DMP Mutual Support Thread (Part Three)

dinx1972

Need a pic me up. I know we are doing the right thing being on a DMP, know we are plowing through our debts and more importantly not getting into any more debt - but it's getting me down the constant penny pinching and watching what I spend and justifying everything inside my head.

Came of my anti-depressants of my own accord in January after being on them for 9 months and up til now have been coping fine, but today .

Things need doing in the house, ie toilets leaking, need new fence in back garden to keep kids in :rolleyes: , tele broke down at christmas and are watching portable, but when DH does overtime non of the money seems to go onto paying off debt it just oozes out of the bank , and to top it all I now think have been overpaid on Tax Credits and will have to pay a load back:eek: , oh and mortgage has just gone up after coming off a fixed rate.

Moan over, going to check on my ebay items now to see if they are selling.

lostalot

Morning all, just got my self in a right state sorting out paperwork to send to CCCS. I had everything ready but was having trouble finding the right address for creditors. So i phoned CCCS but there system was down, to ask if the addresses i had would be ok. I said i had signed DMP agreement and had wages slips and latest starements from most creditors when the lady said dont forget to send creditors list behind the yellow sheet. Guess what i hadnt filled that in but had written addresses on each bill i had. . Got in a right state as i have to go to work now and wanted to mail it all this morning as i wont be able to later. they need the paperwork by friday so getting a bit worried now. Anyway finished moaning now , gonna be late for work at this rate. I need a chill pill lol Bye for now

rayday2

Bless you do sound really stressed but definately enthusiastic!

Hope your day calms down for you

andytwonames

We've been bumping along the bottom for years and so have attracted a lot of bank charges.

I'm considering claiming them back but I'm not sure how this will affect the DMP. i.e. will Lloyds sulk and refuse to accept the dmp?

Maybe get the plan under way and settled - then do the reclaiming mullarkey.

What have others done?

rayday2

I have not done it because I was a muppet who took money off her credit card to keep the overdraft clear.

But those who have the only down side has been when or if they win it gets paid into what they owe rather than cash in your hands.

tishywish

I had an offer of reduced payments from one of my creditors on Saturday but I don't think it would help much so after a lot of thinking and going round in circles I decided the DMP is my best bet.

I'm about to send off my forms etc to Payplan. I've spent the weekend rounding up the most recent statements and putting in correct figures for what I owe - that was scary :eek: My first payment to PP won't be until late May so I assume I should send token payments to all my creditors now? Can someone point me in the right direction of standard letters to accompany payments? Thanks

rayday2

This is a letter taken from the national debtline website which I tweaked a little. Maybe someone who has dealt with CCCS could help better as I think there pack has a template letter.

The Loan Company
Company House,
Church Street,
Newtown,
Kent,
R1 7HG

Dear Sir/Madam

Re Account No/Reference No:- **********

Since making that above agreement with you, our circumstances have changed.

We cannot now afford to agreed monthly payments because ... [your paragraph added here]

In view of our circumstances, would you please accept a token payment at present while we contact Payplan for further advice. If interest or other charges are being added to the account, we would be grateful if you would freeze these so our debt does not increase.

Should my circumstances improve we will contact you again.

Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully

Mr A N Other

compulsivespender79

Hi all,

I have two questions. Firstly, have a look at this link;

http://www.mycashplus.co.uk/about-cashplus-prepaid-cards/creditbuilder.aspx

. . . and tell me do you think it's worth it?

Secondly, if it is worth it, will the £59.40 "loan" count as credit if you're on a DMP? Reading back that question I'm sure I can answer it myself, but I just wanted to double check!

Thank you,

CSx

Addendum: Just want to point out that Martin had talked about this in his weekly email, as a last resort for those with terrible credit histories. Just wanted to get some feedback from a DMP point of view!

Tigert

Not sure about the cashplus creditbuilder counting as credit on your DMP. I doubt it as it's just the same as the monthly fee + I doubt it would show up as I don't believe there is any credit check involved.

That's just me opinion though.

Although I have a cashplus card (and use it all the time) I don't do the creditbuilder part as at the moment for me there is really no point

rayday2

OK don't know much about this so thinking from a common sense kind of angle.

If it does indeed work at repairing your credit history then it has to be credit because in order to help repair a history it has to appear on one.

So if you are with Payplan or CCCS then it is against the terms you sign up with.

Also I do wonder how effective it would be at the beginning of a DMP you get one thing paid off and say 4 defaults. I think personally it is something to think about nearing the end of your DMP when your defaults are a few years behind you.

I paid off one of my creditors and it shows up as settled but did nowt to get a higher number on my credit history.

Also it would have to come out your housekeeping budget so you could be taking £5 off you that you could need in early days.

Oh dear I sound all doom and gloom! Sorry! Definately think its worth considering nearing the end of a DMP term.