DMP Mutual Support Thread - Part 12

Summer12

Hello! I’m slowly ploughing my way through all 140 pages of this thread. The information on here is invaluable. The query I keep coming back to is how accepting of the offers of payment are the creditors. In our case we have enough equity in our house to pay off our debts (although no idea if we would be accepted for a secured loan). Surely creditors can do a simply check of your file and see your existing mortgage balance and a simple internet search to see how much your house is worth (they have your address) to be able to decide whether to reject your offer of payment based on the probability of a court setting you a far higher monthly payment? If you don’t pay Court set amount eventually they could set a charge or apply to make you sell the property? I’m just trying to put myself in the creditors shoes and come up with all the worst case scenarios before deciding which route to go down. I also assume this is why there is an IVA route? All the experiences on here are very positive which is great but can’t help worrying. Just want to make the right decision.......for a change.

IANB77

Onebrokelady wrote: »

Am I right in thinking that the account number for my BC credit card will be the same as the card number,I have a letter and it says for the account ending in and it’s the last numbers on my credit card,I’m locked out of my account as I forgot my log in details and tried to log in too many times so I can’t acess it to find out,if not I will have to phone them tomorrow,I need to get this sorted as I want to send the DMP paperwork back to SC tomorrow if I can

Hi Yes all my credit cards were the long number that they needed not the actual account numbers. I sent one Wage slip originally to SC but it confused them due to all the overtime from December on it, so i then sent them one with hardly any on and explained it, they were more than happy with that.

FoolishGirl77

I was the same too - never once missed a payment before my DMP and have never missed one since starting my DMP — until now!

You taken the first step, recognisingyou need to do something. We have all felt like failures, and been guilt ridden and paralysed with fear because of the spiralling debt mountain we have to climb.

This forum is amazing and will give as much help and advice as you need. Whatever your situation someone has been there and done it!

For what it’s worth I was where you are a few years ago and jumped into a plan straight away. Please try not to panic and give yourself some space, some time to get a good robust budget together to identify how much you can reasonable repay your creditors and give yourself a good few months to build up a cash fund to cover all those unexpected expenses. I didn’t and have just recently stopped payments to creditors for a few months to do exactly that because after 3 years on the DMP and 2/3 of debt paid off I had no fallback for a change in circumstances.

You are in a great position having found this thread before starting the journey back to being debt free.

Good luck !!!128521;

IANB77

Thanks OBL. Yep step forward into the unknown but with hope in our hearts... I have found SC easy to deal with so far and no real issues at all. I haven't even had to speak to them over the phone. And it didn't take them long after ecieving the paperwork back to contacting the creditors. Less than a week.

IANB77

FoolishGirl77 wrote: »

For what it’s worth I was where you are a few years ago and jumped into a plan straight away. Please try not to panic and give yourself some space, some time to get a good robust budget together to identify how much you can reasonable repay your creditors and give yourself a good few months to build up a cash fund to cover all those unexpected expenses. I didn’t and have just recently stopped payments to creditors for a few months to do exactly that because after 3 years on the DMP and 2/3 of debt paid off I had no fallback for a change in circumstances.

Good luck !!!128521;

So have i done this wrong then? And jumped straight in?

FoolishGirl77

From my experience I wished I had found this thread earlier and waited before I started my DMP payments. I had no emergency fund and now with a third child due (overdue now to be precise) I wish I had taken 6 months and saved for emergencies.

But no you have not done anything wrong so please do t worry. I have just recently written to my creditors to explain my change in circumstances and that I need to suspend payments pending a review - this was only last week so I don!!!8217;t know yet if it!!!8217;s goi g to be a problem but everyone on here were so supportive and gave me the strength to do what needed to be done.

Others have already had to do what I!!!8217;m doing and have done so successfully so it!!!8217;s never too late. Sorry if I made you worry.

System

:beer:

Jorddii wrote: »

Hi all,

I have recently set up a DMP with Payplan, I owe just under £6,000 after pretending everything was ok and getting in a worse situation finally held my hands up and try to sort it out.

RBS Current Account - £1,610.93 (Defaulted)
RBS Credit Card - £357.45 (Defaulted)
EE - £87.09 (Defaulted)
Capquest - £194.43 (Defaulted)
Capital one - £190
Capital one - £193
CRS - £300.87 (payday loans)
CRS - £337.10 (payday loans)
CRS - £337.21 (payday loans)
Catalogue - £301.89
Catalogue - £97.84
MMile - £190.17
Vanquis - £2060

My DF date is around 2.5years from now but i have noticed people offering F&F etc..

Just wondering if anyone has any advice for me that i can try clear some of the debt off any quicker
Feel much better i am now set up paying them all off but worried that they can still try take action and ill have a CCJ against me which will mean i will lose my job.

Thanks

Hello and welcome to our little family....:beer:

When we first started our DMP in 2015, our DFD was forecast to be around 8 years and although it seemed horrendous we ploughed on with it. Then we had a change in circumstance as I had to go part time and we had to reduce our payments. The DFD then went to 2031!!
The sensible part of me was saying that I knew it wouldn't take that long, as I had read about people on here having success with F&F's. So we have now taken the plunge to go self managed and reduced our payments even further but I know we will pay it off earlier as we can now save for F&F's etc.
Just keep plodding on and reading all the advice on here and it will be fine. If your creditors have accepted your plan, then they will not take any more action against you. You are doing what you can to repay your debts and that is the main thing.

Onebrokelady

IANB77 wrote: »

Hi Yes all my credit cards were the long number that they needed not the actual account numbers. I sent one Wage slip originally to SC but it confused them due to all the overtime from December on it, so i then sent them one with hardly any on and explained it, they were more than happy with that.

Hi thanks,for that,I thought that was the case,Ive got one with some unsocial hours on from January and one with none on but I think thats for November last year so it!s out of the time frame,I might just post both just in case,the man I spoke too took details of three wage slips and then averaged out the payment because they are so varied,this does mean that on a month with low wages I will be cutting it very fine but that cant be helped ,I can still afford everything there just wont be any leeway that month,Ive told my colleague who does the rota that I need a certain amount of hours unsocial as a minimum and she is usually good at sticking to it so hopefully it will be ok

System

Ok...so just got home and opened the post to find PRA have sent letters regarding our recent request for CCA's. They have returned the £1 PO, saying as a gesture of goodwill they do not charge. They have also said account is on hold until further notice.


So we are due to start our SM DMP with them this month and have just set up the standing orders. But as the account is now on hold, I presume we don't need to pay anything until they get back to us?


Also...can you actually get money back on a PO that has been returned, even though it is made out to PRA?

January2015

ploppy57 wrote: »

Ok...so just got home and opened the post to find PRA have sent letters regarding our recent request for CCA's. They have returned the £1 PO, saying as a gesture of goodwill they do not charge. They have also said account is on hold until further notice.


So we are due to start our SM DMP with them this month and have just set up the standing orders. But as the account is now on hold, I presume we don't need to pay anything until they get back to us?


Also...can you actually get money back on a PO that has been returned, even though it is made out to PRA?

Change the start date of the standing order or cancel it until they provide enforceable CCA.

If you have the receipt for the postal order you can get your money back at the post office