DMP Mutual Support Thread (Part Three)

carlos700

You all know i am on a DMP which with the help and support of you all i feel much more calmer and positive since finding this thread its excellent thanks to you all .

There is just something that niggles me and makes me feel very worried
which i would like your advice on .I changed the morgage over to an interest only morgage i changed it about 12 months ago with all my unsecured debts we could not manage but now until my DMP ends which is about 8 years time i will be 40 then i cannot afford to go back to repayment.I feel soo bad about this i wondered if any else has done the same .

compulsivespender79

Hey, just checking in to say hi!

Want to promise everyone new that a DMP isn't all doom and gloom. Will be making my 3rd payment to CCCS tomorrow, and it seems to be doing ok. Of my now 4 debts (used to be 6, but I deferred my student loan, and am in dispute with Lowell, b*****ds), one (GE Money) has gone to CL Finance, and they've happily accepted the plan. The other three (loan, OD, CC) are all with RBS who have steadfastly refused to acknowledge the DMP, and are still happily piling on the interest and charges, but I really don't care, I'm just going to keep on paying them, and I'm sure they'll come round in the end!
One important thing I've learnt through all of this is to stop worrying. A DMP is a good thing, so let them threaten court action or whatever. At the end of the day we are not criminals, and a DMP will mostly always be viewed favourably if court action happens.

To Sunshine; I never used to have frequent haircuts or stuff like that, so having it in the budget is great. I might not necessarily spend what the budget says, but having that bit of extra cash is useful. If you don't want to put haircuts on the budget then you don't have to. But I'd say have have definitely found a sense of freedom since being on "the plan"!
As for why doesn't everyone do it? Well (not self-run) DMPs aren't suitable for everyone. I know with CCCS you have to have over 5K of debt with at least 3 creditors, and have at least £100 available a month after expenses. Also, I don't think DMPs are that well known. I know I struggled for a while before stumbling across CCCS, and that was only after reading about them here.

Welcome to our newbies!

Rayday; do you know where I might be able to find my number? I think I was given one when this thread was in its second home, and I want to add it to my sig!

CSx

rayday2

carlos700 wrote: »

You all know i am on a DMP which with the help and support of you all i feel much more calmer and positive since finding this thread its excellent thanks to you all .

There is just something that niggles me and makes me feel very worried
which i would like your advice on .I changed the morgage over to an interest only morgage i changed it about 12 months ago with all my unsecured debts we could not manage but now until my DMP ends which is about 8 years time i will be 40 then i cannot afford to go back to repayment.I feel soo bad about this i wondered if any else has done the same .

I am not sure if its possible it depends on how much money you pay to your creditors but you could switch back to repayment - obviously it would lower the amount left over to creditors but maybe give you peace of mind. And I would recommend you only approach your current lender if you have a good deal with them.

Its food for thought!

rayday2

compulsivespender79 wrote: »

Hey, just checking in to say hi!


Rayday; do you know where I might be able to find my number? I think I was given one when this thread was in its second home, and I want to add it to my sig!

CSx

http://forums.moneysavingexpert.com/showthread.html?t=729285

You are number 113 I believe - you know I have a memory of a goldfish - I add people and by the time I come back here half the time I have forgotten the number!

loopylu36

WhoopieDoodle wrote: »

Good morning folks. The sun is shining

Regarding Alliance and Leicester/MBNA - OH has just spoken to Payplan. If you do not have an Alliance and Leicester credit card then MBNA cannot help themselves to funds in your account with A&L!

Hurrah!!!!

Thanks Whoopie

facingit

Hi everyone, i have an appointment with payplan tomorrow for one of their team to ring me, if they take me on on a dmp will they be able to get it up and running straight away? Thanks.

Bigdi

Hi facingit. I suppose you can legitamely say to your creditors 'I have entered into a DMP with PP' as PP will issue you with an ID reference number. Not sure how you guage 'up and running'. I had my first call with a lovely man at the end of November but didn't make my first payment until Jan 31st. Don't know if that helps...........

cloudnine_2

carlos700 wrote: »

There is just something that niggles me and makes me feel very worried
which i would like your advice on .I changed the morgage over to an interest only morgage i changed it about 12 months ago with all my unsecured debts we could not manage but now until my DMP ends which is about 8 years time i will be 40 then i cannot afford to go back to repayment.I feel soo bad about this i wondered if any else has done the same .

Hi Carlos700. Me too. I have an interest only mortgage of £250K on a house valued at £250K. In many ways I'm just paying rent..but, theres always the chance that the equity will increase and therefore, even though I'm 54 years old and don't have too many mortgage paying years left, I will probably make some money when I sell. If I sell now and rent, then that wouldn't happen. Thats my theory anyway !!

loopylu36

Hello

Just a little update. HAd my first "phone call" this evening from Co-Op (cc debt) Chap I spoke with was remarkably pleasant and just asked me to make interim payment of £5 which i said I would post (didn't want them having my debit card details;) ). he said that was fine and he would put hold on account which would stop calls, and he would also "update system" to say that CCCS would be in touch shortly. So far so good - only about another 11 or so to go (DH spoke with Goldfish at w/e too and they were ok as well)

HOw are paymets to creditors worked out? MY payment to CCCS is about 60% of total minimum cc payments and loan repayments. Does this mean each creditor gets 60%? From a conversation i had with them i don;t think it works like that? He said that as NR as my biggest creditor they would get the most money, but I worked out that they are responsible for 33% of my overall debt, but if they then got 33% of my DMP payment it would be about £450 and the current loan repayment is only £280

So glad Whoopie finally cleared up the A&L/MBNA thing too - thanks Whoopie:D

Dski

Hi All,
New to this posting game but have been lurking for quite some time !
Have a lot of unsecured debt that has reared it's ugly head halfway through my maternity leave i.e. not getting paid anywhere near enough to cover my outgoings and had to come clean or was heading for a heart attack.. No one knew I had so much of it, not even OH.
Spoke to CCCS after weeks of nail biting and a couple of missed payments and agreed to send token payments until I broke news to OH. He was great when I told him just a little peeved that I didnt mention it before I planned to leave work for 9 months ! We did some sums and worked out that he could afford to cover £250 per month to offer creditors ( 5 of them) until I return to work without leaving us penniless. Spoke to CCCS and said DMP was a goer with this additional sum and all set to start 1st April made first payment last week.
However already had a refusal from Natwest loan ( 2 days after CCCS made contact!!! How efficient are they ?) and am getting several calls a day from an automated barclaycard message ... Should I expect the worst ???
Sorry for long post everyone, but feels good to get a bit off chest as only OH and I know the real story family and friends in the dark totally ...
BTW we do not own home , but rent from family.