DMP & Mutual Support Thread - Part 8

Tiney

BTW Thanks BevieB and Blushing Rose - that is helpful!! I understand now what they are referring to, there was an unexpected payment taken on my credit card for a charity site I run...oops, oh well I'll speak to CCCS about it.

Earthmother_2

I just want to say hi. I have just filled out the details on the CCCS site for a DMP. We are in debt to the tune of nearly £34k. To say I am pooping my pants is putting it lightly! All our debt is with our bank Lloyds TSB. We have a personal loan and a maxed out credit card. Am going to open a new bank account as soon as possible. How likely is it that they will freeze the interest on our debts? Am I likely to get lots of nasty letters and phone calls? I am thinking of unplugging the phone to stop my nerves jangling. We have been scraping by by making minimum payments, but watching the interest (now 30%) rack up is horrifying.

ianmak

banks4u wrote: »

Hello can someone help, Payplan are contacting all my creditors now. They have said I should make a token payment. HOw should I do this, what should I offer and should I contact them to say this is my circumstances?

I made payments of £1 by cheque to the address on the statement/giro slip.

Wannabefree1

Earthmother wrote: »

I just want to say hi. I have just filled out the details on the CCCS site for a DMP. We are in debt to the tune of nearly £34k. To say I am pooping my pants is putting it lightly! All our debt is with our bank Lloyds TSB. We have a personal loan and a maxed out credit card. Am going to open a new bank account as soon as possible. How likely is it that they will freeze the interest on our debts? Am I likely to get lots of nasty letters and phone calls? I am thinking of unplugging the phone to stop my nerves jangling. We have been scraping by by making minimum payments, but watching the interest (now 30%) rack up is horrifying.

I have a loan and two maxed out CC with Lloyds. They are still adding full interest on the loan, but this was only 7.9% to start with. The cc's they've reduced to 5.9% from 29.9%. I'm paying quite a substantial proportion of my contractual payment so I doubt I'm going to get it frozen altogether.

Wannabefree1

banks4u wrote: »

Hello can someone help, Payplan are contacting all my creditors now. They have said I should make a token payment. HOw should I do this, what should I offer and should I contact them to say this is my circumstances?

I wrote a letter to the address on the statement for customer services (or the collections department for the lloyds cc as it was them writing to me and calling me). Stating I was in the process of setting up a DMP with Payplan, gave them my reference number, requested correspondence in writing only with a standing order attached. We did £10 token payments but you can do as little or as much as you can afford.

Wannabefree1

horsesforcourses wrote: »

Im so nervous about that the DMP entails.... doesnt help i have a nervous disposition at the moment

Can i make sure the people i owe money too do not write to my home address? I have a lot of personal issues at the moment and due to my work set up i would prefer they wrote to me there.

I doubt you can stop correspondence to you contractual address. Does anybody know any different?

Wannabefree1

Tiney wrote: »

CONGRATULATIONS!!!!! That's fab news!!!!

I'm getting on the weight loss wagon next week btw, wanted to get my DMP all set up first and then focus on this. So I'll keep you updated. Must add this and my debt into a signature.

Ooo, good luck with the weight loss plans. Yes, keep me updated . I should really add to my signature too. I'm enjoying having the control over it (does that sound odd??). I feel my life has kinda been out of control for so long - mainly due to the debt, struggling and giving up!

Hopelessly_Hopeful

21 today, I've got the key to the door, never been 21 one before!


Time for a signature update.


Just made my 21st payment. 40% of DMP paid off. 4 creditor balances go down a thousand too.


Am giddy, and it's the weekend


HHx

Earthmother_2

One thing that is bothering me is that we have approx £34k of debt (loan and cc with Lloyds) CCCS estimate our DMP will be 8 years 8months. We will be paying £329 a month. Looking at others posting here it looks like that is not a realistic timeframe, should we be expecting to be paying for a lot longer. I know it doesn't alter our situation, but I'd rather know what I am facing.

wannabee_in_credit

Hopelessly_Hopeful wrote: »

21 today, I've got the key to the door, never been 21 one before!


Time for a signature update.


Just made my 21st payment. 40% of DMP paid off. 4 creditor balances go down a thousand too.


Am giddy, and it's the weekend


HHx

Fantastic!!!!