DMP - What if the monthly payments are too low

markwoods10

Sazzie23 wrote: »

MB

What a great post, I think this would be brilliant on the DMP thread as quite a few newbies starting out and looking for advice.

Mark, welcome aboard, it is scary starting I out, buts it's even more scary not doing anything and not facing up to the reality of debt.

My life has changed since my DMP started, things are still going to be tough for quite a while but without it I dunno where I would have been.




Make sure you know what you rights are with DcA, saves unnecessary worry about the house being cleared out. Stepchange has some good info about this.

Remember there are often hiccups at the start with creditors 'rejecting',bank accounts not working well,for me the trouble was the direct debits dates not working so the SC dd failed,but it got sorted in the end.

Good luck and keep reading the forums

Thanks Sazzie,
i have spoken to SC about baliffs and that as that is the thing that scares me, they said that in the long run its not worth their time as they have to go to get court order etc, i have set my new standing order to pay my rent from new account, so should be ok, my new account is fully active. as long as i keep paying the agreed amount they wil settle down, will be happier in few months when it all settles down i hope, i did speak to a couple of creditors before sc and they advised straight away to go to CAB orSC so guess they are used to it, my biggest debt is 6k on credit card the others are less that 1.5k so i am hoping in the long run they will accept the DMP as i assume will be more expensive to take it further,the good thing is my OH is really behind me too and called me a muppet for not doing it sooner! as long as i have food on table and all prioritys are paid we will be ok, i have even explained to my oldest child, ( she is 12) and she understands that we will have to go without things, which i am chuffed she understands and maybe a lesson to her for the future i am really looking foward to be totally debt freen 4yrs.. and the good thing is my credit file will be so mashed i wont be tempted lol
thanks again all for your support..

markwoods10

hi
SC have said that they will activate my plane today and write to all creditors,

what do i do now, just sit and wait or pro activley speak to creditors
my paymenst to creditors are due between 25th jan and 8th feb
SC are taking first payment on 10th feb
just not sure what next step should be.
any advice all?
thanks
mark

markwoods10

Hi
i went on DMP after taking a loan the same day realizing i could not really afford it

the bank have taken it so cannot access it

the company accused me of fraud! they are the DMP they have told me that i have committed a criminal offence( didn't intent to do this i just noticed i really could not afford but could not pay them back as the bank had taken the money!
i tried to talk to them but had a panic attack and lost it !! they then called back and day take them off dmp and [ay them as per scheduled
( 60 for 6 months) or I may at a push be able to pay them down this month for $170 what do I do!!!

Monkeyballs

Hi Mark,

Best thing to do is to start a new thread of your own as it could easily be overlooked while on the back of this one...

So you took out a loan with your bank then later that day entered into a DMP so the bank took it back?

I'm afraid your post is a little confusing to read so I'd suggest having a cup of tea to chill out before you write it an include a timeline, creditors, who is doing what and a rough idea of the amounts.

I believe that yes this is fraud because you have borrowed money and signed an agreement which you have immediately reneged on even if you have panicked putting you in this position in the first place.

MB

markwoods10

Monkeyballs wrote: »

Hi Mark,

Best thing to do is to start a new thread of your own as it could easily be overlooked while on the back of this one...

So you took out a loan with your bank then later that day entered into a DMP so the bank took it back?

I'm afraid your post is a little confusing to read so I'd suggest having a cup of tea to chill out before you write it an include a timeline, creditors, who is doing what and a rough idea of the amounts.

I believe that yes this is fraud because you have borrowed money and signed an agreement which you have immediately reneged on even if you have panicked putting you in this position in the first place.

MB

thanks
basically on morning of 9th jane took short term loan for £150 to pay back at 65 per month for 6 month starting 28th feb

in the evening i was doing a budget ( i know should have done this before taking loan) and realised that i could not rally afford this so called stepchange with budged and they advised to go on dmp

i included the above on the plan as honestly didnt think any more,
SC are offering 25 pounds to them on the plan from 1st feb
they called me today after SC contacted them and advised that i had obtained the money fraudulanley ( this was not my intention at all)
the money went to my bank who swallowed it up ( the loan was nor from my bank) I have advised that I am willing to pay it back as per the DMP and that i always intened to pay it back..
they said as i DMP same day i must have known i could not repay and advised i had commited fraud, i need to pay them now to prvent further action BUT they said that they will not go to police as they will consider it a civil matter. i called them back and explined this and did apologise was not inentinal i just realised i was not in postion to pay that amount,
I have 2 choices SC say that comanies do this and that it wasn fraud as i am willing to repay and to leave it

or take them off DMP and pay as per the oringial agreement

( having said that they suggest pay them £170 on friday and matter will be closed)

thanks again for advice
will try to suss out how to start new thread