DMP & Mutual Support Thread - Part 8

thesaturdayboy

Time_to_face_the_music wrote: »

Hi thesaturdayboy and welcome :hello:
It's all a bit stressful at first and I found the first few weeks of our DMP a bit of an emotional roller coaster but it does settle down quite quickly and it's such a relief to see debt decreasing instead of the reverse :T

Have you opened a new bank account for your pay to go into?

oh and thanks

D3P0

Nice one Saturday boy... I'll trade your £2k debts for my £40k? Deal!? No... thought not

I'm in the same place as you. CCCS in place today. Looking forward to smashing the shizzle out of my debt and getting my life back on track again.

Time_to_face_the_music

Ooooh debt swapping! Anyone want our £81,306 or I'll even settle for the £70,260 still remaining :rotfl:

Welcome D3P0 and thank you for joining us :T

D3P0

TTFTM, you've top trumped me I'm afraid...

... and thanks for the welcome.

Growurown

thesaturdayboy wrote: »

I am worried that as they seemed reluctant to discuss reduced payments with me they would also be unwilling to negotiate with CCCS? Also I am worried about ruining my good relationship with the co-op bank by going over my credit limit due to the CCS offering them smaller payments to my CC and overdraft.

:hello: Welcome to the DMP mutual support thread. I haven't had experience with any PDL's but heard they can be a pain. They can't refuse to negotiate with CCCS. The plain fact is you can't afford to pay them what they want, so they have to come to some agreement with you about what you can pay. They may be awkward about it but you have to stick to your guns. A lot of people bow under pressure from their creditors and pay money over they can ill afford. Creditors know this and try it on because sometimes it will work, and they don't care if you can't afford to eat.

In regards to the Co-op bank it will have a knock on effect on your good relationship but unfortunately they have to have less under the DMP arrangement and that can't be avoided really. You can always build that relationship back up after you get debt free.

Growurown

D3P0 wrote: »

Nice one Saturday boy... I'll trade your £2k debts for my £40k? Deal!? No... thought not

I'm in the same place as you. CCCS in place today. Looking forward to smashing the shizzle out of my debt and getting my life back on track again.

:hello: Hello to you to D3P0. I have been reading some of your posts on another thread and you seem to have come a long way in a short time! Well done you! Things might be a bit tricky at first but you will be so glad you did it, the relief of actually getting the debt sorted at last is immense.

stuart1976

Hi All. :wave:

I have just agreed a DMP with CCCS and sent back all paperwork and have written to all my creditors explaing the situation.

Feels good to finally be tackling my debts which are about £7000 in total. Have a couple of payday loans, a couple of short term loans, 2 credit cards and a store card.

My DMP payments are £259 per month and should be debt free in 20 months if all creditors agree to the DMP.

With a wife, 2 kids and one on the way, the debts were really getting me down and I didn't know about DMP's until I came here for advice so many thanks to this forum for that.

Most of my payments are due towards the end of the month so I am hoping the DMP will all be set up by then, but one loan payment is due this week. I have contacted them regarding the DMP and they have said they cannot accept the DMP until 6 months of payments have been made, which would be this months. I am hoping they will accept a small token payment for this month until the DMP is set up properly.

I am determined to get my debt under control by the time the baby comes in January.

Once again,many thanks for all the advice I have found here.

D3P0

Stuart, well done. I am where you are but on a much larger scale. That said. I'm happy to be hitting the debt and doing something about it. I too have a young family and for the last 6 months debt has ruined my homelife.

You've done the hard work. Remember too that it's in your debtors interests to go for the DMP, otherwise they risk getting nothing!? Not saying it's an easy way out but it's the right thing to do.

I think we've joined the family at the same time and looking at your dates we should both be debt free around the same time.

Hope all goes well for the winter baba

D3P0

Thanks Growurown I'm actually quite headstrong about it now. Glimmers of my old self maybe?

I won't say I've adopted a carefree attitude as that would be wrong but my debtors (as i see it) are partly to blame. They knew I had spending issues and yet they still increased limits etc. Not saying they spent the money as clearly they didn't. But they didn't help the situation.

Anyway, we're moving forwards. Paperwork all in place.

Let's smash them debts into oblivion!

AmyV_2

Time_to_face_the_music wrote: »

Ooooh debt swapping! Anyone want our £81,306 or I'll even settle for the £70,260 still remaining :rotfl:

Welcome D3P0 and thank you for joining us

I was talking to hubby last night about the DMP and we are now over the halfway hump of our DMP with a "mere" £63K left to pay ;-)) There was once I would have fainted at the thought of that much debt, but considering where we started on this DMP journey I feel like celebrating!

:T :beer: