Dmp Mutal Support Thread (Part Two)

debrag

say it's your bonsus from work, you can't pay that each month

cloudnine_2

Hi Debrag. Yes, I guess that would work, thanks. I've just received my first default notice ( I have eight creditors) and started the DMP process with CCCS this month. So, I want to make sure I do this the correct way. I guess I'll receive all eight default notices eventually. Not sure if a default notice is really serious or not. Is is a definite pre cursa to a county court summons? I've alot to learn. Thanks again Debrag, you're a star.

savvy14

Hi all,

I have been reading through this forum all morning and feel so encouraged that DMP is the best thing for me and OH. However, we have been able to afford minimum payments and also in our attempts to get out of debt we pay fixed amounts over the min payment. We have about £41k in CC's and £60k in loans (debt this bad as had to use credit for living expenses while unemployed).

Now OH's stud loan is due to start, we won't afford even min payments anymore. As the CC's have been receiving over the min. are they likely to just keep the interest going? If so, we are really no better off and may as well keep at it without a DMP. I will have to miss all January's payments to have enough to make the CCCS payment on 1st Feb. So it's going to get rocky I guess? Even though we have managed previously.

As well, all our loans are manageable - it's just the CC's which will always be a problem. Are we risking too much? Can we have a dmp for CC's only?

Savvy

newlywed

cloudnine wrote: »

Hi Debrag. Yes, I guess that would work, thanks. I've just received my first default notice ( I have eight creditors) and started the DMP process with CCCS this month. So, I want to make sure I do this the correct way. I guess I'll receive all eight default notices eventually. Not sure if a default notice is really serious or not. Is is a definite pre cursa to a county court summons? I've alot to learn. Thanks again Debrag, you're a star.

Hi cloudnine - not all will issue defaults to you - I've been on DMP since May and had one default near the start and another last month. The other 3 creditors haven't issued defaults at all

It's definitely not a certain pre cursa to CCJ or anything like that. It sits on your credit report for 6 years from the date of the default so you are unlikely to get more credit from anyone else - whoop de dooo :rolleyes: Basically as it's 6 years from date of default the earlier you get them the better

newlywed

savvy14 wrote: »

As the CC's have been receiving over the min. are they likely to just keep the interest going? If so, we are really no better off and may as well keep at it without a DMP. I will have to miss all January's payments to have enough to make the CCCS payment on 1st Feb. So it's going to get rocky I guess? Even though we have managed previously.

Hiya,
I kept up all my minimums (just about) until my DMP and the credit cards stopped interest - only one is still charging interest but it's now about 6% instead of 18%+ so not too bad.

My view was that if just ONE credit card stops interest, I will be better off

They will ring you about missed payments - just tell them you are contacting CCCS about a DMP and give them your DMP number when you have it and they should stop ringing for a few days

If you have used the cards recently they may initially say no they won't accept the DMP but stick with it as after you have made a couple of DMP payments, they may accept or just quietly stop interest anyway

You have to include ALL your debt in your DMP. Although it's just me on the DMP and not OH so it's just my sole debts I'm paying (don't have any joint debts).

Hope that helps a little. It's honestly the best thing I ever did. I kept thinking I'd be ok and sort it out but never managed it on my own.

savvy14

Thanks Newlywed - you are absolutely right -if just one stops interest its a bonus. I just keep panicking!

Have to start looking for bank accounts now - someone we don't have debt with! Anyone know if we can get a current account or does it have to be a basic account?

debrag

Yes I don't have defaults with all my creditors.

One I've been OK for most of my time on the DMP (Aug 06, started DMP Mar 06), one has gone from 5 to OK for the last 3 months, another's been at 6 since the start, one has been OK for day one, one is DEFAULTED but thats First National.

newlywed

savvy14 wrote: »

Thanks Newlywed - you are absolutely right -if just one stops interest its a bonus. I just keep panicking!

Have to start looking for bank accounts now - someone we don't have debt with! Anyone know if we can get a current account or does it have to be a basic account?

I panicked for about 6 months before I finally signed up for the DMP - wish I'd got my act together and done it sooner - then I'd be debt free sooner

I got a current account - you just have to make sure you ask for there to be NO overdraft - as that is considered more debt and when you sign the DMP you sign to say you won't take on any more debt.

I got an A&L Premier account - applied online as you can select no overdraft - the staff in the branch couldn't comprehend why I wanted an account with no overdraft facility so gave up on that and tried online

Best off applying for one now so that you have it set up ready. If you default on any other debt that your current account is with, they are entitled to take money out of your current account to "offset" the debt

Tesco_Tom

I'm a newbie to this site, but maybe I can offer some advice to anyone who is worried about their situation.

CONTACT CCCS - they don't bite

I made this step just over 3 years ago and it was the best thing I ever done. I know it's hard to pick up the phone and tell a complete stranger how you have f***** up you finances, but believe me it will be such a relief.

I am now about half-way on my DMP and feel as if my life is getting back on track. Don't get me wrong - I'm not saying it is easy. But it is better than burrying your head in the sand and thinking it will get better - this is what I done for almost a year before I realised I NEED HELP !!!

Yes, you need to cut down. Yes, you need to live within your means. But think of this you don't need to avoid the telephone, you don't need to worry about opening letters and you don't need to worry about answering the door.

I'm sorry if this sounds like a lecture, but if this helps even one person I will be happy.

OMG what a long-winded first post

rayday2

Thanks for that, it was an extremly wise first post too!

I love your debt free date, wish mine could come down but we never know what the future holds I guess!