DMP & Mutual Support Thread - Part 8

stupid-fool

debtdawg

Yes it sounds extremely similar at the moment.

We too are worried about interest rates as we had borrowed most of our money at decent rates. Because we are going onto the DMP which pro-ratas our payments we will slip behind in all accounts - part of me thinks it would be better to pay as many on time as possible to minimise any penalty charges. I guess it's going to take time for my mindset to adapt.

I haven't cancelled any payments yet, and we will struggle through this month once again. I can't help wondering if I should pick up the phone and call everyone tomorrow, but I am trying to follow the information in from CCCS which tells me to send their standard letters.

What has everyone else done?

antonic

I have been on a DMP with Payplan for 82 months now and have 2 months to go (see my sig for details).

Dont see it as a sign of failure going on a DMP, like me see it as recognition that your acting like an adult because YOU realise YOU have a problem and YOUR delaing with it as an ADULT.

Take my word for it that it isnt an easy journey, you WILL have hard times BUT at the end of it YOU WILL be DF.

Dont worry about a trashed credit record for 6 years, if you need a DMP its well trashed already !.

Best wishes and good luck from someone who will be DF for the New Year.

Time_to_face_the_music

iwilldoitthistime wrote: »

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:)

Go for it now.

After 9 months, we have still not been defaulted by anyone and with 2 still charging full interest and several more threatening to do it as we reach minimum payments, I wish they would default us and stop something :mad:

D3P0

A very good morning to you all, sorry I haven't been around to give encouragement or assist. I have been so busy with work and at home. My DMP is in place 1st payment made, 2nd out this month. Seeing the debts drop (albeit slightly) was a massive relief.

All debtors seem to be playing the game so far, a few issues with CCCS putting 2 debts down on one account so 1 payment got missed but the other 1 got twice as much but I managed to sort that out.

Hope you are all keeping strong and if I can I'll always swoop by with an update and see how you are all doing. Good to hear TTFM is still dishing out what is superb advice.

Keep the faith...

matty2712

Good morning all, hope your all doing well with your DMPs. My 1st payment was sent out on the 25th of Oct, so I thought I would take a look at my noddle credit report to see if payments were showing on the account, to my surprise some were showing others weren't. Balances have also increased I take it because the charges and everything. I looked at the OH account and the same showing there. However capital 1 have included a default on their account!! Is this a good thing or bad?? Our DMP is going to last approx 3 years, I know our credit reports are going to be beyond repair as we have taken out a DMP, my question though why has only this creditor applied a default when considering we have 12 others. Thank in advance for your replies

Time_to_face_the_music

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!

I found the start up of our DMP a real emotional rollercoaster, I was all over the place, in floods of tears one moment and jumping with joy the next

It's tough at first but it does settle down relatively quickly and once you see your debts coming down, it does make it all worth while.

This forum helped me above everything, the help, advice, experience and support is incredible. So please stick around, there is always someone to help or even just listen when you are having a bad day

lizzy23

Good morning DMP'ers our first payment goes tomorrow so here we go.

Stupid - Fool i would cancel and send £1 token payments this month, and keep the money that you would have spent on the bills in a savings account, you're going to go into arrears anyway so you may as well have that cushion in your pocket

Time_to_face_the_music

stupid-fool wrote: »

debtdawg

Yes it sounds extremely similar at the moment.

We too are worried about interest rates as we had borrowed most of our money at decent rates. Because we are going onto the DMP which pro-ratas our payments we will slip behind in all accounts - part of me thinks it would be better to pay as many on time as possible to minimise any penalty charges. I guess it's going to take time for my mindset to adapt.

I haven't cancelled any payments yet, and we will struggle through this month once again. I can't help wondering if I should pick up the phone and call everyone tomorrow, but I am trying to follow the information in from CCCS which tells me to send their standard letters.

What has everyone else done?

Don't struggle through this month, cancel your DDs for your debts and pay everyone a token payment along with the letters that CCCS will supply you. You can use the extra money to set up a small emergency fund.

There are no hard and fast rules about interest, I have given up trying to work out how creditors calculate this, they seem to make it up as they go along. After the initial set up, you can then see how the interest is going and write to any creditors still charging interest asking them to stop, there are plenty of template letters for this and people here will share the letters they use.

If your creditors contact you by phone, tell them you are in financial difficulty and are setting up a DMP with CCCS and quote your reference number. I wouldn't advise phoning them, it's better to let CCCS contact them first.

You have taken the first steps to becoming debt free, tell yourself well done and don't beat yourself up about the past. Facing up to your debt and taking action is a life defining moment, I found it terrifying but 9 months down the line, I know it is the best thing I have done in years. There is light at the end of the tunnel now instead of facing countless years of debt and possibly taking debt into retirement or even the grave! I know this sounds dramatic but it is the honest truth, there is often no alternative and a DMP has changed our lives and our future.

RubyLou89

Can I join this thread please?
Myself and my partner are sending off our application to cccs today and the letters to our creditors.

We've opened a basic account with nationwide and changed all our incoming and dd to it.

Our debt is (some are joint some are separate but we are in dmp together)

Barclays loan, Barclays overdraft, HSBC loan, tesco loan, vanquis, barclay card and k and Co catalogue.

I'm feeling really frightened because we haven't missed any payments yet as my mums been giving me money for us to survive but now something has to change.

I have 2 small children and my partner works and ive convinced myself I will have bailiffs at the door if they don't accept the dmp payment.

I have PTSD From an incident that happened 4yrs ago and it's caused me to have anxiety so im in a total mess right now.

Time_to_face_the_music

matty2712 wrote: »

Good morning all, hope your all doing well with your DMPs. My 1st payment was sent out on the 25th of Oct, so I thought I would take a look at my noddle credit report to see if payments were showing on the account, to my surprise some were showing others weren't. Balances have also increased I take it because the charges and everything. I looked at the OH account and the same showing there. However capital 1 have included a default on their account!! Is this a good thing or bad?? Our DMP is going to last approx 3 years, I know our credit reports are going to be beyond repair as we have taken out a DMP, my question though why has only this creditor applied a default when considering we have 12 others. Thank in advance for your replies

The default is good, the clock starts ticking from that date and it will clear from your credit report in 6 years. There seems to be no rules about when defaults are applied, we are 9 months into a DMP and have no defaults, others get them immediately.

Are you still getting statements from your creditors? it is important to keep your balances up to date online. The estimated amounts don't take any interest additions into account so we amend our online debts every time we receive a statement. There are no chances of a nasty shock at the end then.

Noddle seems to take a little while to catch up so I only check it every month