Dmp Mutal Support Thread (Part Two)

RainbowSapphire

Hi everyone.

I haven't been on in a while. Since I started my DMP in June, I'm now able to stop worrying about money all day (and night!) and get on with my life! Money's tight (especially at this time of the year), but it feels SO good to be sort Christmas out and have my debts go down not up!! I'm ebaying like mad to get money for pressies and it's clearing clutter too.

So to everyone just starting out on their DMPs and feeling worried, just stick with it - it all gets so much easier and is the best thing I've ever done!

I do have one problem though and need some advice.

MBNA. I owe them about £14500. They have been calling me about once a month because although they have stopped all interest and know all about CCCS, according to them, I am not on an approved repayment plan.

To stop my debt being defaulted and then sold to a DCA, my repayments need to be enough to clear my debt with them within 10 years. I am £12 short of this at the moment and they'd like me to pay this £12 directly to them on top of my CCCS payment.

I've worked it all out and what they are saying is correct. My current repayments do take me over the 10 years - even though my DMP is meant to finish in 2014 (not sure how that works!!!).

??? Apparently MBNA have lots of people making additional repayments and this extra payment wouldn't be revealed to CCCS or my other creditors. ???

This extra payment would be for about a year, because after pay rises next September, my CCCS payment will be able to go up again anyway and I wouldn't have the £12 shortfall any more.

What do people think? Does anyone else do this? I am tempted to do it just to avoid another default (4 currently) and DCA (1 currently). Mind you what does another default matter any way?!

Bit confused, sorry!
Take care,
xxx

RainbowSapphire

Oops!

Got carried away typing about MBNA problem and I wanted to reply to MADROCKS too with info about some of our common creditors.

Egg defaulted me, then stopped all interest. Because I'm with CCCS they've kept my debt in house rather than sell it to a DCA.

I'm sorry to hear about your problems with Egg though, SCARED. I'm sure it will all work out okay in the end, but how awful, I'd be scared witless too. This just shows how much of a lottery it can all still be.

Lloyds TSB have given me most hassle. Lots of letters, phone calls etc, but stopped interest straight away even though they won't accept the DMP.

Capital One were the first to accept my DMP and stop interest - they just sent me a letter.

Tesco defaulted me and terminated my account before they stopped interest. Took a while, but all OK now.

No dealing with Northern Rock, but I'm sure someone else will have.

Take care everyone,
XXX

itsnowtime

RainbowSapphire

Congrats on the DMP. I'm not sure I can offer much advise but a few things sprung to mind so thought I'd share them....

With regards to MBNA, as you've gone through CCCS they have worked out how much you have to give your creditors each month and therefore the extra £12 MBNA want is your living expenses and you technically can't afford to give them anymore.

Although it may look like it will take more than 10 years to pay off at your current repayment amount - as you pay off other creditors this will free up their amounts to be split across who's left, which will mean that the payment to MBNA will go up in the long term hence why you have a debt free date of 2014.

Hope that makes sense - just read it back to myself and :rolleyes:

Good luck

hunteress

hi all just thought i would say hi and good luck for tuesday scared

JillyOJolly

hi,

I agree with the earlier post about MBNA. If you are with Payplan dont pay them an extra penny. i was only a few pence short and got call after call, to be told "are you plain stupid, just pay it". I am sure some people do succumb to their bullying tactics and take their threats seriously about the extra money. This is to keep you a "normal customer" which in turn means they may not class you as in financial difficulty, never freeze or reduce interest and will win at every corner. Talk to CCCS, they will advise you to stick to your guns and just keep telling them that they get what they pro rata between creditors and you cannot be seen to be favouring one over the other. If the others find out, you are potentially in a dangerous position of them all asking for extra or cancelling the DMP altogether.

Also, itssnowtime is quite right, this budget has been worked out to your living needs. £12 is a lot of money when you are tight on a budget.

JillyOJolly

Hey just had a thought, am I allowed a number yet?

really-trying-honest

hey guys, have calmed down considerably over the whole dmp thing now (at least thats what I tell the voices in my head:rotfl: ).
SCARED- best of luck for tomorrow!!
JILLYOJOLLY-you are so close to finishing, you must be soooo excited, am determined that after the 3 or so years that it will take me to pay off everything that I am absolutely not going down the credit route again. Its bad , bad and full of naughty people trying to get us all financially ruined.

RainbowSapphire

Hi all - thanks for the advice.

I must have been on a bit of a low this morning after the latest call from MBNA. I've refused to pay the extra for the past 5 or 6 months, so I'm not sure now why I was tempted! Probably because it's the same nice lady who phones up each month promising me no more phone calls, letters, interest or charges if I just pay the extra.

But, I'm not going to. I'm feeling strong again now. When she calls back (and she will!), I'll just say that I can't pay any extra and then tell her to go ahead and default me. Then I'll just have to wait and see what happens after that!!

Thanks again,
xxx

mummum2

Good morning all, hope you're all well on this gloomy, dark morning. Nothing to report regarding letters/phono calls creditors wise, all silent from my side.

Keeping the faith that it's same with you all!

X

SortingIt_2

Hello,

Hope everyone is well.

Scared - hope everything goes well today.

Nothing much to report my end. First payments been made to creditors by payplan, just got to hope that they accept. Anyone know if creditors write to confirm that they have accepted?

Do you think I should write to them requesting confirmation???