Dmp Mutal Support Thread (Part Two)

shell_girl

Hi everyone. I've just been on the CCCS website and given them my facts and figures and am gonna call them tonight for some advice. I think a DMP will probably be the way forward as I simply cannot afford to even start making the smallest of holes in my debts. Forgive my newbie naiveness but would anyone mind answering a couple of questions for me? Sorry I know I'll be talking to CCCS later but I'm literally shaking with fear here at work so it would be great to have a little more info.

I have some debts that are at a ridiculously bad stage- final demands, threats from collection agencies etc. But others, like my mortgage which is completely up to date. If I go on a DMP, will I still pay my 'up to date' things the same, or is that considered favouring some creditors?

Secondly, some months my OH will give me money towards my debts. We don't live together and have no joint obligations- he just tries to help as and when to help me out of debt (He's fab). This is not regular money and I obviously don't count on it- i just chuck it at a debt if it arrives. But how will this affect a DMP? Some months he gives me as much as £200, other months he has none spare. Will CCCS be able to help me if I can't be sure how much I've got coming in each month?

rayday2

Your mortgage is a priority you pay full amount on that.

The rest credit cards, loans, catalogues etc you pay pro rata - so they will take a total of your debts, a total of your disposable income after living costs mortgage etc. If one debtor you owe 12% of your total money to then he gets 12% of your disposable income if that makes sense.

As regards the odd bit of money you get I would put it in a savings account and let it add interest eventually it may be enough to offer a payment to a debtor and pay one off at a reduced amount. See what others say I am not with CCCS I do my own so I can play with my figures a little more.

You picked the right place to come for advice though!

WorriedMart

Hi All,

New here, but applying for a DMP for me and my wife.

We have the following loans:

£10300 with Intelligent Finance aka Halifax (Joint)
£9600 with Black Horse (Mine)
£8240 with Smile Credit Card (Mine)
£380 with Smile Overdraft (Mine)

Most of the debt was run up before me and my wife got together, so pretty much blame myself for our mess. Trying to do something about it now though.

I put all my details on to the CCCS Form Online.. must say, very easy and private system, much better than trying to call someone from work. V Impressed

Had to open another joint bank account for us, as our current bank account is with Intelligent Finance (Creditor)

Went for a Natwest Current Account, approved online no problem, just waiting for paperwork to come through.

Also waiting for the forms and letter templates from CCCS to come through..

Good to have the ball rolling though.. I feel much better now. We are about £350 short per month to pay creditors.. was thinking of an IVA, but wouldn't work as my wife only has one creditor, so if I got one they would still chase her for the joint one.. which wouldn't bring our payments down enough to survive.. So was recommended a DMP for us.

Sorry to ramble, its nice to speak to people about this, and take comfort from others in similar situations.. We wont be making full payments to our creditors at the end of the month (will make a token one as advised). Not looking forward to this at all, as it will be the first time we have ever missed a payment... but will try to stay strong, it helps reading others posts about dealing with the letters/phonecalls

Anyway, Hello! Nice to meet everyone.

Martin

dlb

Hiya Martin, it sounds like you have took the biggest step and got the ball rolling.
In a few months time you will look back and realise it was the best move you could have made.
18+ months in to dmp and i wished i had done it years before, yes hard at the start to deal with phone calls, but you soon become almost impowered by it all the fact that you are back in control.
Good luck
Donna

debtfree1day

Good Evening.

I have completed the CCCS info online, and read their recommendation to take DMP . I am 98% sure I will, but await the paperwork and a conversation with OH

Meanwhile, as one of the creditors is also my bank - i.e WELL OVERDRAWN, I think I need to open a new bank account and have wages paid in there.....if so, any advice?

I will talk to CCCS in more detail but want be pro-active and start getting organised

Thanks

Matt

dlb

Hi debtfree1day, one of my biggest creditors was my bank had loan and overdraft with them.
We opened a cooperative cashminder account, basic account with debit card and direct debit facilities, and had all wages paid into it. Was easy to open took about 2 weeks to get it up and running.
You will need to open a new account or your bank will just take your wages straight out to cover OD.
Good luck

shell_girl

Well I phone CCCS last night and went through everything with them. Feel v confused now. Overall I'm around £300 short per month to pay the amount my creditors want, and from what I read on here I thought a DMP would be the best way to get straight again as I'd at least be paying everyone something rather than never be able to afford to pay everyone what they want. After I'd chatted with the lady from CCCS she recommended I log back into the website and that their advice would be there for me to print off. The advice was that they are unable to help me because I do not have enough money coming in each month to meet minimum repayments as set by the creditors. I know I can't afford the amounts THEY want which is why I thought a DMP would be the way to do it? Feeling lost confused and vv scared now.

rayday2

You can still do a DMP but probably yourself is what they mean. I do one with national debt helpline using all there template letters payment calculators etc.

Does that sound like what they said?

yellowmonkey

Hi and hello to all the New members.

Hope you are all well and dandy.

Came back from my break to find a letter from First direct. Now they amalgamated all of my debts with them and put it all into the one account. Anyway this letter was a statement from my now defunct CC account. The balance was £39????. This was made up purely of late payment fees:mad: . Sent them a message last night and am still waiting for them to get back to me. The idea was that all of my accounts were in one place with only one interest fee per month. How i can still have a CC account when this is now included in my current account is beyond me. Will let you know how this one goes.

Had a nice 3 day break in the New forest. Weather was lovely. Sunny and warm and came back absolutly tired out.
I experianced one of my most forgettable moments whilst down there. I have not been fishing for about 20 years and where we stayed there was a small pond where you can fish if you are under 16. So off i went and purchased a rod for £5 which included everything that i needed to commence fishing. It was for my DD but man pride took over and i had to intervene when she had not caught anything after 5 seconds and was bored. The evening came and i had a bite. My float went under and i struck the rod with the force similar to having a Marlin on the line. What i should have taken notice of was the small tree stump that was directly behind me. I reeled in with the speed of superman and took a step back. Bad mistake because i went over backwards like a diver launcing themselves off a boat and landed promptly on the back of my neck. This would have been bad enough on its own but there was about 20 hoodies congregating around the pond and the laughter could be heard at the back of the campsite. I stood up with what dignity i had left with a very sorry looking rod that was at right angles to the floor and trudged off to my tent with a face as red as the sunset:rotfl: :rotfl: :rotfl: .

My DD found it highly funny though.

Sorry to waffle on as i have the kitchen to decorate and i am in the middle of scraping of the old grout before i tile tomorrow.

Will speak soon and take care

ym

rayday2

ym you made me chuckle!

At a loss as to what to say with regard to cc and bank account though - sorry!