New Dmp Mutal Support Thread

ilovegreatdanes

the only thing i found with the cccs website is that when you have accessed your statement it wont let you return to anything previous so i had to go to my drop down website memory(technical term for the computer illiterat,thats me!!!)and sign in all over again.also came up with error server if you try to refresh and also on one certain page which,helpfully,i cant think of.
when i logged in with the password on my letter im sure i had to use capital and lower case letters.also i had to insert the full stop between my christian name and my surname as it wouldnt recognise me.hope thats some help to anyone.

kevster1009

Well Lloyds have refused my DMP. They are my biggest Creditor by far with 2/3of the amount being theirs. My Mortgage is also with them. They sent me a letter today offering a consolidation Loan with the monthly pymt being identical to the dmp offer but it will take 12 months longer to pay them off that way.

However, if they dont freeze interest I will be quicker to take the loan as the loan is only at 7.7% APR. There is no guarantee they will freeze interest and I will be defaulted so when my fixed rate is up next Sept 08, I will not be defaulted and able to negotiate a new deal.

There will be no 6 month review or aggro. My income rises by £80pm this month so what should I do....its not a straight forward "no way" is it?

Sea78

HI

Kevster - don't do it!! I think it is a straight forward no way!!

Please, think about it = it might be 'easier' but in the long run it won't be as then all the other creditors - £10,000 worth, won't accept the DMP - they would then add more interest charges and make you take a loan as you have with Lloyds. If your circumstances change for the worse (god forbid) you will be stuffed as they won't care, but the DMP could be altered to accomodate life changes, up or down. Think carefully about what could change in you life and what ifs too.

Sea xxx

hopefull!

Hi Kevster

I hate lloyds! Although i take full responsibility for my debts they threw money at me and how typical of them to do this to you by offering a consolidation loan!! :mad: Im waiting to hear whether they will accept my DMP or not. I would speak to the CCCs if i were you as one of the terms is not to have any further credit!

in_debt_again_but_dealing_with_it

Oh Kevstar what a dilema, does the consolidation loan include all your debts? Personally I'm against consolidation because thats how I got where I am now (you know consolidate then use the cc again and so on and so forth!!), HSBC offered me what they call a "managed loan" but the interest was high and I would end up paying £40,000 ish for a loan of £23,000 ish (eek) and as the interest is added on at the beginning you're immediately owing more, so if things go belly up again you end up owing far more than you did before. Think carefully Kevstar - I know you will and remember if you go for it never use cc or credit again!! Take care.
xx

kevster1009

Well the loan is ony 7.7% so its nowhere near my current levels of OD Interest 19.9 and CC 17.9%.

I would have to rely on them freezing interest for 8 years and the hassle that comes with it makes it worth a thought. The others in all honesty are only reducing my monthy pymt to them by around £50 and with £80 extra due in from next week per month its a real dillemma!

in_debt_again_but_dealing_with_it

Would the loan include all your debt Kevster? I know it seems manageable, less stressful etc, but it doesn't address how you got to where you are and if you do this you may still be in the debt trap spiral.

Sea78

Kevster - another thing - you won't be able to overpay the loan like you can with the DMP either - this is a big issue to consider. How long would the loan be for? If you have £80 increase each year it might make a big difference to bringing your DFD nearer. Worth a thought?

Sea xx

kevster1009

No it doesnt address them all but it does 2 tghirds of it. I know how I got here....by a house build that cost a bomb more than i thought! I wont be using cards and stuff after anyway, my budget is now under control but nothing gets paid off only interest. This way in 9 yrs it would be gone and my credit worthiness still intact, and that will only be called upon for a new mortgage deal. I never want loans or cards again. Lesson Learned!

However, it does seem to be tempting to preseve my sanity for the next 9 yrs.

and 7.7% isnt bad is it?

kevster1009

Sea78 wrote: »

Kevster - another thing - you won't be able to overpay the loan like you can with the DMP either - this is a big issue to consider. How long would the loan be for? If you have £80 increase each year it might make a big difference to bringing your DFD nearer. Worth a thought?

Sea xx

Yes I know babe but the prob is they would HAVE to freeze interest and there is no way i can rely on them doing it is there?

The length is about the same too give or take 6 months!