Dmp Mutal Support Thread (Part Two)

newlywed

Hi amani. I'm still here. Usually over on the OS board but sometimes pop onto DFW if I see someone worrying about starting a DMP.

All you guys helped answer all my questions and worries before I contacted CCCS so I feel I should return the same favour

Still remember that feeling of complete dread over what to do about the DMP

SortingIt_2

Morning everyone.

Hope you all had a good weekend.

I have a silly question, I am getting a little concerned as all of a sudden I have not heard anything from creditors all the phone calls and letters have stopped. I made my first payment to payplan and this has been distributed to creditors - do I just sit and wait or do I contact them again??

How do I know if they have accepted the offers made by payplan??

Daft question I know but going from lots of calls and letters to none at all worries me some.

Karenx

newlywed

Hi sortingit - that happened to me too. Phone just went dead

Not all creditors will notify you they have accepted the DMP - mostly you will see when your statements come in by who is still charging interest

Some will write to you direct to let you know. Some won't reply to any letter you write about the DMP (eg mint).

Some will only accept after they have received a couple of payments on the DMP. So just enjoy the quiet

jodenice

My boyfriend was desperate for another solution, such as consolidation. But when you're looking to borrow £25k (unsecured) they're not so eager. I'm trying to show him that with my money alone we can actually have a fair bit of cash and that we are lucky in that respect.

rayday2

Consolidation seems the right way to go it feels responsible, well thats what all the adverts tell us but actually if you are strugglign with debt its the worst thing you can do, and usually interest rates can go up on consolidation loans so you get no better off.

Good luck with convincing him!

newlywed

If you choose consolidation then you have to be 150% sure that you will never ever spend on your credit cards again. Wish someone had told me that rule as I consolidated about 5 times (maybe more - can't even remember!!).

In the end, my bank I had a loan with refused to increase it at all; my bank I had a current account with refused to increase my overdraft by £50 (and it was only £250 overdraft); they also refused to increase my credit card limit; then the credit card interest rates all went up from about 17% apr to about 24% apr. Then I was up a creek without a paddle

If you get a DMP you aren't allowed any more credit (its in the terms you sign). For me that's a huge preventative measure. Plus if the interest gets stopped on a DMP then you don't need to worry too much about rising interest rates etc.

Plus instead of having 5+ varying credit card bills to pay every month as well as loan direct debits - I now have one payment to CCCS. That's it. Rest of the money is mine to sort out

SortingIt_2

Thanks Newlywed - I think I will just enjoy the peace for now!

Jodenice - I echo totally re the consolidation it is not the best way to go always. I too consolidated 3 times over and used the cards again...bad decisions. I hope that your boyfriend can come to terms with it all, I am sure once the DMP is up and running he will feel much better and be able to manage money more easily.

amani_2

Hi newlywed, I want to say well done on the weight loss. :j

I am also trying too lose weight, I have lost 19LBS in about the same length of time, struggling a bit though the last couple of weeks, got too get my head round it! :rolleyes:

AMANI XXX

newlywed

amani wrote: »

Hi newlywed, I want to say well done on the weight loss. :j

I am also trying too lose weight, I have lost 19LBS in about the same length of time, struggling a bit though the last couple of weeks, got too get my head round it! :rolleyes:

AMANI XXX

Thanks. Amani. Well done to you too! There are several lose weight threads on here. I started off on the Lose weight (I wanna board) and the Murphy's no more pies club (in the Arms). The one I tend to stick to now though is the newer thread Losing Weigh OS - as I cook everything OS now anyway and they often come up with new recipes too. It's more a case of eating more healthily, eating a bit less and cooking from scratch, rather than "counting things"

amani_2

newlywed wrote: »

Thanks. Amani. Well done to you too! There are several lose weight threads on here. I started off on the Lose weight (I wanna board) and the Murphy's no more pies club (in the Arms). The one I tend to stick to now though is the newer thread Losing Weigh OS - as I cook everything OS now anyway and they often come up with new recipes too. It's more a case of eating more healthily, eating a bit less and cooking from scratch, rather than "counting things"

I will go over to the OS board and have a look at that then, THANKS.