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DMP & Mutual Support Thread - Part 8

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  • rayday2
    rayday2 Posts: 3,960 Forumite
    I am a bit cautious with new posters please take that advice with pince of salt, I would say use charities first or do it yourself. Your debt will be paid a lot quicker :)
  • rayday2 wrote: »
    Well I was a bit of a numpty really, I went on the National debtline website back in 2006 just used their letters and changed my bank account. Back then I didn't even know about linked accounts but luckily my choice was fine. Then a couple of years later I found this website and realised that I was actually on a DMP - didn't know what they were! So cutting a long story short - did it on my own from the beginning and got all my interests stopped and even some refunded. Worst ones to deal with have been catalogue companies, took one of them to financial ombudsman last year and won to get them to agree and looks like I will have to again, but thems the breaks!

    Are you just setting out or with a company and wanting to go solo?

    Thanks very much rayday :)

    We have been with CCCS for 7 months but things aren't going too well, 7 months into a 4 year DMP, most of our creditors are reintroducing full interest. Some creditors have told us they would be happy if we reduced their payment and they would stop interest again but CCCS can't/won't do this. :(

    Since the start of the DMP, I have always been very aware of not having the full control and that was demonstrated this week when a creditor refused to speak to me and said they could only speak to CCCS. It turns out that 3 of our creditors required a 6 month review and this was agreed with CCCS without us knowing, CCCS did not send the 6 month review and as we knew nothing about it, we did not prompt them and it's given 2 of the 3 an excuse to reintroduce full interest :mad:

    We have made great inroads into our debt in the last 7 months and this has possibly given me the confidence to go it alone for the remainder. We need to work some stuff out this weekend and then make the decision before 1st October. :eek:
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • rayday2
    rayday2 Posts: 3,960 Forumite
    Well take a look at the national debtline website you are going it alone but not alone if you get me. I am a control freak it suits me and I sleep better knowing I am doing it. I keep good files, spreadsheets (very very simple ones).

    Try not to worry about the interest, if the worst comes to the worst you could near the end do final settlements and point out how much interest has been charged and do a deal. Or you could do what I did and moan before hand of interest compared to how much monthly payments you make. I wouldn't say its the hardest thing to do and you sound like you can do it, now you know the options and your rights etc.
  • rayday2
    rayday2 Posts: 3,960 Forumite
    Probably been shared a million times but going it alone this has been like a bible for me and quoting it in letters usually at the least shows what you are talking about at the best gets your own way! http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT664Rev.pdf
  • We have already been through 3 FOS challenges and are currently in the middle of a 4th! :o

    I do agree that the creditors change their attitude a little when they realise you know what you are talking about ... or at least sound like you do :D

    We've come a long way in 7 months but it is scary thinking about losing the buffer of the middleman, in the form of CCCS. We do have a bit of a bribe that we can immediately get a whole month ahead with our payments, so they would get 2 payments in one month due to CCCS system which holds on to your money for 25 days. And of course we can also offer more to those who don't want to be paid less :)
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • rayday2
    rayday2 Posts: 3,960 Forumite
    Yes you can tailor your schemes a bit, currently my said catalogue people are getting a £1 however I got a lovely letter from one infamous DCA who said they would accept my plan until 2047 so they get a little more for being so kind :D Pretty sure it was a computer glitch but I like that kind!
  • Hi, there are many companies who can help you manage your debts some are a free services (CCCS) leaving you will a lot of the work to do in terms of negotiating with the people you have debts with and some do the work for you (DFH,Gregory Pennington etc) and you pay a fee for them to do this -

    Your choice is if you can face dealing with the people who your debts are with - some are helpful - some less so - and it can take time and some people can't face it. There are views either way on this.

    What you need to ensure is that the company has a consumer credit license are members of a trade body like the CCTA or DESMA, so if you have any major problems you have somewhere to turn

    Good luck with your debts and remember you are now thinking about a way to sort them - so this is a good thing whatever your decide to do

    I think you have chosen the wrong place to advertise financial vulture services :mad:
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • rayday2 wrote: »
    Yes you can tailor your schemes a bit, currently my said catalogue people are getting a £1 however I got a lovely letter from one infamous DCA who said they would accept my plan until 2047 so they get a little more for being so kind :D Pretty sure it was a computer glitch but I like that kind!

    Ha! I like that one :D

    M&S may get £1 a month from us until the end of time :mad:

    How often do you submit budget reviews to your creditors and do you use a template for doing this? :)
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • Just coming to the end of a 3year. Dmp 1payment left and as a bonus they phoned today to say that the final payment will be just under half the normal payment.
    Dmp was for just under £14000 and the best thing I ever did,sleeping at night after years of worry ie postman,phone calls and doorstep calls.debts mostly my fault not wife,even though I earned more I closed all accounts ,got my salary paid into her account (she opened a new one)as she was more disciplined than me.i found throughout the dmp we actually felt we were living better,this was probably just piece of mind rather than financial.
    My only regret is that We never knew of this site earlier and we opted for a fee paying dmp so we could probably have been clear 6 months ago ,however it is water under the bridge as they say.
    I again urge all lurkers etc to follow the advice on these boards and go with the charitable institutions who are acting in your interest and not there own .
    Please when your lbm hits you do it you can't believe the peace it will bring you (stupid arguments,depression,sleepless nights,) I hid my head in the sand for too long .
    There is nothing embarrassing about anyone's situation as we eventually talked to friends and family about what we had done in the dmp and you will be amazed that most of your nearest and dearest are in the same position as you.
    I wish you all the best ,so stand up and applaud yourselves for advice and making the right choices.
  • rayday2
    rayday2 Posts: 3,960 Forumite
    Ha! I like that one :D

    M&S may get £1 a month from us until the end of time :mad:

    How often do you submit budget reviews to your creditors and do you use a template for doing this? :)

    If my circumstances have changed or when I first did it every 6 months, but it got more hassle than it was worth they were happy getting the amounts but if you asked them to accept another then it went all a bit odd I just took it on a company by company basis. Some ask for a review, Lloyds just sit there in fact to be honest they all do but that is after a long time.
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