DMP & Mutual Support Thread - Part 8

mon1o

Thanks BR - i have to admit ive just hidden the letter in a pile of stuff. its got a bank giro slip on the bottom so im wondering whether to not bother with a PO and just send that back with a token payment of £1 lol! Obviously enclosed with my template CCCS letter.

im trying to not allow myself to feel overwhelmed and just do a little bit each day which so far is proving to work for me, the caravan is definitley being sold but ive opened an e-isa to keep some of the money in and then some will go in my e-saver. And ill use some to clear a debt. Can you offer full and final reduced settlements in a dmp? or will i just have to pay the total outstanding? if that makes sense.......

I need to pop it on preloved now sad times.......but necessary. shes just using up money we dont have at the moment.

Earthmother_2

mono1o, I would pay with the bank Giro and send a letter telling them you have done so, I sent a postal order for £40 and got charged a fiver for the privilege!

My DMP is now officially set up and my debt free date says Nov 2020, but then says that does not take into account any interest charged. Will the interest add many years do you think? I owe £34,109 to two creditors, one was a loan with an interest of about 8 % and the credit card interest is currently 29%.

On another note I would highly recommend the Co-op Cashminder account to any newcomers, their customer services are really helpful and friendly, and they are uk based too :-)

scared-sick

Sent off all my documents to cccs to start my dmp today. I was slightly nervous about it actually. I guess it makes it more official now and there is no going back!

I hope they manage to get some positive results with the creditors. Got a statement from one today telling me I had missed a payment and it had a late payment fee on, but it showed my token payment as credited.

This is the second one like that where the balances are now going up instead of down and its worrying me a bit. What if something goes wrong with the dmp. If it does I am going to end up in a mountain of poo!!

Earthmother_2

Scaredsick, I can't offer any advice as I am just starting out too, but I have read other peoples experiences on here and I think the debt going up at the start is normal, it takes a while to settle down and negotiate the interest and charges. Good luck!

Standingtall

scared-sick wrote: »

Sent off all my documents to cccs to start my dmp today. I was slightly nervous about it actually. I guess it makes it more official now and there is no going back!

I hope they manage to get some positive results with the creditors. Got a statement from one today telling me I had missed a payment and it had a late payment fee on, but it showed my token payment as credited.

This is the second one like that where the balances are now going up instead of down and its worrying me a bit. What if something goes wrong with the dmp. If it does I am going to end up in a mountain of poo!!

Hi SS:). My balances went up for a month or two and then once the DMP had been accepted they started to decrease. My total outstanding balance is now less then before I went into my DMP. Or at least I think it is. I get really strange statements now from some of my creditors, a little difficult to work out. I have some time off after Easter so I intend to ring up at that point and check what is owing. It will be around 6 months into my DMP at that time so, watch this space:eek:

PayingMyDebts

On one of my debts because I'm paying more then the minimum they're not giving me a reduced interest rate - still on my calculations 3 months to go then no more debt.

It's taken 4 years and it's been a tough slog but it's been worth it.

All you starting out keep your chins up - it does get better.

jasperconran

Hi guys,

Not posted for a while. I am actually self managing our dmp now. we were with the CCCS for just one year (last year) but we left them due to a difference of opinion shall we say!

Its taken me until now (and several letters!) to get Barclaycard to stop charging me over £50 per month interest!:eek: But today, I finally got a letter stating that all interest and charges are now being stopped:j:j I also received threatening letters from Metropolitan (HSBC's internal collectors) for both me and OH, but I stuck to my guns, rang them and dealt with it. I reassured them they would get exactly the same payments as the CCCS gave them, and I would set up standing orders to pay them which I did. The MBNA accounts have been taken over by Moorgate, havent heard from them yet. And Halifax was passed to Blair, Oliver and Scott who I have to say, are great to deal with! They are very understanding when you ring, and they work closely with you to work out a payment plan which is beneficial to all.

So all in all, (dare I say it! lol) things are not too bad. Ive only been self managing for the last couple of months, but I learnt such an awful lot from CCCS and the great guys on here. Its given me the tools to be brave and deal with everything myself. Having the knowledge to throw back at the creditors is fab!:rotfl:

I now have no fear in dealing with any of them at all.

Good luck to all who are starting out on their dmp's, it will be the best thing you ever do!

JC xx

BlushingRose

Sorry, what made you leave CCCS?

wecandothis_2

When we left the CCCS (nothing bad just over the payment date really it just didnt suit us) i considered doing my own DMP but decided in the end to go with Payplan, at least whilst the debt is so big. But my intention is in 3-4 yrs to run it ourselves and start making some f&f's. My plan at the moment is supposed to run for 12 yrs , i want to half that.

PayingMyDebts

Just looked at my CCCS statement only 4 creditors left two of which aren't charging interest.