DMP Mutual Support Thread (Part Three)

Bigdi

geoffmr1 wrote: »

Hi Janey51,

How have you found Cabots so far?? I had an agreement with Goldfish which I was keeping to but then I got a default notice & then another letter saying I hadn't dealt with the default (I even called them when I received the default & was told its standard procedure, nothing to worry about & that the agreement was all still in place). I phoned them again on receiving this other letter & was told they had sold the debt on to Cabots (the guy was extremely arrogant at this point & refused to answer why they had sold it when I had kept to the agreement I had with them, which I have in writing). This was all around 3 weeks ago & I haven't heard from Cabots yet, but reading up on them in some different forums apparently this seems to be a trick of theirs. They don't contact you & then the first thing that happens is you get a County Court Claim Form with them saying you have ignored their attempts to contact you. So if you have had any dealings with them I'd be interested to know how you have found them!!

Hi Geoffmr1, if you go to Cabots website it looks as if we're in for a pleasant ride if we've been passed to them!

milliejon

Hi all - been loitering for a while and reading all the great advice here, but I'm really getting frustrated with some of my creditors. I'm currently into my third year on a self-administered DMP. One has recently added interest, and another one has followed suit. Another has advised me that I'm no longer on an arrangement with them so that I'll begin to have interest added as a normal account. The statements have started to come through and the balance is only reducing by a small amount each month even though my payments are quite high.

Is this about right for interest? It's been such a long time that I can't remember. My worry is that now when I do my next update for the creditors, these three don't need letters, because they're happy to accept what I'm paying now (obviously more than the minimum payment would be I think). But the amount I owe won't have gone down as quickly as the others.

Basically, I have eight debts. Three are now off arrangement (well at least having interest added), another two are personal loans which had the interest added at the beginning of the contract, so I'll still be paying this interest just taking longer than arranged to pay it. The others are all store/credit cards and one bank overdraft. One of these has accepted my last offer, but only for 3 months so I guess I'll have hit my minimum payment with them too by then.

My worry is how I go ahead with the DMP with the others, whilst I have three out of arrangement. My thought is to use the amounts that I would have had without the interest when working out the pro-rata amounts, then writing to those still on the plan to offer the new figures, and then just increasing the standing orders I pay to the other three. I just don't want the others to figure out what has happened as they'll all start adding interest - although I wouldn't really mind that as long as I can still pay the minimum amounts.

I'm in such a pickle - I even applied for a loan through Citifinancial (although I've not heard anything from them in a week so I guess I haven't been successful) to pay off the whole amount.

Does anyone have any other way I could get around this? I think I will sit down with my paperwork tonight and look at the minimum payments etc and see if anything becomes clearer. I really would appreciate some advice.

rayday2

Sorry being a bit thick today! Not well lol!

Not sure exactly what you are asking or why. Are you managing all your payments to ALL your companies or are you wanting to reduce some? I am not sure what you are wanting to achieve.

When I send out new paperwork to my companies I let the ones I pay a little more to see what they should be getting and then pay what is agreed.

Sorry not sure how to help until I know what you need help with if you get me!

carlos700

Haya all i think i posted a last week about how my DMP was going with CCCS but i can t find it now ,i wanted to post anyway as i know there are a few people who are mentioning Lloyds & Northern rock and i have both of those .Here is a list who i have and how i am getting on .

Lloyds tsb -2 loans both accepted for 6 months

Lloyds TSB overdraft -accepted for 6 months

Lloyds mastercard -not accepted say payment is to low

Northern rock loan -accepted to be reviewed in 12 months

MBNA mastercard -accepted to be reviewed in 12 months

My payments which i will be making with CCCS are just below half of the payments that i was paying to them so they all seem happy with that .

The Lloyds mastercard which has been rejected i will be paying them with CCCS £20 and it should be min payment of £130 so it is quite a bit lower .CCCS are sending them the £20 anyway i cannot give them any more so i am hoping they will accept .

I was told by CCCS that Lloyds fund CCCS so they are quite happy if you make your payments through them .I must say when i rang Lloyds to ask whether they were going to accept my reduced payments the man thought i was doing my own DMP when i mentioned that CCCS were doing it he was much more helpful.

Please do not take this as i am saying do not do your own DMP because many people are doing a great job of there own this is just my experience with Lloyds .

milliejon

Sorry - I did waffle a bit - that's how worried I am.

I've just done an update to my creditors and managed to pay them a little more, except that some of them have said thank you and by the way here's some interest as you're hitting the minimum payment amount if the account wasn't on arrangement.

When I write to my creditors in a couple of months (as I do every six months or so at most of their requests) to let them know what the situation is, I'll write with a statement showing how much I owe each company and how much I can pay them. When I do this, the three companies which are adding interest again will show up with less reduced balances than the others. Should I do this and include the figures as they stand and risk the others adding interest too, or do I work out the pro-rata on what the figures would have been without interest added.

I hope this is clearer and that you feel better soon.

rayday2

Sorry for being a bit dense now I get you lol!

I think I have read that Payplan ignore the interest so they work on balances as if there is no interest (when they start adding interest again!) but I see your dilemma now if you were to do that then the companies balance would never seemingly go down or be a completely false one.

In the interests of not wanting to over complicate it and hope this comes accross ok lol. I would work with the actual balances, because you said the other companies do not realise that you pay more anyway, and continue the payments to the others that you agreed.

I run my own DMP so appreciate you need a system that you can keep in control - so I would add all the companies to it (whether or not you post out to the three that are happy is up to you!) As the other companies would suddenly wonder where they have disappeared and take it from there. To be honest as important as our debts are to us I don't think in this day and age with worsening credit our creditors take much time to actually study them and they would need to get the others out the system to to compare. Also if the others are getting more anyway would they argue?!?

Not sure if I have helped or not I was trying to be logical!

rayday2

Carlos! Lloyds are a law to themselves lol don't think any one person in here has had the same experience as anyone else!

Nice to have an update - I threw back in Lloyds face that they support National Debt Helpline too and got my own way lol. I think eventually they will accept I used to write every month enclosing my payment and nagging them that they should stop interest and accept the payment as their other departments had etc etc eventually you wear them down!

loopylu36

carlos700 wrote: »

Haya all i think i posted a last week about how my DMP was going with CCCS but i can t find it now ,i wanted to post anyway as i know there are a few people who are mentioning Lloyds & Northern rock and i have both of those .Here is a list who i have and how i am getting on .

Lloyds tsb -2 loans both accepted for 6 months

Lloyds TSB overdraft -accepted for 6 months

Lloyds mastercard -not accepted say payment is to low

Northern rock loan -accepted to be reviewed in 12 months

MBNA mastercard -accepted to be reviewed in 12 months

My payments which i will be making with CCCS are just below half of the payments that i was paying to them so they all seem happy with that .

The Lloyds mastercard which has been rejected i will be paying them with CCCS £20 and it should be min payment of £130 so it is quite a bit lower .CCCS are sending them the £20 anyway i cannot give them any more so i am hoping they will accept .

I was told by CCCS that Lloyds fund CCCS so they are quite happy if you make your payments through them .I must say when i rang Lloyds to ask whether they were going to accept my reduced payments the man thought i was doing my own DMP when i mentioned that CCCS were doing it he was much more helpful.

Please do not take this as i am saying do not do your own DMP because many people are doing a great job of there own this is just my experience with Lloyds .

You see Carlos, now I think going via CCCS would be best! I am like a swingng pendulum and I'm getting weary!(not that i don't need the exercise tho - lol!)

My main reason for thinking about doing self administered DMP is so that i can choose to pay extra to anyone (ie Northern Rock) who try and threaten my home via b/ruptcy. Charging Orders I'm not too concerned with as I would just continue with the dmp payment and it would be removed when I have repaid the debt in full no? Obvioulsy I know that if i sold the house i would have to pay them out of equity.

But your post is making me think twice (only because it all seems rather promising ).

Can i ask how much your debts to Lloyds and N Rock are for? I would also be offering around 50 -60% of min payments (or contracted amount for the loans) so my hope is that they would be as accomodating towards me as they appear to have been to you. It's v interesting that Lloyds seemed more accomodating after you mentioned CCCS.

geoffmr1

Bigdi wrote: »

Hi Geoffmr1, if you go to Cabots website it looks as if we're in for a pleasant ride if we've been passed to them!

To be honest I don't really care about these DCA's anymore. As someone on another site pointed out why would a major company sell a debt for around a fifth of it's real worth if it had all been executed properly?? I've sent my CCA request to Goldfish today because I know Cabots are going to try it on & once you get that County Court Form everything can become too rushed!!

I'm already fighting HFC/Weightmans Solicitors because they want a charge put on my house. I requested a CCA & statement of account & they failed to produce either in the required time (actually they still haven't sent anything). I have put my defence in to court & I'm waiting for a reply but interestingly enough Weightmans contacted me to tell me they would drop the action if I paid £300 & agreed a monthly payment with them. This was a total change in attitude as until that point they had point blank refused to negotiate & kept telling me they would get the charge!! Something tells me they know they don't have the proper paperwork so I'll now let it go to court as I'm refusing to let these bullies win & the truth is I had been making regular payments so there was no need for any of this.

milliejon

rayday2 wrote: »

I would work with the actual balances, because you said the other companies do not realise that you pay more anyway, and continue the payments to the others that you agreed.

I run my own DMP so appreciate you need a system that you can keep in control - so I would add all the companies to it (whether or not you post out to the three that are happy is up to you!) As the other companies would suddenly wonder where they have disappeared and take it from there.

Thanks Rayday - you've been very helpful. It's interesting that PayPlan don't include the interest in these cases. I don't pay more (pro-rata) each month to these three - I'll just pay for longer because of the interest and I don't want to remove them form the statement list - as you say the others will notice they've gone. If I include the real amount I owe since they've added interest, this will skew the amounts I can pay the others (pro rata).

I've just been doing even more thinking about this, and I might try to work out if I'm at the point where I could pay the normal mimimum amounts each month and remove myself from the DMP. The only problem I can see with this if I was able to (other than affording it - lol) is that the two loans will show as being in arrears. However, at the moment on one of my debts not now on arrangement, their minimum requests is just over £40 per month but the pro-rata amount I pay is nearly £70 per month. There must be something I can do with this.

Forgive me - my mind is running away.....but I'll be back with more questions later I'm sure.

Thanks again for your help.