DMP Mutual Support Thread (Part Three)

Dr_Jekyll · 7 March 2008 at 5:03PM

Chelsea have verbally confirmed an advance so we can offer creditors a cash settlement. I am going to offer 25% to each creditor having soon paid off the largest who are MBNA with part of the Chelsea money. If 25% not accepted will increase the offer and will go on from there. I am hoping to get rid of the credit card debt and have it all on the mortgage. That will be extended so givng me more time to pay it off from shares that I have. Funny how things turn out as this plan of action was not in my mind last week and was put there by Payplan.

WhoopieDoodle · 7 March 2008 at 5:20PM

Hello everybody. Would it be possible for me to join the group please?

We are only a couple of months into our DMP - it's a bit of a nightmare at the moment with the constant telephone calls, letters, ever increasing interest and charges but WE WILL NOT BE DEFEATED!

We aim to be DF in 5 years but the interest may hinder this. Do the creditors finally stop adding it?

Pay Plan are acting on our behalf, and I write letters too. I've just written one to Nat West today, asking them to please freeze the interest and the fee each month. I feel like I'm on a hamster wheel at the moment, getting nowhere with this issue!

Anyway, enough of my rambling. I hope I can come onboard with you guys.

I'm going to try and read through all the posts :0)

sam89 · 7 March 2008 at 5:27PM

Hi Whoopie,

We're with Payplan too and it was really depressing how much the debt increased in the first few months but eventually eveyone agreed to the DMP and the total IS now coming down.

You are at the worst point of the process just now and it does get better...promise

Edit: meant to say, are you using the letter templates on justabank website? They make it really easy.

rayday2 · 7 March 2008 at 5:30PM

WhoopieDoodle wrote: »

Hello everybody. Would it be possible for me to join the group please?

Added! Number 147 I believe!

rayday2 · 7 March 2008 at 5:34PM

Bigdi wrote: »

Oh dear, I'm a bit worried now. Can anyone get issued with a Statutory demand, even if they are in a DMP which appears to be running smoothly? Wondering if I will be forever 'looking over my shoulder'? I've read some stuff about bankruptcy/statutory demands and trying to ascertain whether you can be made to sell the house if the debts are only in one persons name. Can't imagine my hubby (debt free) would sell he his share of the equity. Probably just having a wobbly..............

I honestly have not come accross anyone on here who has been forced to sell their home. I only know a couple who in the end decided to down size or rent.

What I have seen and this is totally worst case (- most of us just pay each month and thats the end of it! ) is that some companies go for a CCJ, then an even smaller number may go for a charging order - and an even smaller number of those succesfully get one. Most end up with a CCJ and the judge decides to rubber stamp the payment they are already paying.

Even if they did get a charging order it only effects you if you sell and there is still some of that debt outstanding.

But please try to put it into context most of us are happily on a DMP with no hassles its just when its quiet they don't come on here because its all going ok!

WhoopieDoodle · 7 March 2008 at 5:44PM

rayday 2, thank you! Number 147. And a number that is pleasant, not a debt! (slowly going off figures) ;-)

sam89, yes I am using the template letters with some adjusting, thank you.

It's such a rollercoaster of emotions really and I was getting REALLY stressed out, so much so I was beginning to feel ill. Then I thought, no way I'm going to make myself poorly over this. So instead, I will fight!

It's the blinkin' interest - it's rocketing at the moment and is disheartening. It makes no sense to me. We want to pay the debts off, so why do they increase it, therefore making it harder for us?

I'm glad I'm onboard. I found this website a couple of months ago and it has been the best medicine and such a stress reliever.

Thank you :0)

Janey51 · 7 March 2008 at 6:01PM

We had good news today as Goldfish have accepted our DMP offer for another year on both DH's and my own cards.Also agreed to carry on not applying interest or charges.

Bigdi · 7 March 2008 at 6:02PM

Thanks Rayday! I appreciate you replying. I am with Payplan and all seems well at the moment even though I have just started on the long and winding road (2 payments in). Nobody phones and nobody writes! As of yesterday, out of 12 creditors only 3 hadn't confirmed that they would accept the offers HSBC, Citi & Goldfish. MBNA sent me a letter last week saying they wouldn't take reduced payments but I have received my statement from them with no interest added for last month and none estimated for next month. That's a result anyway!

rayday2 · 7 March 2008 at 6:09PM

Maybe its because it is going so well that it feels too good! I was like that with my remortgage but sometimes in life we are entitled to a bit of an easier than we expect ride!

Bigdi · 7 March 2008 at 6:14PM

Too right! When I think of the worry I have put myself through, borrowing 'Peter to pay Paul' for years and years, I can't quite believe I've got a normal life. I used to dread checking my bank account now I check it every day & it's always in credit! Even hubby is happy because he know's exactly what he's got to spend (which is more than he's had for the last 10 years). DMP's should be shouted from the rooftop along with this site!