Can't believe how stupid I am. Am absolutely disgusted with myself. I earn a really good wage and should be able to afford holidays, designer bags and a nice car but instead all my wages go on repaying credit. I owe just over £23,000. Feel absolutely sick.

Have been researching DMPs all weekend and lurking on here reading all your inspirational stories and excellent advice. I completed the initial online form with CCCS who recommended a DMP, although a few of the 'contractual amounts' they worked out on the credit cards are more than I actually pay now!!! Do you get to amend this when you complete the proper paperwork? I'll end up worse off a month otherwise...

Looking at everything you've all said, a DMP definitely seems like a positive way forward. I'm so terrified of what might happen when I cancel my direct debits and change bank accounts leaving my overdraft to further charges but I know it's the right thing to do. I need to suck it up and be proud that I'm finally pulling my head put of the sand and doing something about all this debt.

Hope you don't mind me wading into this thread with my waffle! I'm so terrified right now and this seems to be the right place to be. It's nice to know that I'm not the only one in the world with debt.

Hi cleokat and welcome :hello:

Well done on taking the first and most difficult step to becoming debt free :T

Have you only used the Debt Remedy tool so far? If so, before you finalise your DMP, you will get to speak to CCCS re your budget and your debt payments and you need to mention your concerns about minimum payments.

Please stick around, there is so much experience, advice and support here and it's a great place to sound off when we all have those bad days. Mine usually start with a letter from M&S :mad:

cleokat

Time_to_face_the_music wrote: »

Hi cleokat and welcome :hello:

Well done on taking the first and most difficult step to becoming debt free :T

Have you only used the Debt Remedy tool so far? If so, before you finalise your DMP, you will get to speak to CCCS re your budget and your debt payments and you need to mention your concerns about minimum payments.

Please stick around, there is so much experience, advice and support here and it's a great place to sound off when we all have those bad days. Mine usually start with a letter from M&S :mad:

Thank you SO much - yes, I've only used the debt remedy tool so far so it's a relief to know that you actually speak to CCCS directly. I was really worried that I'd end up worse off per month and only eating beans on toast for years to come etc!!

This forum is fantastic, I've been reading loads of the old posts and everyone is so helpful.

I don't have any M&S debt but somehow Barclaycard and Halifax always seem to be mentioned as difficult and 95% of my debt is with them... eeek! Brave face on!! :cool: They WILL freeze my interest.... honest!

Hopelessly_Hopeful

cleokat wrote: »

Thanks HH. I think I'll be worse off because when I put the total amounts owed on my barclaycard and my Halifax card CCCS automatically calculated the minimum payments and didn't let me put the totals i actually pay in. I currently pay barclaycard £195 per month but CCCS put it down at £245 and with Halifax I pay them £96 per month and CCCS have it at £171!! Will this get resolved as I get further into the paperwork?

On the plus side, they reckon that if all creditors dropped their interest charges I'd be debt free in 2 yrs 8 months!! If only that would happen!

Thanks for your help x

Sounds like you need to call CCCS and talk though it to ensure the formulae have been correctly calculated. Best to do it now rather than later as DMPs behave better if there is less change made to it.

Let us know how you get on.

HHx

Time_to_face_the_music

cleokat wrote: »

Thank you SO much - yes, I've only used the debt remedy tool so far so it's a relief to know that you actually speak to CCCS directly. I was really worried that I'd end up worse off per month and only eating beans on toast for years to come etc!!

This forum is fantastic, I've been reading loads of the old posts and everyone is so helpful.

I don't have any M&S debt but somehow Barclaycard and Halifax always seem to be mentioned as difficult and 95% of my debt is with them... eeek! Brave face on!! :cool: They WILL freeze my interest.... honest!

Speak to CCCS and get it sorted, it will make you feel much better.

We don't have any debt with Barclays but HBOS were great from about week 6, after a rocky start of refusing to accept the DMP, they stopped all interest and apart from monthly statements, we haven't heard a word since

Tigsmom

Time_to_face_the_music wrote: »

Despite the date, I think they still charge it as a late payment because you haven't paid the amount due, i.e, the token may have been on time but the rest of the minimum amount payable wasn't.

Am really not sure about the default thing, we get those notifications every month but still seem to have only one default between us.

We rang CCCS but they said "you were warned that you might get fees charged". We weren't actually complaining about the fees, just asking what to do next. :think: We are not naive enough to think we will get away with this scott free!

I am sending tokens again this month so I'm going to put in the letter that adding charges and threatening interest at a higher rate if we don't pay those charges will not help us to clear our debt any earlier.

Oh, I just knew Barclaycard would be trouble....:(