DMP & Mutual Support Thread - Part 8

PayingMyDebts

Just had a letter from one of my 4 remaining creditors saying that in June the interest rate on my account is going up from 26% to 41% - fortunately that card should be cleared by then.

If my calculations are correct 3 of my debts should clear this month - this forum has been a godsend, it's made me realise I'm not on my own and really helped in the early days.

Just £1.2k to go!

Time_to_face_the_music

PayingMyDebts wrote: »

Just had a letter from one of my 4 remaining creditors saying that in June the interest rate on my account is going up from 26% to 41% - fortunately that card should be cleared by then.

If my calculations are correct 3 of my debts should clear this month - this forum has been a godsend, it's made me realise I'm not on my own and really helped in the early days.

Just £1.2k to go!

41% is simply outrageous :mad: but it's super news that it will be paid off before they have the chance to put that in place.

Well done on getting your debts down to £1.2K and here's to getting that cleared fast :T

I agree that this place is amazing, the sense that you are not on your own and people share their experiences for the good of all is fantastic

LaCoco

Hi all,
Just a quick question about token payments, and I apologise if it's been asked before, but I can't find the exact info. All the debts are in my name, as is the DMP. My husband's bank account remains untouched by any of this (and he doesn't bank with any of the creditors) - would it therefore be OK for him to write me a pile of £1 cheques as token payments? I've noticed that postal orders seem to be the way to go, but I'm not sure if there's another reason for this, other than not having a chequebook.

Thanks

Growurown

LaCoco wrote: »

I've noticed that postal orders seem to be the way to go, but I'm not sure if there's another reason for this, other than not having a chequebook.

Not sure although my assumption is that postal orders are used because people are usually in the middle of changing bank accounts when they enter a DMP. Mind you they do say never assume. I'm sure someone will be along shortly who will definitely know the answer.

Welcome Ewansmum You won't regret joining our happy band.

Feeling virtuous today :A

All the previous talk about shopping and food spurred me on to clear out the kitchen store cupboard. I will now plan menus around what we have to use up so we don't end up throwing it away because it is out of date. Did find some cocoa dated 2007 :eek:

Finshopefulmum

Hi everyone

Hope you're enjoying the sunshine (assuming you have sunshine where you are!).

Just wanted to post a quick update to help people thinking about going down the DMP route, particularly those worried about the fallout with creditors.

I have to say I have had a really positive experience, undoubtedly helped by the wealth of knowledge I have gained by coming to this site and reading the posts, which I do every single day.

I have 14 creditors in total, I wrote to them all using the standard CCCS letter and enclosed a token payment. Out of the 14, I received only two phone calls, one from NRAM, the other Barclaycard. They both rang to confirm my account was on hold and there would be no charges or interest for 30 days while they waited to hear from CCCS.

I've had a few letters, M & S and Tesco saying they were sorry to hear that we were in financial difficulty and would wait to hear. Post Office (cc) saying they had cancelled my direct debit as asked and asking if they could do anything else to help us.

And that's it!!!!! I'm so incredibly relieved as I had visions of calls at work and people knocking on my door and it just hasn't happened.

My plan is starting from 1 May and letters have gone to creditors from CCCS so it will be interesting to see how the next stage goes. But again, because of the info I've gathered from this site, I know exactly what to do if I get letters saying they don't accept the reduced offer or won't stop/reduce interest.

So again, thank you everyone and for anyone lurking and considering their options but worried about what may happen, please don't. You'll feel so much better for doing something positive! :j

Growurown

Finshopefulmum wrote: »

Hope you're enjoying the sunshine (assuming you have sunshine where you are!).

Just wanted to post a quick update to help people thinking about going down the DMP route, particularly those worried about the fallout with creditors.

I have to say I have had a really positive experience

Nice and sunny here too :T

As you say FHM it is a worrying time starting a DMP but I also found it a really positive experience and wouldn't hesitate to recommend it to others as well. It's a good idea to check out all the options though, to make sure you get the best deal to manage your debt. In my case it was a DMP and it is the best feeling to have my finances back in my control again. It has also stopped lots of rows with OH due to the fact the credit fairy isn't granting any wishes for a long time yet, so no point in whining for new stuff now. :rotfl:

Mrs_Ryan

Hi everyone!

Long time no speak.

I fell right behind on my payments to Kensington when I went off sick for 14 weeks and have only just gone back now. Just re-started my plan but had real grief with JD Williams who somehow managed to get my work number (which I dont give to anyone) and bombarded my work (a hospital ward) with calls and actually blocked the lines to such an extent that they were unusable and stopped staff calling for medical help for a patient!

I've complained and got some fluffy reply about 'we didnt mean to cause any upset' which is frankly rubbish and I've emailed telling them I want a proper acknowledgement and questioning why they claimed it was removed on the 24th of February when the email said it wasnt removed until MARCH THE 15TH! I expect another fluffy reply so can I take them to the FOS for this??

Superkings

Evening all.
Would appreciate some advice please re my DMP - my dad is going to help me out with some money to pay off council tax arrears. This will only be for a few months say £200 - I didn't mention this as it is only a couple of times but he is sending it via money gram so need to show my passport to receive it. Will this register on anything that the creditors will see or cause problems? Also I am changing bank accounts - the Clydesdale have a basic account are they reasonable when doing credit checks? Thanks any advice would be much appreciated.

Finshopefulmum

Growurown wrote: »

Nice and sunny here too :T

As you say FHM it is a worrying time starting a DMP but I also found it a really positive experience and wouldn't hesitate to recommend it to others as well. It's a good idea to check out all the options though, to make sure you get the best deal to manage your debt. In my case it was a DMP and it is the best feeling to have my finances back in my control again. It has also stopped lots of rows with OH due to the fact the credit fairy isn't granting any wishes for a long time yet, so no point in whining for new stuff now. :rotfl:

Stopped all my awkward conversations too. I hadn't been totally honest with my DH about our situation, and he couldn't understand why we never had any cash to do anything. So it's a double positive for me, our finances are out in the open, and we're using cash for the first time in a very long time!

Vicki_Evans

Debt free is something I'd like to be. My wife was always that way until she met me. Now after 10 years together and 2 years married we have begin to rack up some debt, Now she is pregnant, and possibly wont return to work after the baby, hopefully her part time business with provide some support.

The thing is we recently purchased a car, we traded in our old car a 3yr old Nissan Qashqai that we got for nearly half price brand new (Nissan employee scheme) We could have sold it on and paid the finance with £4-6000 better off. I thought we could have got a descent car with that. She was adamant to buy a new one. Now were stuck with it, Its a great car I love it. The point being, for the first time in my life I had a great money saving idea kicked back in my face. I think i need to get some new MAN pants.

Chris