DMP & Mutual Support Thread - Part 8

Ellieseleven

Hi everyone,

Just wanted to let all the newbies on here know that going on a DMP has been the best thing that we could have done in our circumstances and although it is very scary in the beginning it really does get better:)

I fought against a dmp and all that it would bring for many months before I had to admit defeat but with hindsight I really wish that I had done it sooner:o We kept throwing money that we didn't have at credit cards until we had nothing left.

We are 18 months into our DMP now and life is brighter, we don't have a lot of money but we are happy and we are beginning to make a dent in the £45,000+ (recently dipping under the £40k mark)

It's become a bit of an obsession this budgeting lark and now instead of worrying all the time how on earth we're going to be able to pay the bills I find that we are able to save a little for a rainy day:) During christmas and new year, my car failed it's MOT which in the past would have just gone on the CC but now I take it out of what I've saved and don't feel those guilty pangs of "Oh I shouldn't have put that on my credit card really"

We have our ups and downs, it's not all plain sailing but knowing that I will be debt free before I retire (another worry eliminated!) is something that spurs me on, that and this site and the fantastic people on here whom I cannot thank enough:T They were my salvation in my depths of despair when there only seemed one way out:o

As time goes by you realise that material things are not important and your health, your family and your friends mean so much more!

I wish you all a relatively smooth journey through your dmp and the quest for debt-free status. One day you will look back on this period of your life and be thankful that you made the decision to become debt free

Here's to a debt-free future for all of us:beer:

jasperconran

hi all,

Not posted in a while. have began to self manage our dmp, been a bit rocky but I am starting to get more confident in dealing with creditors, have negotiated new reduced payment plans, so im getting there.

Anyway, got a letter for OH today advising that MBNA have sold his account to Britannica Recoveries S.a.r.l. Mortlake. Enclosed was a nice letter from Britannica advising new account number and ways to pay etc.

Has anyone had any experience of this company??

Thanks

Hopelessly_Hopeful

Earthmother wrote: »

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.

Welcome

I would imagine it depends on your income/debt ratio.

Hope it goes well for you.

Mine started off 42 months but will likely be 53 months

HHx

sickasachip13

jasperconran wrote: »

hi all,

Not posted in a while. have began to self manage our dmp, been a bit rocky but I am starting to get more confident in dealing with creditors, have negotiated new reduced payment plans, so im getting there.

Anyway, got a letter for OH today advising that MBNA have sold his account to Britannica Recoveries S.a.r.l. Mortlake. Enclosed was a nice letter from Britannica advising new account number and ways to pay etc.

Has anyone had any experience of this company??

Thanks

Haha, you and me both JC!

We've had the same letter telling us that MBNA have sold both our CC debts to that company - I think they're better known by Moorgate(??) My MBNA debt is our biggest, by a long way, so I'm hoping for a smooth ride.

MBNA must be having a clear out!

secretshopper75

sickasachip13 wrote: »

Haha, you and me both JC!

We've had the same letter telling us that MBNA have sold both our CC debts to that company - I think they're better known by Moorgate(??) My MBNA debt is our biggest, by a long way, so I'm hoping for a smooth ride.

MBNA must be having a clear out!

We've also had the same letter for three of our cards so must be the time of year...hope it stays as smooth as it was, as we were on 0% interest..

ailz95

jasperconran wrote: »

hi all,


Anyway, got a letter for OH today advising that MBNA have sold his account to Britannica Recoveries S.a.r.l. Mortlake. Enclosed was a nice letter from Britannica advising new account number and ways to pay etc.

Has anyone had any experience of this company??

Thanks

Hey, I got one of these too. They must be selling on lots of debts ready for the year end. They enclosed a letter from Moorgate Loan Services saying that they would be administering the debt in the future - how about you?

LittleHippyHop

Hi all. Received a letter today from Reliable Collections saying they have agreed to monthly payments and will not add any more charges as long as this is paid via CCCS every 28 days. Is this how often CCCS pay creditors every month? (I pay on the 10th)- if this isn't adhered to charges will be added. Have filed the letter safely away!

Hope everyone has a good weekend. Oh, also have £15 left in the 'housekeeping' tin until Thursday after doing a shop today. Determined to stick to this, will be a bloody shock to the system but needs to be done.

DTR123

Yeah I got an MBNA letter too today. Mines going to IDEM Servicing, MBNA had stopped the interest on my CC but bet these lot wont! Anyone had dealings?
Have been ticking over nicely for 12 months, not made massive headway into the debt but at least its better than getting further into debt.

debtfree2010

ailz95 wrote: »

Hey, I got one of these too. They must be selling on lots of debts ready for the year end. They enclosed a letter from Moorgate Loan Services saying that they would be administering the debt in the future - how about you?

Ohh we havent had one yet.... will wait and see what the postie brings tomorrow..

I am 10months into a self managed DMP and i have just had to write to all my preditors and advise them of a reduction in payments, this is due to energy bills, car insuranace and general living increase.

Before i would have been worried sick about it, but now my attitude has changed, yes the debts mine and yes i will pay it off, but i can and will only pay what i can afford

good luck everyone on your journey, DMP weather self managed or with a charity CCCS etc really will be the best thing you will ever do!! :T

debtfree2010

DTR123 wrote: »

Yeah I got an MBNA letter too today. Mines going to IDEM Servicing, MBNA had stopped the interest on my CC but bet these lot wont! Anyone had dealings?
Have been ticking over nicely for 12 months, not made massive headway into the debt but at least its better than getting further into debt.

Normally once your debt is passed over to a DCA the interest is stopped :j