DMP - what to expect

wannabee_in_credit

Just to echo what the others have said. I've never regretted my dmp, and I'm coming up to month 21 on it. Just wish I'd done it sooner. Yes, you have to learn to live without credit but that what was got you into the mess in the first place... the only downside for me is that it'll be ages before we can remortgage which is not so good.

JES_F1

If the CCCS has recommended a DMP, then I'd say yes, do it. I've been on the CCCS' DMP for almost four years and can finally see a light at the end of the tunnel. It's not easy but I don't regret it.

The first few months can be daunting as you're likely to get bombarded with letters and phone calls. But once it settles down, it's fine.

If creditors call, tell them that you'll only deal with them in writing and put the phone down.

In response to all letters, I had some standard wording that I used that said something along the lines, "I'm having financial difficulties, I'm on a DMP with the CCCS, that amount is all I can afford and have to be fair to all creditors".

Good luck - it really is a relief once it's up and running.

Mort

Back in late 2005 and early 2006 we were struggling financially and in May 2006 the !!!! hit the fan. Then we started a DMP with Payplan. It was not easy to start with but as time went by life got easier, we got used to life without the overdraft and credit cards.
I can honestly say that for us the DMP was a good move.

9780ninjalt

Have applied to the Co-op for a bank account, so fingers crossed. A big chunk of our debt is with LLoydstsb (who we bank with) and a Cap.One CC. They aren't linked with the Co-op are they?

Thank you to everyone for the support and advice. I think we've left things a bit late in the month for anything to happen straight away. All our bills are due either this week or next so Hubbie is wanting/thinking it would be best to make the payments this month and then start from there. That gives us a month to set up new accounts and transfer payments etc....is that a good idea? I suppose we don't really have a choice as Lloyds can just take the money anyway can't they?

But I think it is the thought of living with no access to credit that's scarey. No 'back up' facilities should something happen (which generally involves the car or some major appliance lol) but in theory with the DMP we should have enough money anyway.:T

9780ninjalt

OMG....the Co-op said No!!!

MY FAULT...completely clicked the wrong link thinking you could do it online and didn't apply for the super dooper basic one. A trip to town to do it in person is needed. My bad. Although I am now looking at both Barclays AND Nationwide as alternatives. Think they are better located for where I live