New Dmp Mutal Support Thread

newlywed

Thanks in debt again. Its a single DMP and I will only include my debts, I get that. I'm just a bit confused about what expenditure to put down as we don't halve all our expenses but each pay some of the bills (eg I pay all food, council tax, electric and gas and he pays phone, water rates, tv, rent).

in_debt_again_but_dealing_with_it

franny wrote: »

Good afternoon

Not been on in a while so thought I'd say hi.

HSBC have now offered me a managed loan at 13% to pay back my overdraft that they cancelled(!!) as they have now accepted my DMP payments. Will be paying £550 in interst over five years. Has anyone any experience of this so called managed loan?

I'm gonna call CCCS if I can get back home in time tonight.

DON'T DO IT!!! - They offered me the same last week I started a thread about it and it seems its common practice! They slap on the interest in the beginning so your debt will immediately double - I spoke to CCCS and they said it wasn't in my interest to go ahead with it and just ignore it and continue with the dmp. When did your dmp start?

in_debt_again_but_dealing_with_it

newlywed wrote: »

Thanks in debt again. Its a single DMP and I will only include my debts, I get that. I'm just a bit confused about what expenditure to put down as we don't halve all our expenses but each pay some of the bills (eg I pay all food, council tax, electric and gas and he pays phone, water rates, tv, rent).

Oh tricky one - if you add up what you each spend on the different things does it equal about the same? If so you could just split everything for the spreadsheet, if he pays more I'm not sure perhaps you could put down the full payments you make and see what it says - the spreadsheet works out the cost of food so don't think you could alter that a great deal, however you could put down the full council tax payments etc, then if you include half payments for the things he pays it should average out - does that make sense? Does your oh know about the dmp?

franny

This month, first payment went out and gets distributed 25th I think.

Yeah I saw your thread but I do not seem to have as much interest to be applied. It is for a loan of £1620 to cover my overdraft of £1300 (??) and final repayment will amount to £2170.

I sometimes think I could have done my own DMP and HSBC wouldn't have shut me down, I could have just opened a new bank a/c and paid off my overdraft as and when. Hindsight eh!!

newlywed

in_debt_again_and_stupid wrote: »

Oh tricky one - if you add up what you each spend on the different things does it equal about the same? If so you could just split everything for the spreadsheet, if he pays more I'm not sure perhaps you could put down the full payments you make and see what it says - the spreadsheet works out the cost of food so don't think you could alter that a great deal, however you could put down the full council tax payments etc, then if you include half payments for the things he pays it should average out - does that make sense? Does your oh know about the dmp?

Thanks. Will sit down and play with figures. OH knows about the debt. When we spoke before he didn't really seem keen on my doing a DMP as he was worried I'd ruin my credit rating :rolleyes: (his is already bad).

He knows I'm in trouble this month (£120 short of one of the minimum payments and nowhere to get it from - not even a CC with spare credit to take cash from )

So a bit stuck and no doubt I'll get a note on the end of my statement saying pay the rest NOW, but can't help that for this month.

in_debt_again_but_dealing_with_it

You can still open a basic bank account, I did with Natwest, I would definately move my finances away from HSBC, I know its tempting to go with the loan but would that forfeit your dmp with cccs and upset any other creditors you may have? The impression I get it that this is their (HSBC) last ditch attempt to keep you (and your money)before closing you down and passing you to Metropolitan - thats what CCCS told me.

teecee152

Franny - don't do it!!

It seems to be common practise for HSBC to offer these loans and even though it doesn't seem that much interest to you, it's still interest @13%!!!

in_debt_again_but_dealing_with_it

newlywed don't panic if you're going ahead with dmp just write to your creditors with token payments and tell them you're speaking to cccs/payplan they will complain but you don't have to take the calls (if your phone has caller id don't answer withheld/unavailable/0800 et) just sit tight and better times will come. I know what your oh feels about the credit rating but once late payments kick in its affected anyway so its better to deal with it before that gets out of hand. My feeling re credit rating is stuff it I don't want credit again anyway - thats how I got here!

Ex-Spendaholic

Welcome to vpmamt. Hello to everyone else :wave:.

Daysie no you don't get anything for Loquax referrals. Do join though. It's a good site. They have a freebie forum too which is handy for getting stuff.

Well there just had to be one.:eek: I knew it was all going too well. Came home to a letter from GE Money. They are going to:

summons me
make me bankrupt
tell the credit reference agencies
call at the house

I phoned them and spoke to someone whose first language must have been japanese or something. Anyway they have never received the documentation from CCCS. I told him I'd ring them and have it faxed through. I got a fax number from him which only takes faxes been 9am and 6pm. I asked him to hold further action on the account until he hears from CCCS. No can do they've been waiting long enough apparently.

I have emailed CCCS as I couldn't get through on the phone. Will ring them in the morning. Isn't it totally hilarious that it has to be the last creditor on the list? I'll get them sorted though. :rotfl:

teecee152

EX - That's the spirit!!!

Hope you let em have whats coming to them!!!
Is the debt to them one of your big ones??
If they send it to a DCA wont that mean that interest will freeze anyway and i didn't think baliffs could visit your property unless you had failed to pay a ccj imposed by a court. Think the little person at GE was trying it on!!!

Stand firm matey!!

Welcome vpmamt!