DMP & Mutual Support Thread - Part 8

sickasachip13

Hi,

You really need to continue with your monthly payments as these things can always take longer than expected. When I did my two (they were just small), one of them had another monthly payment since the agreement letter was sent and they adjusted the amount for the F&F down accordingly.

I used the template letters from the National Debtline but I did ring my smallest creditors first to see if hypothetically they would be interested in considering F&Fs.

SAAC

smcshane

Hi
Thanks for the info. I have already had some F&F offered by some of my creditors so feel optimistic about those. Well you've got to try! One will probably tell me to bog off as they won't except I have financial issues due to the way cccs calculate payments I am paying them above min!!!
Hoping that will just add a few more months if all others agree to offersx

Hopelessly_Hopeful

smcshane wrote: »

Hi
Thanks for the info. I have already had some F&F offered by some of my creditors so feel optimistic about those. Well you've got to try! One will probably tell me to bog off as they won't except I have financial issues due to the way cccs calculate payments I am paying them above min!!!
Hoping that will just add a few more months if all others agree to offersx

Good luck with it. I would be more fearful as for those above min repayments I have been unable to get interest frozen.

Looking forward to hearing how you get on.

HHx

HHx

ianmak

To echo what peeps have said above, paying tokens of £1 have a number of 'benefits'.

1) It shows that you're not shirking your debt, and are still paying towards it, however little.
2) It enables you to sort your budgeting out, and if you're lucky, build up an emergency fund.
3) When you start a DMP, you will have been set an amount to pay your creditors, most likely less than your current minimum payments. If you paid tokens of say £10, and DMP says £3, then the creditors will want to know why you can't pay £10 if you could afford it this month, if that makes sense!

Finshopefulmum

ianmak wrote: »

To echo what peeps have said above, paying tokens of £1 have a number of 'benefits'.

1) It shows that you're not shirking your debt, and are still paying towards it, however little.
2) It enables you to sort your budgeting out, and if you're lucky, build up an emergency fund.
3) When you start a DMP, you will have been set an amount to pay your creditors, most likely less than your current minimum payments. If you paid tokens of say £10, and DMP says £3, then the creditors will want to know why you can't pay £10 if you could afford it this month, if that makes sense!

Hi Ian

That makes total sense, thank you! Really appreciate the guidance. Cheques in the post on Monday!

Brusselpicker

Just to say I have left Payplan and contacted all my creditors. Have arranged payments by standing order with them all. 3 creditors will receive their final payments on the first of June, only 1 left!

It's been a hard road but there is light at the end of the tunnel now.
Now to plan my first holiday for many years!

Hopelessly_Hopeful

Brusselpicker wrote: »

Just to say I have left Payplan and contacted all my creditors. Have arranged payments by standing order with them all. 3 creditors will receive their final payments on the first of June, only 1 left!

It's been a hard road but there is light at the end of the tunnel now.
Now to plan my first holiday for many years!

Well done. Great to look forward to a holiday. Do you mind if I
ask why you left 3 months before the end of the DMP?

HHx

Standingtall

Well, after several years of struggling to incentivise my (nearly 21 year old) son to work and keep of the cannabis, I have finally given up and thrown him out:(. The crunch came yesterday really, although it has been on the cards for some time. To cut a very long story short (I will add more in my dairy later), he only has a part time job covering absence at local filling station. He cannot be bothered to claim benefit for when he does not work and only gave me £30 this month. However, he now is running up a catalogue bill for a new x box, a new ipod and then taking out payday loans.

What really got me though and led to yesterday's show down, was that for the first time in quite a while I felt confident enough to spend some money and treat myself and 12 year old daughter to JLS tickets. Her first concert. She was very excited and do you know his response - I should be using that money to support him:mad::mad:

So apparently I should support them while he spends his fraudulentl gains on drugs, boys toys and alcohol!

My Grandparents have been stupid enough to take him in for now and he has told them he is circa £3k in debt. He thinks I should take him to CAB. I have pointed out that whilst he may get some sympathy re payday loans, the catalogue however may well be deemed fraud.

STUPID STUPID boy.

mon1o

Oh Standingtall what an awful situation! For what its worth if i was in the same situation i think i would have done the same thing. At 21 (almost) he is old enough in my view to stand on his own two feet and accept the consequences of his decisions - not everyone will agree with me i know but its just my opinion.

Today after much discussion, we have reluctantly put our caravan up for sale of course no one may want her but we decided that at the moment we'd get more use out of the money - how awful does that sound? so we agreed i'd pay off one of my credit cards (the largest one at £1600) and the rest we'd split between emergency savings and isa. So we'll see. shes only been on preloved and ukcampsite for an hour or so.

i know its sensible, but im not happy about it. had a text off CCCS yesterday saying they are processing my dmp paperwork but theres one thing ive missed off which i shall have to sort tomorrow.

sickasachip13

Hi Standingtall,

Oof, a tough situation. But, he's pushed you into a corner with his choices and I'm not sure what else you could have done tbh. He's not being reasonable and is old enough to be making better decisions than he is. Also, the longer you continue supporting him then he's not being forced into better paths - it's sort of a shame that his grandparents have taken him in, but that's their prerogative I suppose.

Try not to feel guilty - hard I know - he's an adult and needs to learn.

SAAC