DMP & Mutual Support Thread - Part 8

debtdawg

DH has just gone to the post office to send off our DMP application to CCCS. I feel like crying Such an emotional day!

bertman

debtdawg wrote: »

DH has just gone to the post office to send off our DMP application to CCCS. I feel like crying Such an emotional day!

Hey Debtdawg, I know how you feel it is a really strange feeling when you finally send off the pack. We felt like total failures when we did, it was the final acceptance that we couldn't do any more on our own...

But honestly it was the best thing we could have done, we are 3 months in and don't have to worry now about letters from the creditors asking for money you know you just don't have or wondering who is on the end of the phone.

I am not big on advice as everyone is different, but bare with it things do get better and quite quickly. If you get any letters, check with the CCCS and then ring them - in your own time and when you feel up to it. Once you mention CCCS they really do treat you differently, they accept that you are not burying your head in the sand and then deal with them direct. I have said before - its like having a minder on your side now!!

Take care of yourselves, grab a cuppa - you have made a big (but correct) decision.:beer:

iwilldoitthistime

Time_to_face_the_music wrote: »

Have they said if they will freeze the interest if you default now? If so, I would definitely go for this.
/QUOTE]

Yes - they have said its the only way to freeze the interest. I just think that if we put it off by six months, we not really gain anything. If Lloyds dont default us, someone else will (although no-one else has even mentioned it :cool:)

debtdawg

Thank you Bertman, I am dreading my creditors finding out that we're struggling and the onslaught of letters and calls. We'd managed to keep our heads above water until now, but this week we realised it's getting harder and harder to make our payments, we'd dropped them down to the bare minimum already and they are mainly interest free so long term it was never going to work out. We're relying on my student finance as a uni student to make our payments and they just made massive changes to my finance so we're basically up the creek without a paddle!

We didn't plan on the DMP route, we just rang Nationwide to ask if they could help with our loan so we could reduce our payments. They took details of our income and outgoings and said we needed to speak to CCCS or Payplan so here we are!

We owe to Barclaycard, Nationwide card and loan, Lloyds card and loan and MBNA (smallest amount to them). Any idea whether these companies are very helpful?

stupid-fool

debtdawg wrote: »

Thank you Bertman, I am dreading my creditors finding out that we're struggling and the onslaught of letters and calls. We'd managed to keep our heads above water until now, but this week we realised it's getting harder and harder to make our payments, we'd dropped them down to the bare minimum already and they are mainly interest free so long term it was never going to work out. We're relying on my student finance as a uni student to make our payments and they just made massive changes to my finance so we're basically up the creek without a paddle!

We didn't plan on the DMP route, we just rang Nationwide to ask if they could help with our loan so we could reduce our payments. They took details of our income and outgoings and said we needed to speak to CCCS or Payplan so here we are!

We owe to Barclaycard, Nationwide card and loan, Lloyds card and loan and MBNA (smallest amount to them). Any idea whether these companies are very helpful?

Hi

I'm sorry that I can't answer any of your questions but just wanted to say that you are not alone.

We had our lightbulb moment last week and contacted CCCS after our mortgage company refused to renew an interest only arrangement that had kept us just about afloat for the last couple of years. We're not YET in arrears with anything but reckoning day has arrived.

Our DMP pack went in the post on Sunday, and the letters to the creditors yesterday evening. I had the same feelings as you, total failure. I'm dreading the creditors starting to open their letters tomorrow. One of our debts is an overdraft and our bills won't get paid if they pull the plug as soon as they get the letter as the Direct Debits haven't all transferred to the new bank yet.

The good thing is that the first step has been taken, and even if this is going to be a rollercoaster ride, I know its going to take me where I need to be. The life of credit has to stop, and we just took a step which is going to make sure we can't get credit for a long while and force us to get clean.

Welcome to our journey :hello:

bertman

debtdawg wrote: »

Thank you Bertman, I am dreading my creditors finding out that we're struggling and the onslaught of letters and calls. We'd managed to keep our heads above water until now, but this week we realised it's getting harder and harder to make our payments, we'd dropped them down to the bare minimum already and they are mainly interest free so long term it was never going to work out. We're relying on my student finance as a uni student to make our payments and they just made massive changes to my finance so we're basically up the creek without a paddle!

We didn't plan on the DMP route, we just rang Nationwide to ask if they could help with our loan so we could reduce our payments. They took details of our income and outgoings and said we needed to speak to CCCS or Payplan so here we are!

We owe to Barclaycard, Nationwide card and loan, Lloyds card and loan and MBNA (smallest amount to them). Any idea whether these companies are very helpful?

I don't know about Lloyds, but Barclaycard froze interest and accepted payments very quickly. MBNA were brilliant, I rang them and they said they would freeze everything for 30 days, then I had a letter from them saying that they had accepted CCCS payments and that was that, I get regular statements with no interest applied. Our only real problem now is HSBC, but they only ring once a month to say they have never had letters, they still apply interest but I am sure this will stop soon.

Keep your chin up - you really have done the right thing!!

stupid-fool

bertman wrote: »

I don't know about Lloyds, but Barclaycard froze interest and accepted payments very quickly. MBNA were brilliant, I rang them and they said they would freeze everything for 30 days, then I had a letter from them saying that they had accepted CCCS payments and that was that, I get regular statements with no interest applied. Our only real problem now is HSBC, but they only ring once a month to say they have never had letters, they still apply interest but I am sure this will stop soon.

Keep your chin up - you really have done the right thing!!

Hi bertman

Being very new to the whole DMP topic, how does it work getting the interest stopped etc. I thought I needed to return the pack to CCCS and send the letters off to my creditors notifying them (I've done both of these) and then CCCS would take over all negotiations.

Do I need to be thinking about this now in some way, or starting to contact the creditors directly in addition to my letter informing them about the DMP and giving permission to talk to CCCS?

It's horrible not really understanding the next steps I'm taking - especially as I can't just turn around and run back again if I don't like it :eek:

Ellieseleven

debtdawg wrote: »

Thank you Bertman, I am dreading my creditors finding out that we're struggling and the onslaught of letters and calls. We'd managed to keep our heads above water until now, but this week we realised it's getting harder and harder to make our payments, we'd dropped them down to the bare minimum already and they are mainly interest free so long term it was never going to work out. We're relying on my student finance as a uni student to make our payments and they just made massive changes to my finance so we're basically up the creek without a paddle!

We didn't plan on the DMP route, we just rang Nationwide to ask if they could help with our loan so we could reduce our payments. They took details of our income and outgoings and said we needed to speak to CCCS or Payplan so here we are!

We owe to Barclaycard, Nationwide card and loan, Lloyds card and loan and MBNA (smallest amount to them). Any idea whether these companies are very helpful?

We had the same feelings as you in the beginning and we hadn't missed any payments but were continually robbing Peter to pay Paul. Eventually we had to admit that we couldn't carry on the way we were and I contacted the CCCS, I felt such a failure and had a very guilty feeling about not paying the full monthly amount to our CC's I also had an issue with loyalty to my bank (yeah, right!)


Two years on, a DMP has been the best thing ever, we are chipping away at our debt, we still have a way to go but we can at last see the debt going down instead of up! We still have a life and the best thing is that we will be debt free before we retire.


You too will look back on this decision and know that it was the right decision.


Chin up and take care
Ellie xx

Growurown

Hello to all the newbies coming on board. You'll get great advice and support on this thread so stick around.

It is interesting how so many of us feel as though we have failed because our debts have taken us over. I don't think we should shoulder all the blame. Who pushed credit at us when times were good, who upped our limits, gave us loans, mortgages, overdrafts etc.? Yes you could say that we should have been more responsible but personally we managed fine until the recession hit and who's fault was that? Not mine and not yours either. Who mis sold us PPI? Barclays and RBS got fined for manipulating interest rates and HSBC have been in the news recently for money laundering.

I am paying back my debts and intend to pay everything I owe but sorry - no, I don't feel bad about being on a DMP and I don't feel bad about not paying back interest either. Yes I agreed to pay that interest when I signed on the dotted line but I think the banks have had their pound of flesh from me.

Sorry rant over.

debtdawg

stupid-fool, it's good to speak to someone who is at the same stage pretty much as we are and it sounds like we have a lot of the same questions!

Bertman - At the moment with Barclays, half of our balance is 0% until Jan 2014 and the other half is 6.9% for the life of the balance. I am hoping they won't crucify us with charges and massively increase our interest rate as the bulk of our debt is with them, though the majority is with Nationwide. Nationwide were really nice to my DH on the phone yesterday so I am hoping that they will be helpful when CCCS contact them (they actually said they would cancel our direct debit and wait to hear from them!).

I've managed to change over some direct debits but have to wait until the 2nd Nov to change over the others that are due out on the 1st (well according to BT and Npower!). I'm waiting on the online banking details, bank card and cheque book to be sent through from the account I went and sorted out today. I feel a bit in the dark without being to check it online yet lol.

Ellie, thank you xx At the moment to have a life it means adding to the ever increasing debt pile which is really depressing. I can't wait to get the new budget started up and get things sorted out!