DMP & Mutual Support Thread - Part 8

scared-sick

Reducemydebt wrote: »

Glad it isn't just me confused by this, to be fair I've not had chance to speak to CCCS about this yet too understand it more. All I know at the minute is from the data entered into the form the total amount payable to CCCS was more than I could afford to pay my creditors without CCCS which sort of defeats the object somewhat for me.

I guess we need someone to clarify on here if anyone who's been through this is around?

Oh that definitely doesnt sound right. Are you saying that the form works out that in total, you will be paying more to your creditors via cccs than you were, or do you just mean that you will be paying more to 1 creditor?

If it is more in total then there is definitely a problem somewhere along the line

Growurown

scared-sick wrote: »

It 'calculated' that I pay £330 pm on a credit card that I actually only paid £130pm on. The minimum payment is £120pm. CCCS are now offering them £116pm.

If you are going to do a DMP it is because you haven't got enough to meet your commitments so all your creditors get less, but in proportion. Then none of your creditors can say that they are being treated unfairly. I would think it very unlikely that your payments would be the same or more than the minimum you were paying before your DMP especially if you are just starting out. You will get a monthly statement from CCCS so you will be able to keep an eye on it all.

Have a good weekend all :beer:

smcshane

Hi Guys,

I'm interested in your thoughts on a bit of a dilemma I have around the F&Fs and how I move forward.

As you know I was fortunate to get a bit of money which has been used to offer F&Fs. I have phoned all creditors over the last week and the majority have said they would not even consider an offer because I am near to finishing off the DMP (18 mnths!), not really near and this also means I am near min payments or above on a number.

I have been offered a settlement figure for my two loans and overdraft which make up 52% of the overall outstanding debt. This can be done and will still leave me with a bit of breathing space.

Where the dilemma comes in is do I then cancel the DMP as I will definitly then be making above min payments on all cards and look to snowball so I can get this all paid of in the quickest and most cost effective way.

I'm just not sure how the creditors would suddenly react because the support of the CCCS has given me lots of courage to get this sorted!

The aim would be for all debt to be paid off in 2012, two years earlier than I was expecting.:j

I think I've decided to go with the F&Fs offered (62% settlement) becuase it is such a big proportion of the debt it is now what shall I do with the remianing DMP!!!!!

Thoughts appreciated.

Sx

bignick2010

Hi.

I have started my dmp with CCCS. First payment was February. We have jointly got £31500 debt.

I am paying £440 per month, and my first monthly budget went fine. We had food in the cupboards which we struggled to do before, we were just existing.

Most of my debts are now without interest. One barclaycard is at 6.9% and one at 3%. all others just sent letters stating if we paid the cccs amount they would remove the interest, and late payment and over limit charges.

I must admit that I feel 100% better for doing this. Dont really care about the credit rating side, as it was already a mess. Capital one have defaulted both of us straight away, so only another 10 to go!.

LBM xmas 2011, we struggled to buy the kids presents as the credit had ran out, this made me sad and it was our turn to do the xmas dinner. We struggled to buy the food but managed and had a lovely day. If anyone is considering a dmp go for it.


Big Nick

grantalien

bignick2010 wrote: »

Hi.

I have started my dmp with CCCS. First payment was February. We have jointly got £31500 debt.

I am paying £440 per month, and my first monthly budget went fine. We had food in the cupboards which we struggled to do before, we were just existing.

Most of my debts are now without interest. One barclaycard is at 6.9% and one at 3%. all others just sent letters stating if we paid the cccs amount they would remove the interest, and late payment and over limit charges.

I must admit that I feel 100% better for doing this. Dont really care about the credit rating side, as it was already a mess. Capital one have defaulted both of us straight away, so only another 10 to go!.

LBM xmas 2011, we struggled to buy the kids presents as the credit had ran out, this made me sad and it was our turn to do the xmas dinner. We struggled to buy the food but managed and had a lovely day. If anyone is considering a dmp go for it.


Big Nick

This very much mirrors my story back in Oct 2009! Sill have 4 years to go but it changed my life, I am actually far better off on my DMP as I have budgets for food, petrol etc...I am also very careful so have managed to live a life as well - rocky start but worth it in the end! As you say credit rating is mashed anyway! - Good luck and keep going.

kitkat34

hi all just a quick update as im trying to catch up with all the post im doing a self managed dmp using cashflow and am very surprised but its going fairly well made first payment this month and have to say that most creditors have accepted :j a couple being a pain and JD williams being a nightmare reliable collections who are jd williams in house dca will not stop calling say they havent recieved anything say they wont accept it anyway as its self managed, i have sent a formal complaint of harrassment as they refuse to contact me only in writing and have made cca request last week which national debt line advised. but these debts are the lowest amounts so im pleased others have accepted.
Have to say i feel quite empowered doing my DMP myself.
Hope everyone else is doing well
kitx

kitkat34

Well just had my daily call from reliable collections was interesting after going through everything as usually dmp not accepting it blah blah she asked if id recieved my solictors letters from them yet i said no she said they sent them last week i said funny how they are sent once you recieve my cca requests she didnt like that and told me i should be worried its serious and further action would happen :eek: to which i replied ive got no money so do what you have to do but get my cca requests and complaints sorted out within the time frames or ill have to take further action to which she hung up

purplerain0000

Hi Everyone,

Am just hopping aboard as i am due to start a DMP with CCCS i cant start till April apparently but am hoping it all goes smoothly!! Just dreading the few weeks imbetween as im expecting loads of hassle from the creditors then again im already worried sick most days so nothing new there!

Good luck to you all on your plans

Giraffeseeker

Hi all,

I'm 2 payments into my DMP and all has been fine, Virgin (MBNA) sent me a letter immediately accepting and reducing interest to 3.9%, and they are getting £150 (original payment £240).

I've just logged into CCCS online and it says: "If you are contacting us about a debt you have with MBNA that has been transferred to another company, you do not need to make a transfer online or contact us at this time"

What's that all about? I've had nothing from MBNA myself and I thought they were happy, why would they transfer my debt?

Any experience of this?
Thanks
Tintin x

Growurown

tintingirl wrote: »

Hi all,

I'm 2 payments into my DMP and all has been fine, Virgin (MBNA) sent me a letter immediately accepting and reducing interest to 3.9%, and they are getting £150 (original payment £240).

I've just logged into CCCS online and it says: "If you are contacting us about a debt you have with MBNA that has been transferred to another company, you do not need to make a transfer online or contact us at this time"

What's that all about? I've had nothing from MBNA myself and I thought they were happy, why would they transfer my debt?

Any experience of this?
Thanks
Tintin x

I don't think it is anything to worry about. A while back on the forum lots of people with MBNA said their debts were passed on. It is odd how some creditors do things. Some people have lots of trouble with a creditor whilst others say they are fine. I have a cc with Virgin and they have stopped interest completely and not passed the debt on yet even though I have been on the DMP for 6 months now.