Dmp Mutal Support Thread (Part Two)

mummytofour

smitty2702 wrote: »

Argh gulp big breath, I have finally posted my SOA on another thread. its really hard seeing it in black and white and TBH I still dont know what to do! Payplan wont help as they insist i put higher figures for housekeeping yet I know I can manage on the figure ive put (altho it would be tight) they suggest token payments but I feel I can pay more than that so will try again to persuade FD to take a lower payment and freeze interest as its them thats the problem now!

I think that your best best bet would be to go with pay plan offer token payment's to creditoers then save as hard as possible so you can offer full and finals when u are able, failing that how about a self administered DMP?

TightTone

Hello folks and a happy new year.

All creditors have accepted my DMP plan now, with the exception of mint who say they will pass it on to an in house debt collection service.

HFC say they will review at the end of Feb (a bit worried on that one)

Most creditors have said they will review in 12months. What can expect after this folks?

My creditors are
MBNA
Morgan Stanley
Cahoot
Capital one
HFC
Mint

Does anyone have or know anyonw with a DMP that has been running for a good number of years that can share their expereinces.

dlb

Mine has been running for 2 years now, and all is going smoothly.
I have a yearly review and up to now no problems at all.
I have a phone call with dmp company who run through soa again to see if anything has changed and thats it, they forward on new soa, and none of my creditors have ever questioned it.
Iv had only 1 phone call in the last year from cabot but they where fine just wanted £1 more a month to agree again!!!!!!!!!!!!
They didnt get it but have continued not applying interest.
If you look back through my posts on this thread, i wrote quite a long and lengthy post about my debt free journey just after xmas, there are also lots of people on here that have been on dmps for many years that will be along to help out.

cloudnine_2

Hi DlB, I feel that its the early stages of getting a DMP kicked off thats probably the most un-nerving? I'm in the twilight zone currently having only just proposed a dmp to my eight creditors during December and, to start this month. Once I can get a year of a dmp under my belt then I'll feel better. Thanks,

rayday2

I think the longer a DMP runs the creditors get used to it, I run my own so don't have an official "review" and only a couple ask for one. I know if your income rises and your payments to companies become more than the minimum they would have asked anyway companies can start adding interest but if your payments are lower it all becomes a bit routine. You usually find down the line that you are not paying original companies anymore its usually all DCA and even DCA can change.

dlb

cloudnine wrote: »

Hi DlB, I feel that its the early stages of getting a DMP kicked off thats probably the most un-nerving? I'm in the twilight zone currently having only just proposed a dmp to my eight creditors during December and, to start this month. Once I can get a year of a dmp under my belt then I'll feel better. Thanks,

This is so true, the setting it up period was the worst part, once you get used to how to do things it just becomes routine, eg my bills and statments come in, i have a quick check that payment is showing on them then put in pre paid envolpe and post to debt managment company and forget about it.
I started 2 yrs ago with 12 creditors, now only have 9 by the end of the year i will only have 4!! There is no way i would have achieved this with out the dmp.

debrag

you send them your statement too, I've never been told to do that just forward any letters demanding money etc

dlb

Yes i send them my statments i dont have to deal with anything, thats one of the reasons i dont really want to change companys. They do everything for me.
Im not with a free company, so you may not have to send staments with payplan or cccs.

newlywed

With CCCS you don't send on your bank statements, other than the initial ones to set up the plan. They only want to be informed if the debt is transferred at all so they can change who the payment goes to.

As for yearly reviews, Mint loan agreed for 6 months then asked for a review after 6 months and when I said I couldn't increase my payments and to contact CCCS for an up to date income and expenditure sheet, they then issued me with a default. Whop de doo

Other than that, nothing else has happened on it. Mint CC already issued a default months ago, but have done nothing else since - not transferred it or anything.

Not reached a full year yet so waiting to see what happens in May

PompeyMark88

newlywed wrote: »

Do the payments usually show up? The reason I ask is that one of my debts has been transferred to another department and so the statements come through with the original debt figure and no payments showing but when I rang to query it, they have been receiving payments regularly

One of mine is very slow in updating the amounts they receive too.

Hi Newlywed.

The payment does usually show. Spoke to CCS and they say it is because Barclays returned the payment in December with no explanation and I should contact them to find out why. They will re-send as 2 paymemts this month.

Skycard also been in touch to say they not yet received December payment. I made my monthly payment same as usual, so assume the delay is due to Xmas