DMP Mutual Support Thread - Part 12

EmergencyNurse

NewbieNat wrote: »

As my name suggests, I am new to DMP land, My first payment to SC is next week. I just wanted to reassure others just starting out. Please don't be sick with worry about contacting creditors, to tell them of your financial difficulties. I was in such a state I took a day off sick from work (my first sickie in 2 years) to call all 10 of my creditors. It really wasn't a traumatic experience at all, they were all matter of fact about it, well they would be as it's their job! I think SC or whoever your DMP is with can do this for you if you are starting your DMP right away. I needed to start that EF before I signed up, so called creditors & asked for the 30-day breathing space, which most extended for a further 30 days. It really isn't awful at all, they are just people doing their job. Take a deep breath, pick up the phone and get it over and done with. In the grand scheme of all things, its just phone conversations. You can then relax in knowing you have taken the first step to eventual financial freedom. :-)

Hi NewbieNat, its great to see how much more confident and positive you are now after all your previous worrying. Well done, keep it up!:T

NewbieNat

EmergencyNurse wrote: »

Hi NewbieNat, its great to see how much more confident and positive you are now after all your previous worrying. Well done, keep it up!:T

Thanks EmergencyNurse, I really am much more positive now Oh boy, I was so worried, I was worried about worrying, and when I had a worry free day that worried me :rotfl:

sourcrates

Mcqueenm wrote: »

Hi All,
I've been on a DMP for about 10 years. the last company were really good but no longer exist. i was transferred to Gregory Pennington and have found them to be very aggressive in their approach. I feel likeIi did at day 1 again. inadequate and useless.

I cancelled my DD in protest and rang someone else a free 'pay plan'company (yes in haste).

I am looking at doing the DMP myself but am not experienced in this area. I have a few questions if anyone could help me. I am scared of doing this but i know once I've done the first one i will feel happier about what i am doing.

are these companies approachable
what do they need from me
is it best to call them or send them a letter. ( i have been advised to ring them for a grace month whilst i sort this out as i cancelled the direct debit)

thank you

Well done for ditching GP, never pay anyone for a DMP.

You do not need experience, if you can write a letter and sort out a basic budget, then you qualify.

You do everything in writing, a simple letter or email, but a letter is preferable, to each creditor, explaining your position, and enclosing a copy of your budget, along with how much you will pay them, and when, you need there payment/bank details from them, so ask, if you need time to save an emergency fund, then tell them so.

You ask them to freeze interest and charges, tell them this may be a long term arrangement so emphercise the need to stop interest as soon as possible.

That’s it, you pay what you’re budget allows, every month, job done.

If creditors don’t agree to your plan, you still pay, but they will most likely sell on the debt, you just keep paying whoever writes to you.

Simple.

Mcqueenm

Thank you Sourcrates...writing is better for me as I work full time...the DMP we were on the creditors have been happy with but I'm in the process of potentially setting up a DMP with payplan. They sent me my budget so far as they think from the information I've given them that we have 1400 disposable every month which they said the creditors would want....I wish.

I was thinking of doing the budget in the format they sent me but don't know what 'other' things to include. i wish we did have that every month...we need a new roof which I have included in the budget, a new kitchen youngest son needs a bed (he's sleeping on a put me up bed at the moment and carpet. its alright budgeting for these things but i need them doing as soon as.

So I thought a self managed DMP would be more flexible?

And thank you for the support...

sourcrates

Mcqueenm wrote: »

Thank you Sourcrates...writing is better for me as I work full time...the DMP we were on the creditors have been happy with but I'm in the process of potentially setting up a DMP with payplan. They sent me my budget so far as they think from the information I've given them that we have 1400 disposable every month which they said the creditors would want....I wish.

I was thinking of doing the budget in the format they sent me but don't know what 'other' things to include. i wish we did have that every month...we need a new roof which I have included in the budget, a new kitchen youngest son needs a bed (he's sleeping on a put me up bed at the moment and carpet. its alright budgeting for these things but i need them doing as soon as.

So I thought a self managed DMP would be more flexible?

And thank you for the support...

Well then wait a few months, save some money up for what you need, nothing will happen.

Tell your creditors you need to buy stuff for your kids, they will not complain, there is a massive emphersis on affordability at the moment, use it to your advantage.

Remember you are in charge here, no one else.

Talesin

Hi,
Just to give people hope and to show there is light at the end of the tunnel, I have half a monthly payment left. From May 11th I will be debt free after 8 years of payments to PayPlan. It’s not always been easy buy It’s nice to know I am clear, I now only have to finish off paying for my house in about 5 years.
The odd thing is trying to look to rebuild my credit when I don’t really want to take on any again, also trying to work out how to invest to boost my pension.
It’s often hard but the feeling of being debt free is amazing, good luck.

Sazzie23

Talesin wrote: »

Hi,
Just to give people hope and to show there is light at the end of the tunnel, I have half a monthly payment left. From May 11th I will be debt free after 8 years of payments to PayPlan. It’s not always been easy buy It’s nice to know I am clear, I now only have to finish off paying for my house in about 5 years.
The odd thing is trying to look to rebuild my credit when I don’t really want to take on any again, also trying to work out how to invest to boost my pension.
It’s often hard but the feeling of being debt free is amazing, good luck.

Fabulous, so very well done. Enjoy a bit of debt freedom and don't forget to sign the role of honour.

Saz, xx

jak669

Feeling a little deflated after contacting Shawbrook Bank. Thy were quite nasty on the phone - asking why I took a loan out when I knew I couldn!!!8217;t pay. I explained I took it to consolidate my credit cards but other things had come up like my car blowing a head gasket and partner leaving and they were quite abrupt with me.

Not sure they are going to accept my dmp - really worrying now. Have sent my documents back to step change today - not sure how long they take.

Has anyone had a creditor teject their dmp and if so what happened etc any advice or reassurance would be really helpful as I am feeling very anxious now.

Old_and_bold

Hello all.
I have been on a DMP for over 10 years and have only recently discovered the ability to make a CCA request !!
I have received replies and to my surprise a number have been returned as unenforceable.
My reason for visiting this site is to ask if there is a template available that I may use to offer a full and final settlement armed with the knowledge that these debts have been revealed as unenforceable ?
I intend to offer 10 per cent of the remaining amount.
Thank you all for reading, have a great day
OaB

[Deleted User]

Old_and_bold wrote: »

Hello all.
I have been on a DMP for over 10 years and have only recently discovered the ability to make a CCA request !!
I have received replies and to my surprise a number have been returned as unenforceable.
My reason for visiting this site is to ask if there is a template available that I may use to offer a full and final settlement armed with the knowledge that these debts have been revealed as unenforceable ?
I intend to offer 10 per cent of the remaining amount.
Thank you all for reading, have a great day
OaB

Congratulations on your unenforceable debts:beer:


There are people on here (and elsewhere on other debt forums) who advise paying nothing further at all once debts are discovered to be unenforceable. I don't feel easy about taking that option myself and I know there are posters on here who feel the same and have offered 10% which has been accepted:T. I'm not sure if that's the lowest any creditor will go so maybe someone will post to let us know if they've had success. After all, you have the upper hand now, not the creditors:j


I can't help you with locating a template, if indeed one exists, but I expect someone who has been successful will post and let you know how they worded their offer letter. I'd be very interested in this myself as I'm now ready to start offering some F&Fs:j. All being well, one way or another, I hope to have cleared the rest of my debt by the very end of this year.


Good Luck:beer:. Please let us know how you get on.