Dmp Mutal Support Thread (Part Two)

Valley's_girl

Just popping in to say hi hope everyone is ok.
Welcome to Jimsworld and Weemac :hello:
The weather is really bad here today, not planning on going anywhere today.
Love to you all
Ally xx

redfaced

debtfee1day
we applied to the co-op for their basic bank account on wednesday last week-8/8- and we're still waiting to hear if they've ok'd our account. they have a backlog at the moment and told me to ring back on monday 20/8. i was upfront with them about starting a dmp etc and the guy i spoke to said that this acct is specifically designed for people in our situ' dmp/br/iva etc so hopefully there won't be a problem other than the time.

WorriedMart

Hi Weemac, yeh like YM says I would open a new account now, not gonna do any harm. Our DMP hasn't started yet, I haven't told creditors yet, and have just finished opening another bank account. That was first on my list of to do's

You dont want to risk your wages being swallowed up by your bank.

Now I will sort out our wages in to new account then send Token payments, Notification of DMP Letter and a letter requesting them to contact me in writing only (Although I doubt they will listen).. Just waiting to here back from CCCS about my start date, but presume it will be 1st Oct now as its getting late in the month.

Valley: It has been raining all day in sunny devon as well!

Miggie

We've just sent off the paperwork for a secured loan for 50K with First Plus (18 years at 6.2% variable), with the idea of remortgaging in 3 years time and paying it off. We've not taken their PPI but will have to pay two months interest and 150 for paying off early.

After looking at this site, I feel that it would be better to take out a DMP and have applied through CCCS. They say it will take 9.5 years to clear the debts which is much better than taking the risk of the secured loan.

First Plus will receive the paperwork on Monday and although the paperwork says that there is no 7 days cooling off period, it does say that there is a fee of 200 pounds for cancelling once the cheques have been written.

Our creditors are Egg (one loan and two credit cards), Coop (one loan) and MBNA (Virgin credit card). We haven't missed any payments yet, it's just that I can't keep robbing Peter to pay Paul and if we don't do something then we'll soon be in a position of not being able to keep up payments. We don't owe our banks any money or use the overdraft facility. Would we have to change banks? Are our creditors likely to agree reduced interest/payments as we've not missed any payments so far?

I'm so scared and would really appreciate some advice over the best way to go - consolidation or dmp. (Sorry to seem like a wuss but I'm finding it hard to think straight - I keep going round and round in circles...)

Thanks
Miggie

dreamer999

Good afternoon everyone

Haven't posted for a while - life seems so hectic during the school holidays. Also DD is always pestering me to use the computer so she can go on Cbeebies website!!

Not much to report except Cabot have bought my Citi Cards debt. Has anyone had any dealings with Cabot?

Is it just me or is anyone else finding it hard to budget during school hols. I have £10 left in my a/c to last me until payday on Friday. Saying that car is filled up with petrol and plenty of food in the cupboards/freezer so hopefully will manage.

Miggie I personally would go with a DMP as you are turning unsecured debt into secured debt so if you are unable to make payments your home is at risk. If you are dealing with CCCS/Payplan etc your creditors are far more likely to accept reduced payment and freeze interest etc because they know you are serious in clearing your debts. I don't know if it makes any difference if you haven't missed payments as in my case I already had. Try not to worry - I know it's easier said than done.

Debtfree1day I am with CCCS and was advised to send token payment only for the 1st month. I think the idea of this is to get your finances into some kind of order before DMP starts.

Valley It's raining cats and dogs here in East Anglia.

Take care. xx

yellowmonkey

Hi.

Not up to much today apart from tiling the kitchen,cooking dinner and doing DD'S supper. Had a little foray into the reclaiming bank charges forum. My god they are a testy bunch in there:rotfl: . Had a little bit of fun but they are a bit too argumentitive out there.

Hope you have all had a good Sunday

ym

rayday2

Hey YM!

I found the old style board like that the one day I went in, not been back since! Maybe we are just far too friendly

Spent far too much this week why does it cost so much to clothe children for school?

yellowmonkey

rayday2 wrote: »

Hey YM!

I found the old style board like that the one day I went in, not been back since! Maybe we are just far too friendly

As Dorothy said ' There's no place like home' :rotfl: :rotfl: . Mind you the OS crew are like spaniels compared to (some of) the rottweillers in the Reclaiming section.

ym

yellowmonkey

rayday2 wrote: »

Hey YM!
Spent far too much this week why does it cost so much to clothe children for school?

I know what you mean. Mind you there is only 2 years between my DD's and my youngest one starts primary in Sept. Loads of hand me downs but the cost of shoe's are a nightmare.

ym

rayday2

Well my eldest is going into secondary school and I really have done it the cheapest way possible even won a uniform shop voucher but her sports kit cost about £100 and its all school specific! Today we went to a Clarks outlet store and Adidas one, got a pair of Adidas trainers for £13.50 half price. Clarks was the killer £21 for eldest, £19 for middle plus trainers and youngest was about £17 - they were at least a third off but altogether ouch!

I have a cupboard full of growing intos and out ofs for them all, drives hubby mad he wants away with the cupboard but I warn him its worth hundreds lol!