DMP & Mutual Support Thread - Part 8

talisker78

I must say it is good to read all these posts about mortgages. I've been worried for the last few years that interest rates would rise, which would ultimately have destroyed my very fine balancing act of paying my creditors. Now im on a DMP, its good to know that I'm 'sheltered' as it were from any future rate rises as my DMP can be adjusted accordingly. One less worry

Good and bad news - 4 out of my 5 creditors have accepted my payments. The one I was really shocked at was Tesco. I was paying nearly £300 a month on my loan. Payplan reduced this to just over £30. i thought there was no way Tesco would go for that, but go for it they have. I'm really shocked! In a good way!

Barclaycard are the only one to have rejected my offer, which i'm also surprised at. When i was paying them, i was only paying the minimum which was about £45. This has been reduced to £14 and they've said no. You compare that to Tesco and you start to wonder why?! Anyway, i'm sure they will write to me and I'll find out the reasons. they've probably been frantically trying to call me, but I changed my mobile number last month so they can't! Thats probalby why they're annoyed. He he. Maybe I can offer them another £5....I'll be nice....or maybe not.....

Anyone else had probs with Barclaycard? Do you think they will just give in as they are the only ones to have said no....?

Good to hear everyone is getting along well in their plans. I so so so wish I had entered a DMP earlier. Still, at least I'm doing it now and not wishing in two years time that I'd started now....does that actually make any sense?!.....

Toodles for now

Growurown

talisker78 wrote: »

Barclaycard are the only one to have rejected my offer,

Good to hear everyone is getting along well in their plans. I so so so wish I had entered a DMP earlier. Still, at least I'm doing it now and not wishing in two years time that I'd started now....does that actually make any sense?!.....

Toodles for now

Yes that does make sense:)

The only creditor to reject our offer was Nat West on a loan. We had a loan and a HUGE overdraft of £6000:eek: It was costing me £100 a month just to pay for the overdraft interest and we never had enough to pay anything off on the balance. Nat West actually phoned us and said if we consolidate the overdraft and loan into one big loan it would cost us the same amount of money each month and the debt would eventually be paid off. So I went for that option and I am glad I did because it seems easier to deal with loans on a DMP than overdrafts.

Like you I wish I had entered into a DMP earlier too. When I think of all the money we paid on interest for years, and years and years:(
So I don't feel guilty in the slightest that we are not paying any interest now, but I do want to pay back what we owe. Can't wait to be debt free:D

teddyp

Morning everyone !

Can I pick someones brain about a couple things on my mind....
When your on a dmp can you still get
upgrade/new mobile phone contracts ?
Car/house/pet insurance on monthly payments ?

or are these classed as new credit ???

Thanks in advance ! Also just wanted to say that you all should wonder off to the comps board on here if you dont already... its a great hobby and takes your mind off the debts for a bit We were desperate for a holiday last year and I entered the holiday comps and won one for Hawaii :j All paid for

teddyp

Also just a quickie whats noddle ? xx

Growurown

maxdickinson2003 wrote: »

Just to warn everybody to check that CCCS actually make the payments on your behalf.Obviously this situation did not help at an already very stressful time and I am still worried about the fact that nothing will be paid off my debts for another month despite the reassurances from CCCS that they have contacted all of the companies I owe money to and explained the situation.

Hi MD2003 sorry to hear about your situation. Starting a DMP is very stressful and I am sure this didn't help one iota. The comments about CCCS are usually very positive but it is always good to hear about things like this to make us all aware that CCCS along with everyone else are only human and sometimes make mistakes. I'm sure now they have explained everything to your creditors it will be fine.

talisker78

Growurown wrote: »

So I don't feel guilty in the slightest that we are not paying any interest now, but I do want to pay back what we owe. Can't wait to be debt free:D

I hear you, and I totally agree. My worst CC was BOS. I was paying £110 a month, and the interest was £107 a month. Crazy. At that rate my grandchildren would have been paying it off!

I've had too many years sticking my head in the sand hoping it will all clear up 'someday'. Whilst I have managed to pay off nearly £30,000 in five years, I firmly believe the stress of dealing with my debts in the manner I was would have finished me off. Now, with even less money in the pot, its just not worth it anymore. I've been very close to suicide on a number of occasions in the past two years - not just money related, other things happening in our lives too, but the debts really didn't help - but I've come back from the brink and things can never be as bad as they were then. On the positive side, I think I needed to go through what we did to realise that defaults and a bad credit record for 6 years are really not the worse things that can happen in life.

It still annoys me how much debt I got into so young. So stupid. Lived way above my means for far too long. Hindsight is so wonderful, but at least I am still young enough (relatively!) to get the debt sorted and enjoy my life with my kids while I can.

Long live the DMP! Onward and upward!

Growurown

teddyp wrote: »

Morning everyone !

Can I pick someones brain about a couple things on my mind....
When your on a dmp can you still get
upgrade/new mobile phone contracts ?
Car/house/pet insurance on monthly payments ?

or are these classed as new credit ???

Thanks in advance ! Also just wanted to say that you all should wonder off to the comps board on here if you dont already... its a great hobby and takes your mind off the debts for a bit We were desperate for a holiday last year and I entered the holiday comps and won one for Hawaii :j All paid for

Brilliant result on the competition:j

As to your other queries sorry not sure. We have got pet insurance and car insurance on monthly payments but we had those before we started on the DMP. We tried to change our phone and internet from BT to Orange and were refused the phone (because of our credit score) but allowed the internet. Can't work that one out.

teddyp wrote: »

Also just a quickie whats noddle ? xx

Noddle gives you your credit score and it is free.

Growurown

talisker78 wrote: »

I hear you, and I totally agree. My worst CC was BOS. I was paying £110 a month, and the interest was £107 a month. Crazy. At that rate my grandchildren would have been paying it off!

I've had too many years sticking my head in the sand hoping it will all clear up 'someday'. Whilst I have managed to pay off nearly £30,000 in five years, I firmly believe the stress of dealing with my debts in the manner I was would have finished me off. Now, with even less money in the pot, its just not worth it anymore. I've been very close to suicide on a number of occasions in the past two years - not just money related, other things happening in our lives too, but the debts really didn't help - but I've come back from the brink and things can never be as bad as they were then. On the positive side, I think I needed to go through what we did to realise that defaults and a bad credit record for 6 years are really not the worse things that can happen in life.

It still annoys me how much debt I got into so young. So stupid. Lived way above my means for far too long. Hindsight is so wonderful, but at least I am still young enough (relatively!) to get the debt sorted and enjoy my life with my kids while I can.

Long live the DMP! Onward and upward!

Aaaw talisker you have really been through the mill. So glad you have come out the other side stronger and more wise:)

Yes hindsight is a wonderful and I wish we had addressed our debt issues much earlier too. In our defense though credit was made so easy and it is hard to say no sometimes. We would max out a card and then they would write saying they had upped the limit. There seemed to be no end to the amount of credit you could get. Yes I feel stupid too and hardly any of our family and friends know we are on a DMP because I am too embarrassed to tell them!

teddyp

Growurown wrote: »

Brilliant result on the competition:j

As to your other queries sorry not sure. We have got pet insurance and car insurance on monthly payments but we had those before we started on the DMP. We tried to change our phone and internet from BT to Orange and were refused the phone (because of our credit score) but allowed the internet. Can't work that one out.



Noddle gives you your credit score and it is free.

Thanks... we have these already on monthly too so hopefully it can continue when the year is out.. although maybe you don't have too renew every year.. (sorry thinking out loud lol ) I look forward to seeing your name on the comps winners board Growurown

talisker78

Growurown wrote: »

Yes hindsight is a wonderful and I wish we had addressed our debt issues much earlier too. In our defense though credit was made so easy and it is hard to say no sometimes. We would max out a card and then they would write saying they had upped the limit. There seemed to be no end to the amount of credit you could get. Yes I feel stupid too and hardly any of our family and friends know we are on a DMP because I am too embarrassed to tell them!

As much as I would never seek to diminish my responsiblity for the credit I racked up, yes I totally agree with you. Credit was far too easy to get. Loans, Credit cards, HP, as much as I wanted....it was all thrown at me when I was on a salary that was only a little over £25,000! So i took it..... madness on everyones part! No wonder the world is in a mess

Its ok, no-one outside myself and my wife knows we are on a DMP. I'm too embarrassed as well!

Thank you for your kind words.

Teddyp - I got a new mobile only last month whilst on a DMP. I stayed with the same operater (O2). I've been with them for five years which probably helped a little. I think as long as you are realistic and don't ask for the top of the range phone on the highest tarrif. Go for something more modest on a lower tarrif and see what they say. Good luck.