DMP & Mutual Support Thread - Part 8

sickasachip13

TTFTM, hope you found it, this thread is within the DFW forum, so it's on the main page of this forum and it's called something like: struggling with debt? ask a debt advisor and question
SAAC

ianmak

FloFlo wrote: »

Do you have to put all your debts with the DMP? I need to sort out my finances as I owe way too much on credit cards and am using them to live at the moment but I am not behind with any payments currently. I would rather not have my mortgate, bank loan or overdraft involved in the dmp, is this possible?

Your overdraft has to be included on the DMP, along with any other unsecured debts.

A secured loan and/or Mortgage, have to be paid separate, and not be included on the DMP. The reason being if you default on either of those (as you certainly will on the unsecured debts), you run the risk of losing your home.

dazla

BevieB wrote: »

Daz can you confirm if you are charged zero interest?

No its not zero, but a lot less than they were charging me, I think its around 6%

Jubilee76

Afternoon all :wave:

Well i am a long time lurker who has been terrible at posting for a while but I am back! Had a read through all your posts and thought if I added a bit about my DMP experiences it might help some of the people just starting out. The posters like Ianmak, Sickasachip, Hopelessly Hopeful, and too many others to mention who take the time to post, really make the world of difference when you are feeling a bit low. When I started my DMP in 2007 I didn't know about the forums and actually thought I was the only one in the country who had failed miserably with my finances. Now these forums give me just the lift I need if having a down month.

As you can see from my signature I have about 2 years to go. It wasn't easy at the start but the phone calls soon died down and now I rarely hear anything from any of my lovely creditors. My biggest regret is my LBM didn't come sooner (pretty common regret I expect ) but I did feel it was my debt and I should pay it back.

It is hard to manage your money but you do appreciate those treats lol..:rotfl: They seem more worth it as I have actually used my money to pay for it.

DMPs can seem very restricted at times. As all money is allocated some of the challenges on this forum are a little harder though I am trying the NSD (no spend days) and a Payment a week challenge.

Like you Hopelessly Hopeful I look at the little achievements. Like how many creditors are under £1k, how many months left, the amount left on DMP. My next is getting it to under £15k. Thinking like that really does help the time move along and there is reason to celebrate the small goals :T

So I wanted to say a big well done to all those who have taken that step. You won't regret it and we are all here to help each other along on this sometimes rocky road :beer:

Jub

banks4u

Hi All, i have just arranged a DMP with payplan and I just want to find out something.

I took a Natwest Loan out 8 years ago, the initial debt was £30,400 including interest. I just borrowed £24,400.
Right now I have paid off £27,136.15, my Payplan is going to start this month.

So does any one know if I can make an offer of 90% to Natwest?
so 90% of the £30,400.

I am writing a bank charges hardship complaints to Natwest, but does anyone know wha the chances of them accepting 90% is?

grantalien

advice needed

DMP ticking over nicely - life is very manageable at the moment and we have learned to live within out budget (just)

I have a huge spanner in the works - I have a car on an agreement that is due to end in March, unable to re-finance with that dealer (shame after 7yrs payments) I finds my self stuck as to what to do with a car - theory is I have £259 per month for another car but obviously payplan tell me that new credit is a no-no! (I appreciate it would be difficult to get and the APR bad) - I am stuck - I need a reliable car for both out jobs/children/school etc... - I have a balloon payment due but I presume that trying to get finance to cover the remainder is also a no-no - I have also thought about leasing, do you think that maybe an option. - Oh dear, these things are sent to try us. That aside all other areas are progressing very well.

BlushingRose

Yep, I've started a thread about how one might get a replacement car - I'm sure ours is on it's way out...seems to be costing a lot these days to keep it going...

grantalien

BlushingRose wrote: »

Yep, I've started a thread about how one might get a replacement car - I'm sure ours is on it's way out...seems to be costing a lot these days to keep it going...

do you have a link to the thread please

Hopelessly_Hopeful

grantalien wrote: »

advice needed

DMP ticking over nicely - life is very manageable at the moment and we have learned to live within out budget (just)

I have a huge spanner in the works - I have a car on an agreement that is due to end in March, unable to re-finance with that dealer (shame after 7yrs payments) I finds my self stuck as to what to do with a car - theory is I have £259 per month for another car but obviously payplan tell me that new credit is a no-no! (I appreciate it would be difficult to get and the APR bad) - I am stuck - I need a reliable car for both out jobs/children/school etc... - I have a balloon payment due but I presume that trying to get finance to cover the remainder is also a no-no - I have also thought about leasing, do you think that maybe an option. - Oh dear, these things are sent to try us. That aside all other areas are progressing very well.

Hi

This was my major worry at the start of the DMP as I need (not want) a car for work. I discussed with CCCS and they said it was ok to take on agreement if neccesary as I need a car to work, no work no salary no money to pay DMP so makes sense to find a solution. The car costs me an arm and leg in garage bills but am hoping to carry on for the 2 years I have left rather than entering agreements. Fingers crossed. If neccesary I may have to do hire car stuff for a while. Good luck.

HHx

kitkat34

kitkat34 wrote: »

long time lurker in needed of some help advice now
ive just got off the phone with cccs and now feel crap after plucking up the courage to phone them last week and ask for help and actually quite looking forward to getting the phone call from them this morning im now sitting here in tears
they say they cant manage a DMP for us because at the minute it would take 27 years to complete and that i would need to do it myself which i dont know if i can im already suffering from depression and just dont know if i can actually do all the stuff to make a DMP work dont even know what i need to do
sorry that my first message to you all is so down i thought i would be posting this morning of how i was getting started with cccs and that everything was looking much better now i just feel like my whole world has come crashing down

Afternoon everyone
well after posting the above a couple of weeks ago i spent approx a week feel sick crying and generally feeling like my life might as well just end as we had messed up our childrens futures. However last week came to my senses and decided i needed to fight back and i could do a dmp myself, we accept we got ourselves into this mess and that we need to pay it back but it will have to be at a rate we can afford and the creditors will just have to accept that.
So last week i sent letters to all creditors about the fact we were getting advice and looking to start a dmp and asked them to hold charges etc for at least 30 days, i then sorted bank accounts out and have cancelled DD and plan to send out offers this week and ask for standing order details. I feel so much better and have to thank all the people on these boards thank you as you have all helped me to get to this point.
kit