Setting out on a DMP

Aliasaila

As per the title, I'm setting out on DMP with cccs. It's early days, I have my "I'm setting up a dmp" letters printed and ready to go.

I owe 13k:
6300 on a loan (HBoS)
3200 on 2nd loan (also HBoS)
1800 on credit card (another HBoS)
750 over draft (you guessed it, HBoS)
500 credit card (tesco)
400 overdraft (rbs).

The big loan and credit card were taken out to benefit my boyfriend (very very stupid) and we've now split up so he isn't paying any more. The little loan was for disability equipment (adaptions to my house), the rest just silly spending.

I'm a little unsure how the dmp set up goes. I understand I need statements for all of my accounts so can I request these in the same envelope as I send the "setting up a DMP" letters or do I do this separately (I can't use the phone so can't call to request).

Also do I cancel my direct debits now or once I've sent the statements/payslips/agreement to CCCS? I'm not sure how long it will take to get the statements and to set up a basic bank account (I've applied for the account online but still waiting on the stuff to come in the post to set up).

Any help is gratefully received.

mum2one

The first thing I would say is you need to do a statement of affairs, this not only looks out your debts, but your incomings and what your paying.

There is a SOA (statement of affairs), on the debt free board, but I would also say have a look at CCCS, as I found them really helpful and they also do help with a SOA, and have budgets set for ideas.

There is a "ask a debt advisior a question thread" that is manned by CCCS and other people in the same boat, so no one will judge.

xx

Aliasaila

Thanks mum2one. I did a statement on the CCCS web page and they determined I will pay £488 a month and be debt free by April 2014.

mum2one

Thats abrilliant debtr free date, if you download the booklet from cccs, it has the letters that you can use if you want t self manage your dmp. or they can do it for you.

At the mo I'm doing a self managed DMP, I did the cccs website and then that worked out the pro-rata payments, so thateveryone gets an equal share.

One of my creditors felt they deserved a bigger chunk, payment was £80, I offered £20, but once I politely said I have 2 options either accept £20 now, or I can go through the offical dmp and that says you should have less, or I could look at bankruptcy (that was a bluff), without sounding daft, it did the trick, and they've turned into the nicest one I deal with.

What I did was a soreadsheet of all incomings + outgoings and other debts as names, - didn't put account numbers on, had this all printed off ready to post, and not one has asked for a copy. they've been happy enough with what I have said, I explained that I had been in contact with cccs and this was the statement of affairs. i have found generally the would rather be in the loop of knowledge, recieving some money, even if it takes longer than planned.

Your not the first, you won't be the last. But your doing something about it, thats the hardest step to take. xx

If you need anything I'm here anytime xx