Dmp Mutal Support Thread (Part Two)

JillyOJolly

HI SortingIt, i did just pen a post and it seems to have disappeared! It was nice meaty one as well!

I havent managed to save whilst being on DMP apart from specific things like birthdays etc, I bought my son a Nintendo Wii in September and he actually had a full birthday party at a venue and everything and it has been the first time in his 9 years that he has had one. It was only bowling and burger and chips, but at £10 a child and a minimum of 8 children going with a cake etc it adds up.

I cant wait to get some savings once this DMP is done and dusted... there is light at the end of the tunnel!

really-trying-honest

hey everyone,
havent posted since asking for advice last week, got the forms thru from cccs and sorted out dmp yesterday and today. I don't know why but am feeling really panic stricken about the whole thing. Is this normal for some or am I just being a pathetic whingebag? My dmp payments are about what I am spending on covering interest payments at the mo so dont know why i feel so:eek: .
Please give advice.XX

SortingIt_2

Morning all,

Hope everyone is well and looking forward to the weekend!

JJ - you really have done well. I am so pleased for you and I hope that you get it sorted with Creation Financial somehow. It must be such a great feeling to be able to give your son such a nice birthday treat. All your hard work has paid off and it just goes to show that a DMP is a way to financial freedom. Can def understand how you are looking forward to being able to save, I can't wait for that day!

Really-trying - you are not being a whingebag silly! I was exactly the same and still am. My offers of payment have just been sent so waiting for them to hopefully be accepted. Just keep remembering that you are doing the right thing and you are being responsible in that you can not afford the payments as they are so the DMP will offer you a solution to paying back the debts.
Good luck! xxx

newlywed

really-trying-honest wrote: »

hey everyone,
havent posted since asking for advice last week, got the forms thru from cccs and sorted out dmp yesterday and today. I don't know why but am feeling really panic stricken about the whole thing. Is this normal for some or am I just being a pathetic whingebag? My dmp payments are about what I am spending on covering interest payments at the mo so dont know why i feel so:eek: .
Please give advice.XX

I felt like that too - until the moment my first payment went to cccs, then I felt this huge immense relief After the companies got the first payment from cccs at the end of that month, the phone calls stopped, unless they were telling me they were stopping or reducing interest.

I tried but couldn't sort it on my own - cccs was the best thing I ever did

Deep breaths , and think about if just one of those people stops interest thanks to CCCS you will be better off - if they all stop interest, then you will wonder why you never did the dmp before

mummum2

I also was 'stressed' till first payment went out, calls did stop, although getting generated letter, happier now all but two of my creditors have stopped interest, but only 2nd month with DMP, so hopefully.

Keep chin-up we are all not running away from our debts, it will just take us a litle longer to pay them off! then never touch any form of credit!

yellowmonkey

Hi.

Have not been on for a while. Still here and Dmp is going fine. When I think I have nearly paid of 2K in 9 months off my debt it feels good. Dmp was the best thing I have done to sort out finances. To all those just starting out good luck and to all you old campaigners :hello:

Take care

ym

dlb

Evening all another old timer here popping in to see how you are all doing.
Dmp still going fine almost 2 years into now, having a rough time at minute though as dh car failed mot and not sure what to do wether to get it sorted or sell it??? Dh is a 2nd car which the dmp allows for but dh needs it for work although he has just swapped jobs so could at a push bike it to work.
We will work it out im sure.
Good luck to all of you just starting out, you wont look back.
Donna

really-trying-honest

Thanks so much everyone,it really does make such a huge difference to be able to come on here.:A
What sort of luck do people get with companies stopping interest? My main two creditors are natwest(overdraft) and vanquis credit card, with the credit card they have just whacked up the annual interest to almost 50%:eek: .
On the calculator thing it works out that if I do minimum payments to them I will NEVER pay it off:mad:

Boltonbwfc

Anyone help me out here?

I have made my 4th payment to payplan and I know this sounds corny but I have missed a debt off it. This was because I thought the debt was in joint names on a credit card but its only in mine. This threw me because my missus was a second card holder! (does this mean she is liable for the debt?)

The debt is £4800 with MBNA. My worry is now that my finances won't fit the criteria with payplan. Do creditors still check credit seach engines? because if they do they have missed this one when processing my DMP!

Confused

Thanks in advance.

BWFC

JillyOJolly

Hi Boltonbwfc
you have two choices really, you can ring Payplan on Monday (i wish they worked on a Saturday!!) and tell them what you have said here. Or you can take your chance with MBNA and tell them you are with Payplan on a DMP, but would they consider doing a separate DMP with you for that one card balance, for a fixed amount over a period of time on an RIP (reduced interest plan) or no interest at all. Send the card back to them.

I only suggest this as this is what they wanted to do with me, keep me away from Payplan and negotiate it between ourselves, their offer at the time was very reasonable and if I hadnt already handed it to Payplan I may have considered it myself. If you and your OH can manage the repayment that MBNA sets up for you then I would do that, but if the minute arrives and you are late or miss a payment they could slap you for the balance.

As far as I know they only know what you give them, I had a loan that was 3 months remaining in my local area right at the beginning of my DMP and I paid it off myself. It was tough for the first 3 months as paying them as well, but once it was paid it was worth it and you never know when you need a local, reliable company that knows you and your history in the future.

I would speak to MBNA first and tell them you are on a DMP with Payplan and are in a position to add them as a creditor as you missed them out, but what would they suggest a seperate agreement (in writing of course) as your aim is to clear the card, never use it again, and keep a good credit rating.

This, of course, is only advice and I am sure someone will come along and tell you to forget the MBNA thing and go straight to Payplan and add them, which in essence is correct. Everyone knows MBNA are not my favourite creditor, I detest them, but speak to OH and see what route is best for you as a family.

Good luck and keep us posted.