DMP & Mutual Support Thread - Part 8

Twit_Head

ianmak wrote: »

I have found when on a DMP you realise how down you were and stuck in a rut when in debt. I call it the Dark Ages! I think everything builds up, and you do get a release when you get your lbm. I've had a second one as I've put my flat up for sale and have gone on a bit of a decluttering blitz! I think it also helps that spring is round the corner.

Hey! Good luck with the flat and all, Ian

'Twitty'

BlushingRose

Hmmm...for some reason a DMP letter we'd sent of to the Yorkshire Bank on the 10th Feb has been return 'return to sender'.
Anyone else had this?

Growurown

BlushingRose wrote: »

Hmmm...for some reason a DMP letter we'd sent of to the Yorkshire Bank on the 10th Feb has been return 'return to sender'.
Anyone else had this?

Nope sorry can't help with this one. Could just be a GPO error.

How were the cupcakes?

BlushingRose

No, doesn't appear to be a GPO error as it's been opened and returned in a new GPO envelope.

The cup cakes have been too nice - I've put weight on this week !

Growurown

BlushingRose wrote: »

No, doesn't appear to be a GPO error as it's been opened and returned in a new GPO envelope.

The cup cakes have been too nice - I've put weight on this week !

Aaaw never mind - life would be far too boring without the occasional cupcake

smcshane

Hi All,

Hope you are all well. I'm just about to update my signature for the month. All letters have now gone to my creditors regarding F&Fs and I am now waiting for any letters with baited breathe! I never thought I would be at the point where I was hoping for letters from creditors rather than be scared of the letters that were falling through the door! If I don't here anything next week I'm going to start making some necessary phonecalls.

Apart from waiting it out everything else is well.

Keep up the hard work all, we can make it to the end!

Sx

circusgirl

Sorry I haven't posted for ages, for various reasons which I won't bore you with

All is going fantastically with my dmp which started on 01/02/2012. The second payment is due to be paid to the cccs on 10th March. I've had no phone contact from my creditors at all and its been such a relief after the daily barrage I was receiving.

I do have one question though - my parents want us to have a big family holiday later on this year (they are not aware of my situation) and have offered to pay for flights and accommodation to Spain for my family and my brothers family too. My problem is that I will need to hire the car as my OH doesn't drive and I don't have a credit card anymore!!! I have looked at trying to hire one without a cc and its nigh on impossible :mad:. One thing I thought of was getting a pre-paid cc - is this frowned on??? Will my creditors find out?

Allypops

I think pre-paid cards are OK to have when on a DMP as you are not acquiring additional credit. However, on one of the cards - I think it is the Cashbuilder plus, the fees are treated as a loan to help poor credit rating holders improve their record. I'd be a bit wary on that one in case it was considered as taking on new credit. To be on the safe side you could always run it passed CCCS. If you do, can you post what they say.

Time_to_face_the_music

Twit_Head wrote: »

Hi
When you look at the balance of 'scary' v 'good', just consider how the scales would have tipped towards ' wet your pants scary' if you hadn't taken action and started your DMP! It might not seem like such a blessing, but you have a structured budget now mapping out your money. You can rest easy knowing all the essentials are being paid for and you've taken a responsible stand on repaying your debts. You'll soon learn lots of crafty ways to make the remaining dosh go round (and round again in the form of rehashed leftovers!!!)
As to the 'reduced interest' (or not ) many creditors will add on extra charges at the start of a DMP. Late or under payment fees/ failure to maintain contractual obligations etc. They might also show a reluctance to reduce interest. A DMP is a 'gentlemans agreement' so there are no set rules as such. You will find your debt might rise intially but do not be too alarmed at this. The creditors are testing to make sure you are serious about repaying your debts. Grit your teeth, take it day by day and give it a few months. If your creditors are still charging interest, then get writing! Set out your case, the fact you are on a DMP and that you are acting in a responsible manner to honour your debts. Many will reduce or do away with interest. You can always write to the Financial Ombudsman further down the line, if charges are still untenable.
Would ignore the dates stated for now. This sounds like M & S have set their own review date, for your current arrangement. Don't worry about it - they are not going to turn round and say they won't be taking your money any more!
I always found when on my DMP being open with creditors useful. Whether by phone or letter, a quick update and a willingness to engage helped.
Give yourself a pat on the back - you're on the way to a debt free future (and that is wonderful )

'Twitty'

Thanks Twitty :T

circusgirl

Allypops wrote: »

I think pre-paid cards are OK to have when on a DMP as you are not acquiring additional credit. However, on one of the cards - I think it is the Cashbuilder plus, the fees are treated as a loan to help poor credit rating holders improve their record. I'd be a bit wary on that one in case it was considered as taking on new credit. To be on the safe side you could always run it passed CCCS. If you do, can you post what they say.

Thanks, was going to ring them Monday, but thought I would check here first.