DMP Newbee - Hello & My Story!!

rdchick

yeah I will do! I'm just skint this month which is why I'm further down the line lol! I shall hopefully call them tonight! xxx

Daisypop

Hi all

Well done on facing up to things. I have recently started my DMP through CCCS. Have to say, I have 9 creditors, only had problems with 2, which were Marbles and First Direct. Marbles just havent got a clue from one day to the next whats happening and ring me constantly but have a letter ready to go off to say dont want any more phone calls, not my problem if you dont know what you are doing and iam going to report them to FOS.

The other one is FD as stated above, got CC and OD with them and they wanted me to sign formal agreement for my repayment but CCCS said dont do it so I didnt!! Thats now being passed to DCA but thats a good thing apparently as all interest will be stopped.

Other than that, have had no problems with anyone else, all have been great and accepted not had one phone call and CCCS have been really good.

So keep thinking positive, I can actually manage every month now instead of paying things on credit cards etc. I have the cashminder account with the Coop and is no different, other than no cheque book which I never used anyway.

All I can say is if you get phone calls, explain you are on a DMP, give them reference number and let your DMP provider know who has called you and let them deal with it.

Good luck to us all xx

Time_to_face_the_music

Hi nfollows1982 :wave:

Great post and one that many who think consolidation is the answer should read. Well done on taking the first and the most difficult step to sorting this out :T

If you feel like a bit of support, advice or sharing experience with other people on DMPs, please do come and join us on the DMP & Mutual Spoort Thread

https://forums.moneysavingexpert.com/discussion/3723081

It kept me sane when we were first starting out on our DMP and I have learned so much from the people there :A

Gazza1964

Hi,

Well done to the pair of you, I have just started the process myself so it has been great for me to read your comments.

I have enough cash to pay this months bills so I am transferring my dds to the OH account once they are paid and will then be doing a final budget with the debt remedy tool and with the correct balances.

I hope you dont mind me asking - I am a low paid worker and have debts of around 16k to 6 creditors - it looks like from my budget that I should have around £200 a month surplus to go towards paying these debts - is that a reasonable amount do you think?

nfollows1982

I owe 23k to 7 creditors and my payment will be 190 a month so assume you will be fine

Gazza1964

Thanks nfollows - I was a bit worried they might not take me seriously.

Rachael7751

My DMP started in Jan 2010 after I too lost control and my credit card debt spiralled to a staggering £16,000.

I thought it would be worth mentioning that although my interest and charges are now frozen with all 4 creditors it was 8 months after I started my DMP before this occurred.

During this 8 months my DMP company assured me (verbally) they were 'working very hard' with my creditors but I was led to believe the negotiation time would be far less than what is actually was. So the long of it is my debt increased by £1700 before interest/charges were frozen.

I would strongly recommend you contact your creditors regularly for an update on negotiations as well as keeping in touch with Payplan. One of my creditors is Natwest and they took the longest time to accept my DMP. I was unaware of this because NATWEST stopped sending me statements and I was declined access to the online banking facility. My DMP company advised me not to discuss my account with NATWEST anymore as it was now being handled by them. This is something that still leaves me annoyed with my DMP company that I was unaware Natwest hadn't stopped interest for 8 months.

But as I said all interest is frozen for now. Unfortunately my DMP company 'forgot' to mention that my creditors review this every 12 months so I will be due for a review in December which will be stressful as they may decide to start charging interest again. Advice is to remain pro-active with your creditors.

Good luck for becoming debt free