DMP & Mutual Support Thread - Part 8

talisker78

TTFTM - I think the debts have aged me though

D3P0

Time_to_face_the_music wrote: »

Gosh you are all so young!

Done a lot of spending in a very short time. I'm 32, but I look 40 easily! I think the debts have aged me.

lizzy23

i'm 41, and if i'm honest have been just getting by for the last 7yrs, the last time we had any savings of any sort was in 2005 :eek::eek::eek:

gamblebee

Time_to_face_the_music wrote: »

Hi gamblebee :hello:

If your DMP only started this month, your creditors will not have received a payment from CCCS yet. CCCS generally take payment from you on the 1st or the 10th of the month and pay your creditors on the 25th of each month. Fingers crossed it will all calm down a bit after they have received their payment.

NatWest did the same to us at the start up of our DMP and the £6 a day charges meant that the CCCS payment still would have left us over the OD limit and the same would have started again the next month. Although it was against CCCS advice, we actually paid enough money into the account to bring it back inside the limit to stop this.

CCCS will have written to all your creditors but there is nothing to stop you writing too if you want to. We used something like this:

Your address
Date

Their address

Dear Sir/Madam

Acc/Ref No xxxxxxxxxxxxxxx

Thank you for your letter of xx-xxx-xxxx concerning the above account. We are sorry that you feel unable to suspend interest charges on the above account.

As you are already aware, we have entered a DMP with CCCS and our reference number is xxxxxxx. The majority of our other creditors have responded to this arrangement and have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in our present financial difficulties, and can only serve to increase our total debt.

As you are aware, we have already paid considerable sums in interest to our account. If interest charges continue, the monthly installments we are paying will not even cover that interest. Also the co−operation of our other creditors who have agreed to freeze interest already would be put at risk.

We would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments we make would actually reduce the balance outstanding to your company.

We look forward to hearing from you as soon as possible.

Yours faithfully
Your signature

Thanks Ttftm. Just wondring, will the dmp not fail if I pay extra just to bring my account within my agreed od limit? I was told by CCCS that this will be unfair to other creditors if I treat one creditor special and pay extra on top of my affordable payments in my dmp plan. On the other hand, I don't want to be faced with £6/day charge which will bring into extra £186/month charge if I have an unsettled unarrange OD charges. This will mean my balance won't even go down and it will take me 3 months just to clear the extra interest charges.

Time_to_face_the_music

gamblebee wrote: »

Thanks Ttftm. Just wondring, will the dmp not fail if I pay extra just to bring my account within my agreed od limit? I was told by CCCS that this will be unfair to other creditors if I treat one creditor special and pay extra on top of my affordable payments in my dmp plan. On the other hand, I don't want to be faced with £6/day charge which will bring into extra £186/month charge if I have an unsettled unarrange OD charges. This will mean my balance won't even go down and it will take me 3 months just to clear the extra interest charges.

I probably shouldn't say this but we have made extra payments every single month for 7 months and nothing has happened to us. It's the only thing that keeps me sane because with £230 interest being added each month, our DFD would just get further and further away unless we found some way to negate that interest.

If push came to shove and CCCS threw us out for doing it, we would go it alone on the DMP and that would immediately take a month off our DFD.

D3P0

TTFTM I'm lost with that. Who did you make the overpayments with? Your debtors direct? I'm lost with that as how did the CCCS keep an eye on your DMP amount if it was changing all the time.

I only ask as I haven't had anything on the DMP yet telling me exactly what i owe etc. I was thinking "if" I were to ever get a work bonus would be be able to pay it off? Like making an overpayment on my DMP.

If you could elaborate?

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Gosh you are all so young!

I'm not though my dear twin :rotfl:

HHx

Time_to_face_the_music

D3P0 wrote: »

TTFTM I'm lost with that. Who did you make the overpayments with? Your debtors direct? I'm lost with that as how did the CCCS keep an eye on your DMP amount if it was changing all the time.

I only ask as I haven't had anything on the DMP yet telling me exactly what i owe etc. I was thinking "if" I were to ever get a work bonus would be be able to pay it off? Like making an overpayment on my DMP.

If you could elaborate?

Yes we pay it to our creditors direct. We still have online banking for both overdrafts and some other debts. When I pay M&S, I do it via "pay a bill" using our Co-Op current account online.

CCCS website gives you the option to alter the amount of your debts and we do this regularly because CCCS estimates of your DFD etc are based on all creditors stopping interest and ours clearly haven't.

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

I'm not though my dear twin :rotfl:

HHx

Ha! Glad I am not the only oldie :rotfl:

D3P0

Time_to_face_the_music wrote: »

Yes we pay it to our creditors direct. We still have online banking for both overdrafts and some other debts. When I pay M&S, I do it via "pay a bill" using our Co-Op current account online.

CCCS website gives you the option to alter the amount of your debts and we do this regularly because CCCS estimates of your DFD etc are based on all creditors stopping interest and ours clearly haven't.

Understood. I'll let mine take shape for a few weeks and see where it is. My DMP's only in it's infancy yet. Will be nice to see it when it's set up. I'm prepared for the shock when I see it all though!