DMP Mutual Support Thread (Part Three)

itsnowtime

Going to court isn't as scary as it may seem. I had my first experience the other week and I was really scared, however it was worth it.

Going in person shows that you are committed to reducing your debt, that you want what is fair for you and normally if the creditor doesn't show (which is often the case but I can't guarantee it) then it is likely to go in your favour.

By attending court, I managed to get the correct outstanding balance applied along with the collection charges removed - which would have added an additional 1000 to my debt - so it's definitely worth it!

Good luck

lisa-r_4

Hi everyone,

Can I join your group please?

I'm currently awaiting a telephone appointment with CCCS which isn't until the end of the month, and will hopefully be able to go on a DMP, as I don't want to go insolvent. When I look at my income though, the least I ever earn from being self-employed is £1000 per month, so should I base my surplus income on that figure? Going by that amount my surplus is only around £310 per month you see so i'm now worrying it won't be enough to qualify? To my shame, my debts are around £65k.

TakeittotheLimit.

You will have enough disposable income with £310 a month to start a DMP.

lisa-r_4

Ah, will I? I was worried they might tell me an IVA/bankruptcy was my only option. I've just totalled everything up again and found that my debts are over £70k. I'm in shock.

Another thing i'm worried about is whether i'll still be able to keep a credit card for business purposes? (The main reason i'm fretting over that is because I have a PayPal card, and am worried they might close my PayPal account if I include it in a DMP.) And also I have 2 catalogue accounts which my friends and family use and I gain commision from, but that I don't owe money to. Will I still be able to keep those does anyone know?

Tigert

Hi Lisa-r

I think the general rule is that if you have £100 surplus income, then that is enough to start a DMP.

It is shocking when you discover your debts. Mine are similar to yours and I honestly had no idea they were that high. You've done the right thing though taking the first steps to sort it out.

As I understand it, the rule on a DMP is "no more credit", therefore I'm guessing that the catalogue accounts are off limits. If you don't owe them anything, then there is no reason why you can't keep them, but you shouldn't spend on them. Mine had an outstanding balance so it was included in my DMP and instantly suspended, but they were one of the first to accept my DMP.

I don't know how the Paypal Card works I'm afraid so I can't comment on that.

Hope things go well for you.

Jvic28

Tigert wrote: »

I don't know how the Paypal Card works I'm afraid so I can't comment on that.

Hope things go well for you.

From what I can gather tha paypal card is like any other credit card. They are yet to come up with a debit card in the Uk. Therefore this would have to be included in the DMP if it has an outstanding balance. You will have to be very clear with CCCS about your incomings and outgoings and they will wonder where the extra money is going if your making payments to a credit card that you have not told them about.

Personally I cannot see the problem with keeping the catalogue accounts open if your relatives are paying off the balances in full, however CCCS may look at that differently as they do state that you are to obtain no further credit and you will sign a declaration to confirm that. It's worth talking to them about it though.

lisa-r_4

Thanks Tigert - it REALLY is a shock isn't it?! When I totalled everything up properly I assumed my calculator was broken, until I keyed in the same totals on 2 different calculators AND my PC, in the hope that one of them might come up with a lesser total! It wouldn't be so bad if i'd actually spent the amount I owed and had something to show for it, but it seems to me that most of it is due to the exuberant interest charges accrued over the years! I'm so ashamed, I really am. Can't believe I left it so long to seek help.

I'll ask CCCS about the catalogues then thanks. I suppose it doesn't matter if I lose them really - I could even have my partner take one out in his name instead for that matter. Or does a DMP have a detrimental effect on other members of my households' credit worthiness I hope not?!

With my PayPal credit card, i'm worried because I have a PayPal account, which I use for my customers orders online. I'm not sure if they would/could, but I fear they might close my business account (not the cc) if I include it with my DMP. The card is backed by GE Capital. I'd love to phone PayPal and ask them, but there's no way of doing it anonymously unfortunately.

Marru

HI,

I also have a PayPal account that I need for my business. What I did was that I opened a A&L current account (with no overdraft) and got a Visa delta card with it which I use as a back up card for my PayPal account.

Marru

lisa-r_4

Thanks Marru - so do you have a PayPal credit card too then? I'm probably being silly, but I was just worried that if I include it in my DMP PayPal (as in my payment processor) might close my account. I applied for a Lloyds current account today, so fingers crossed i'll be accepted for that.

Sorry for all the questions guys - I can't tell you how grateful I am to you all for your help during this emotional rollercoaster of a time!

Marru

Sorry - no, don't have their cc, that does make it a bit trickier.