DMP & Mutual Support Thread - Part 8

Luis_the_magician

Hello All

Just a quickie, i have been served a default notice from one of my creditors already (DMP month 1). Is this a good thing? Does this mean that no interest can be reinstated on the debt now? I know that it means my Credit Profile is trashed now, but just wondering if the interest etc is null and void now?

Cheers

antonic

Dont worry about Luis and you will get plenty more !.

Interest can still be charged on your debts, but it depends who you owe the money to.

In my case Robinson Way (who bought my Cahoot debt & Captial One) havent charged interest at all during my DMP, but HBOS have.

The acid test will be next month when I ask for settlement figures, as I only have 4 months out of 7 years to go.

Good luck mate !

willeynotwiley

Tigsmom wrote: »

I think I must've been buying your treasure. I've bought virtually every item of clothing, kids toys, birthday presents off ebay for the past 5 years! I have sold a few baby items back but never seem to make much profit once fees and p&p are taken off. Can't move for junk though so I need to give it another try. It's my mission once I packed the kids back to school. I reckon if I could offload the stuff in my garage, loft and bedroom I could probably bring my DFD forward a couple of years!:rotfl:

I know that feeling. I recently started selling on facebook pages (just search 'items for sale in...')It works out quite well...although you don't have as big a market as ebay, there are no listing or selling fees and no postage as people come and collect goods from you - sometimes they even leave with more than they came for :rotfl: There are even pages dedicated to certain types of items...school uniform, prams and pushchairs it's endless!

Our DMP starts next month yipeeee :T...although I had a panic moment when I contacted CCCS this week and they said they were still waiting on my payment for this month :eek: All of my paperwork says the plan starts on the first of September but their system said 1st August! I felt awful for a moment thinking that only I could manage to get in debt with the debt management plan Luckily the lovely lady said it was clearly a mistake as they had only finalised everything on the 27th July, so wouldn't expect the first payment so soon afterwards phew!

Bleachbird

Hi everyone,
I have this weekend decided to face up to debts and plan for a future without worrying so after reading loads on here and looking at cccs site, have decided to start a dmp.
Just a few questions for you very clever people please?
I have read that people offer token payments of £10 postal orders to their creditors on first month. Stupidly, I paid them all in full last week. Have I missed the chance to put some emergency money back before the dmp starts then or shall I plan to start it from October?
Dont want to wait to start it and am getting confused with inital timings of things ......
Going to open up a co-op cashminder account on wednesday. Should I then tell payroll so they pay next pay (15th of month) in the new account before moving over dd's?
Thanks in advance for spending the time reading this and look forward to lots of wisdom!
bb x

Time_to_face_the_music

Hi Bleachbird and welcome :hello:

We started our DMP up very quickly and had no time to make up an emergency fund. It has its ups and downs, we have seen big differences in our debt in a short time but on the down side, when we have had a disaster, car repairs etc, we have had to find the money in our budget. You can discuss it with CCCS and put it back a month and just make token payments next month if you think that would be easier for you.

We opened our new Co-op bank account then arranged to have our salaries paid in. Onc we had confirmation from HR departments that this would be done, we started to move our direct debits over. We did them one at a time, setting it up in the new account and cancelling it in the old account. It took a while but we got there in the end.

Well done on making this move, we think starting our DMP was the best thing we have done in a long time. It's not always easy but when you see the debt reducing it makes it all worth while :T

wendy1950

Hi
I had a lot of help on here back in April for my sister in law who had got into debt mostly with the help of the bank!
She has been making a payment to CCCS since then,
I filled her 8 PPI claims in a few weeks ago and she has now received just over £8,000 :T they have kept back the overdrafts she owed and also the £900 arrears on the loan she has, so that leaves £4,000, the bank although accepting the reduced payments have not stopped the interest, she only has 2 other debts, 1 small catalogue bill of £165 and an Argos one of £1,500 these have accepted reduced payments but not stopped the interest, so she would like to pay these 2 off, this would leave only the bank loan to pay, :j we have a month to sort this before CCCS pay them again and we will then let them (CCCS) know the situation, I know she is supposed to give the money to CCCS to share among all the debts but the fact is the bank got her into this mess and we are going to first write to the bank to see what if anything they will do about the situation, and then if the answer is nothing we will go to the FOS to try to sort it, so as you can imagine we dont want them to get the money yet.

Just a couple of questions, although since I have sorted things for her she is feeling much better and sleeping now, she still does not feel she can talk to the bank, (she just bursts into tears even now) does anyone know if they will let her do it all by post or let me speak for her (trust me I am willing to do that!) also does anyone know if there is some sort of template I can use to send to Argos to try to offer a full and final settlement to them.
Any advice would be great thanks again for all your support for her in the early days.

Tigsmom

Bleachbird wrote: »

Hi everyone,
I have this weekend decided to face up to debts and plan for a future without worrying so after reading loads on here and looking at cccs site, have decided to start a dmp.
Just a few questions for you very clever people please?
I have read that people offer token payments of £10 postal orders to their creditors on first month. Stupidly, I paid them all in full last week. Have I missed the chance to put some emergency money back before the dmp starts then or shall I plan to start it from October?
Dont want to wait to start it and am getting confused with inital timings of things ......
Going to open up a co-op cashminder account on wednesday. Should I then tell payroll so they pay next pay (15th of month) in the new account before moving over dd's?
Thanks in advance for spending the time reading this and look forward to lots of wisdom!
bb x

Hi Bleachbird,

We start our DMP in September having deferred it for two months and sending £5 token payments to our creditors. This gave us time to open a new account, wait for all the cheque books etc to arrive, notify payroll and manually transfer our direct debits the same as TTFTM. The minimum payments that we would normally have paid were used to clear our overdraft and our smallest debt so that we start our DMP with just the higher debts. We have also managed to put £90 in an emergency fund and some in a savings account which we will keep adding to and use for car tax, repairs and Christmas. It's not a huge emergency fund but it's a start. I'm just hoping the car passes it's MOT this month or it may be off road for a while. I think it depends on how old your appliances etc are. Mine are all falling apart so I will definately need an emergency fund but they will have to grind to a halt before I use it!

Tigsmom

willeynotwiley wrote: »

I know that feeling. I recently started selling on facebook pages (just search 'items for sale in...')It works out quite well...although you don't have as big a market as ebay, there are no listing or selling fees and no postage as people come and collect goods from you - sometimes they even leave with more than they came for :rotfl: There are even pages dedicated to certain types of items...school uniform, prams and pushchairs it's endless!

Our DMP starts next month yipeeee :T...although I had a panic moment when I contacted CCCS this week and they said they were still waiting on my payment for this month :eek: All of my paperwork says the plan starts on the first of September but their system said 1st August! I felt awful for a moment thinking that only I could manage to get in debt with the debt management plan Luckily the lovely lady said it was clearly a mistake as they had only finalised everything on the 27th July, so wouldn't expect the first payment so soon afterwards phew!

Thanks, I might give that a go. A lot of my stuff is too bulky for ebay (prams, baby stuff, bikes, furniture etc). If I can clear the bulky stuff first then I can start sifting through the rest. I'm thinking of selling clothes in bundles as I've never thrown any out and my daughter is 6 now! First of all I kept it through sentiment, then practicality (until baby no. turned out to be a boy!) now it's just what to do with it and where to start. We tried carbooting but got sick of haggling over 50p for a new-with-tags coat! Some people want it all for nothing but we still had selling fees to pay before making a profit. I'd rather give it to charity than sell it to those greedy people.:mad:

Looks like we will be starting our DMP together. Let me know how you get on and best of luck. As 1st of September draws nearer I'm starting to feel less stressed and more excited! I feel like I'm just waiting in a queue for a door to open.:)

Growurown

wendy1950 wrote: »

Just a couple of questions, although since I have sorted things for her she is feeling much better and sleeping now, she still does not feel she can talk to the bank, (she just bursts into tears even now) does anyone know if they will let her do it all by post or let me speak for her (trust me I am willing to do that!) also does anyone know if there is some sort of template I can use to send to Argos to try to offer a full and final settlement to them.
Any advice would be great thanks again for all your support for her in the early days.

Found this courtesy of Fermi

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Well done on the PPI payments, what a good result.

bertman

Tigsmom wrote: »

I'm getting plagued with calls from HSBC and it's really getting me down now. They've rung at 8:30am and 8:45pm. We always screen our calls so just write down the number and time then check it later. It's different numbers but they're all HSBC. I've written to them twice asking them not to call but write or email instead because I have two young children and apart from the fact that it's difficult to speak to them I don't want my kids to overhear. They've just cashed the cheques sent with the letters and continued to call. As it's different numbers and I've had nothing in writing I don't know which department/number I should be dealing with. Does anyone have a contact number/address for the actual department that deals with DMP payments please? On a stress level of 1-10 they've put me around 9.9!

Hey Tigsmom,
I wanted to share this with you. I got a missed call yesterday from HSBC and also an email from them asking me to call them ASAP. I rang them with my statement and got through to the call centre, after going through the usual "security" - inside leg measurement, dogs name etc. I got an apology from the guy on the end of the phone, he said that I shouldn't be getting contacted while they were negotiating with CCCS, they did say though that they hadn't had any contact with them, even though CCCS said they had sent the details twice.
We ended the call with HSBC saying they wouldn't contact me apart from by letter until the end of October!
It would be worth ringing them and stating again that you are on a DMP and see what they say. In my experience they will keep ringing until they do get an answer.
Hope you get some success with this.
Bertman.