DMP Mutual Support Thread (Part Three)

shinyhead

Hi all,
I've been looking through the threads for a few weeks now and what has struck me is that there seems to be no real logic as to whether creditors accept DMP payments or not. Since my DMP started I've not heard a peep out of most yet amongst them are ones that hound others and sell on to DCAs.
Anyone any ideas? I basically wonder if they each have their own policy on how low a reduced payment is allowed but even then that doesn't add up.

loopylu36

shinyhead wrote: »

Hi all,
I've been looking through the threads for a few weeks now and what has struck me is that there seems to be no real logic as to whether creditors accept DMP payments or not. Since my DMP started I've not heard a peep out of most yet amongst them are ones that hound others and sell on to DCAs.
Anyone any ideas? I basically wonder if they each have their own policy on how low a reduced payment is allowed but even then that doesn't add up.

I agree, there doesn't appear to be any consistency with creditors and no rhyme or reason as to when they accept and when they don't. Although Lloyds do seem quite consistent in rejecting most DMP's - even tho they refer people in difficulty to CCCS or Payplan :rolleyes:

I know MBNA have a dreadful reputation but like I said, they have accepted my DMP without a word. NR on the other hand are being v difficult, but I think the people who have had their DMP's accepted by NR have been very lucky as they do seem to reject most.

Initially I thought that the more you were offering to pay the more chance there was of them accepting, but it doesn't seem to be so. Maybe perversley, the lower the amount the more chance there is as maybe they then think that you are REALLY in trouble, rather than just "trying it on".

I think the short answer is "who knows"?

shinyhead

Thanks LL, I think who knows is about right but it is something I'll be keeping an eye on. Now I'm intrigued!!

10past6

Hi folks

For anyone who's having difficulties with a creditor accepting an appointed DMP company, i.e CCCS, National Debtline, Payplan etc, etc, my advice is this:

Obtain the name of the CEO / MD for the company you are dealing with (Google is your friend)

Write to that person, informing them they are in breach of the OFT guidelines:

2.8 Examples of unfair practies:

C: Refusing to deal with appointed third parties, such as CAB, Independant Advice Centres, Money Advisers.

Contacting debtors directly, and by passing their appointed representatives, i.e CCCS, National Debtline, CAB, Payplan, etc, etc.

If your debt has been passed on / sold on, and you are contacted by a new DCA company without being informed, again, obtain the name for the CEO / MD of the previous Financial Company you were dealing with, write to them, informing them they are in breach of OFT guidelines:

2.6 Examples of unfair practices:

E: Not informing the debtor when their case has been passed onto a different debt collector.

Make sure you send your letters recorded delivery, when you write, inform them if no reply is received within 7 working days, you will raise a complaint with the OFT.

shinyhead

Thanks 10P6 some useful info there.

jenevieve

Hi all, hope everyone is having a relaxing Sunday afternoon.

I have decided that I am going to go for it and phone the CCCS on Tuesday afternoon as I am on a half day and will be able to do it without fear of my housemate coming home.
I have just applied for a basic bank account with Citibank to get the ball rolling and am reading through the DMP support thread from the original post to give me courage and motivation.

Thank you to all of you for your support and advice over the past few days; it has been invaluable to me as you guys are the only ones who know about my dire straits.

I am nervous (am sure that will get worse) but feel kind of dynamic about finally facing things head on.

I only hope I don't get too many evil letters......

Tigert

Hi Jenevieve,

well done for taking the plunge. Don't worry about the letters too much. they're only bits of paper and most will be computer generated. Just make sure you keep on top of them so that you know the current state of play.

The letters are the worst bit, but everyone says they'll tale off after about 3 months. I'm looking forward to that myself! I still dread opening the post everyday but it does get easier trust me.

Hope it goes well for you.

10past6

jenevieve wrote: »

I only hope I don't get too many evil letters......

When they arrive, as they will do, it's important to remind yourself, there system generated, not personal to you.

jenevieve

I'm a bit worried that I may not get accepted for a DMP; would they turn me down? I am making all my mimimum payments but for the last few months have lived on cash withdrawn on my credit cards. Although, I am sure that bad budgeting on my behalf contributes to this.

Here is my monthly I&O:

Income - 1825

Outgoings
Rent(inclusive of all bills except phone) 450
Mobile 31
Contact lens plan 11
Car insurance 14
Gym (due to expire Aug & won't be renewing) 35
Food 130
Toiletries 30
Petrol 60

Total: 761

Debts & monthly minimum payments (total debt 54K)
NR loan 346
MBNA CC 180
Barclaycard CC 145
A&L CC 55
RBS 50
Next catalogue 60
Littlewoods catalogue 30

Total 866

Overall total 1627

Should leave me approx 195 to put towards birthdays/Xmas/car tax/entertainment/going out/clothes & everything else.

Even if I manage to live within my means, I am still not reducing my debt by much by paying the minimum payments.
Am I being realistic? I have convinced myself a DMP is the sensible choice but I am too well-off? In reading the thread when it first started, I see some people are paying much less monthly than I probably could. I wonder will CCCS not accept me? I just don't think I will get anywhere without a DMP freezing interest.

What do you think?

TakeittotheLimit.

Have you not tried using the debt remedy on CCCS website?
Fill it in and it will tell you straight away if you can go on DMP.