Dmp Mutal Support Thread (Part Two)

newlywed

Hi bow.
Yes I had late payment charges, over limit charges and the same huge interest charges for the first month.

One creditor stopped these after the first payment from CCCS (well actually a few days later when I rang to query it). They dropped the interest to about a third of what I was paying - which is ok as it makes it a good loan rate intstead of a high credit card rate, if nothing else. Charges have stopped.

GE wrote and accepted the DMP later and have said they will suspend interest and charges for a temporary period (but not said how long that is). Haven't had my statement from them to see if this is correct but the first statement after my DMP they were still charging through the roof.

So I think they are more likely to stop/amend interest rates after the first payment from CCCS to check you are really going through with it all.

For others, some banks have said they will only stop interest after the default is issued. Don't worry about the default too much. I emailed CCCS about mine from Mint and they said it's standard and they would re-send the offer information to Mint just in case they haven't had it. No post or phone calls since that default, but they won't reply to me asking if they've had the DMP info either! :rolleyes:

Edit: So yes it all went up quite a bit the first month. But now at least two of them will be reducing from now on. Don't panic too much, even if one of them stops interest, surely you will be in a better position than before??

toasti

Hi.I'm feeling really down at the minute and want a hug I have had enough of not having any money.I am toying with the idea of telling Dad about it all nut he will go mental (my Mum would be worse though). I just feel so stupid for having got into this mess. Any Advice?

Sea78

Big massive squidgy hugs toasti - I know exactly how frustrating it can be - as well all do. Do you want to tell your parents? You don't have to do anything yet, just think about it, try to relax tonight and see how you feel tomorrow.

Sea xxxxx

toasti

Hi
I don't know if I want to tell them,but whenever I see them I feel really guilty for a.having gotten into so much mess and b.for not telling them! There is always something that holds me back from telling them though,think it is a mix of fear and embarrassment.
They put money into my isa each month for whenever I buy a house and I feel really pressured.They think I only have a bank loan (which I got for my car for £6k but told them it was £4k) and are telling me to pay it off in the next year so I can get a car car as mine is falling to bits!

newlywed

Hi toasti. Know how you feel about being down and feeling guilty. Hope you feel brighter soon when your DMP kicks in and the debts start to fall.

No-one can tell you whether or not to tell your parents. You have to decide for yourself what to do. I never told mine when I was living at home. They knew I used a credit card but don't think they ever knew it was 2 up to their limit and a loan

But with OH, he knew I had some debt when we married but didn't really know the full amount - I wouldn't even add it all up. Things were difficult as he had no work for most of the first year of marriage so I had gone from living with my parents paying rent and not much else to trying to pay all the bills and debts. So when he used to ask for food and things, wanted us to take the kids out, I'd just snap at him and he didn't understand why so he'd grump back. I felt really guilty.

Eventually I added it all up - had a fit looking at the figure. Felt sick for a few days and was petrified about his reaction. Sat him down and told him the full amount. Since then he has been really supportive. He has taken on more of the bills to try and reduce the pressure on me (he's working now). He arranges stuff for us to do with the kids and is ok when I say yes but I have no money. Even when he wants extra cereal or icecream or something and I say I'll have to see how the budget goes - he's ok.

The snapping, moaning, the guilt, the whole paranoia of someone finding out has lifted.

It's still depressing owing that much money but we're working on it. I'm actually dealing with my debt and there is a chance that it will finally go down.

I have truly learned my lesson now. Even though I thought I had some time before - consolidation loans were never the answer.

So chin up, remember that you are finally taking steps to get help with your debt, that we're all here to help and that you are not the only one to have got into a huge mess with money.

toasti

Hi thanks very much:) I'm not living at home am living at a friend's house so I guess my parents won't find out that way. Just feeling v v v stressed!

newlywed

I know the stressed feeling. And the depressed feeling. Everyone here has days like that.

Don't stress too much, you are taking steps to deal with it without worrying your parents. Just give it a little time to settle down a bit and you'll soon just be wishing you'd spoken to CCCS months earlier

toasti

Thank you sure I will be feeling better tomorrow I hope! Off to watch Gok Wan now so will be back on the board tomorrow.Thanks everyone for the advivce:beer:

ireneh_2

Hi everyone,

First post so please be gentle with me!

I am in the process of setting up a DMP with CCCS (rcvd the pack this morning after completing details online) and I am scared stiff of what is going to happen now. I am sending token payments to all my creditors as I haven't managed to pay several of my June payments to credit card companies this month. Should I request that my DMP starts at the beginning of July even though it is too late to change my pay details to my new bank account or should I wait until beginning of August? Any advice on what the process will be would be great. Also does anyone have any experience of dealing with the following creditors and what are they like?
Marks and Spencer (loan and &More card), Barclaycard, Capital One and Egg??

I just need a bit of reassurance that I am doing the right thing as I am really worried!

Thanks

newlywed

Hi ireneh. Welcome.

Sorry didn't see your post yesterday.

Do you owe money to the bank your wages go into? Eg do you have a credit card or loan with them at all? If so they may have a right to be able to take money from the account your wages are in to offset the other debt you have to them.

The other option (which I debated) is just for the one month, if you ask CCCS not to contact your creditors till the day after your wages go in, would you have enough time to be able to transfer them elsewhere (or withdraw the lot)?