DMP Mutual Support Thread (Part Three)

mummy2jake

hi everyone, i did the whole cccs thing online yesterday and then spoke to one of the advisors, a dmp was the recommended option and seems the most sensible. the information should be with me soon but until its all sorted what should i do regarding two credit cards i have with arrears on. MBNA rang me today as i have arrears of £85 with them and next months payment is nearly due. i told them that i have decided to do a dmp with cccs and they said this does not change the fact that i have arrears and that the arrears still need to be paid off. is this true?

nomoneynomoney

mummy2jake wrote: »

hi everyone, i did the whole cccs thing online yesterday and then spoke to one of the advisors, a dmp was the recommended option and seems the most sensible. the information should be with me soon but until its all sorted what should i do regarding two credit cards i have with arrears on. MBNA rang me today as i have arrears of £85 with them and next months payment is nearly due. i told them that i have decided to do a dmp with cccs and they said this does not change the fact that i have arrears and that the arrears still need to be paid off. is this true?

well you do have arrears and yes they need to be paid but they will be paid via your DMP along with all your other debts - so forget about the phone call and wait for your CCCS stuff to come through. When you get your pack from CCCS there should be a letter in there that you can photocopy and send to all your creditors explaining your situation - I sent a token payment of £5 per creditor when mine was first set up. This covers the period until the DMP kicks in. You may get some phone calls or letters chasing up payments but post on here or contact CCCS if you get anything you are concerned about. DO NOT talk to them on the phone. If you start getting harrassed with phone calls then there are some excellent letters around telling them to bog off. You will be absolutely fine -

mummy2jake

that puts my mind at ease, what i was trying to say was that they wanted me to pay off the arrears before my dmp starts, i understand that they still need to be paid.
how long does it take for the cccs stuf to come through?

nomoneynomoney

mummy2jake wrote: »

that puts my mind at ease, what i was trying to say was that they wanted me to pay off the arrears before my dmp starts, i understand that they still need to be paid.
how long does it take for the cccs stuf to come through?

The CCCS stuff should come through in a couple of days but getting on a dmp may take a few weeks because they are very busy. Sorry I thought you had already been accepted on a DMP but still send the creditors the letter with a token payment. Without knowing your situation I would imagine if you could afford to pay off your arrears then you wouldn't be in this situation - once you start the DMP then your credit rating will be very poor and you will probably get defaults registered on your credit file - it will be very difficult o get credit for at least 6 years. I'm sure you know all this already.

mummy2jake

with regards my credit file i'm pretty sure i'm going to struggle to get credit anyway as a result of numerous defaults and late payments. the only thing that really worries me about not being able to get credit is when my fixed rate ends in september, i'm under the impression that mortgage companies won't really want to know. asides from the mortgage i think the idea of not being able to obtain credit for 6 years sounds like the best thing for me, i'm hoping that i might have grown up a it and got a bit more self control by the time i can next get credit.

nomoneynomoney

I know doing a DMP was the best thing for me -I'm not sure about mortgage companies and how it would affect you though.I'm sure other people ill know about that. Good luck wih it all

lindsey101uk

Evening all.

I knew that this was not going to an easy journey getting everything sorted for my DMP, I didnt quite expect the last week.......

I knew that last week had been far too quite (esp as that was when I wasnt paying my two loans). HSBC have oh so lovingly given me a overdraft (at a charge and percentage of course) to take their loan payment last week. And then Lloyds have given me a unplanned overdraft (which is resulting in about £300 worth of charges a month by my calculations + the £300 they took for their loan payment).

What got to me more was I was quite disappointed in myself for not paying my Lloyds loan as they had tried to help me last year when I was consolidating three store cards and a credit card. And up until the letter landed on my doorstep I had felt guilty about invalidating the contract I had with them.

NO MORE! Stupid me really for thinking that they had any intentions of actually helping me in the first place!

Its just a shame, before I commited to the DMP I phoned so many advice lines, but I wanted to pay everything back. I went against the CCCS advice on going bankrupt and went with Payplan instead.

I hate the fact that I am questioning this decision now.

In all Payplan have been great, they have dealt with everything I've thrown at them, but I never discussed bankruptcy with them because I didnt feel it was an option.

Think I may need to go and make a new thread about this.

Guess I have a lot of thinking tonight.

But it had been going really well! lol I hate posting just the negative things that happen.
So on the good side of it, Creditors seem to be dealing with Payplan quite happily, Havent heard from my other two creditors yet (Halfiax cashed token payment but I havent heard anything yet from them, and IKANO probably dont really care at the moment as they got more than minium payment this month anyway with the £5 that I gave them lol).

Its strange having money in my account that I can actually use - but I'm scared to and its quite nice basquing in the knowledge that that money is actually mine and I can use it if I need to! Its a very strange realisation that I am allowed that money!

Hope everyone has a nice relaxing evening. I have another 45monutes till its home time!

Lindsey :beer:

CCCS_Sarah

mummy2jake wrote: »

with regards my credit file i'm pretty sure i'm going to struggle to get credit anyway as a result of numerous defaults and late payments. the only thing that really worries me about not being able to get credit is when my fixed rate ends in september, i'm under the impression that mortgage companies won't really want to know. asides from the mortgage i think the idea of not being able to obtain credit for 6 years sounds like the best thing for me, i'm hoping that i might have grown up a it and got a bit more self control by the time i can next get credit.

Hi mummy2jake,

Just been reading your posts. There is always going to be companies out there that will give you credit, it maybe just a higher APR because you would be classed as a higher risk. If you contact the CCCS closer to the time there is a broker we can refer you through to and they will be able to search the market for the best deal for you.

Good Luck with you DMP and if there is anything I can help you with give me a shout

Sarah

CCCS_Sarah

lindsey101uk wrote: »

Evening all.

I knew that this was not going to an easy journey getting everything sorted for my DMP, I didnt quite expect the last week.......

I knew that last week had been far too quite (esp as that was when I wasnt paying my two loans). HSBC have oh so lovingly given me a overdraft (at a charge and percentage of course) to take their loan payment last week. And then Lloyds have given me a unplanned overdraft (which is resulting in about £300 worth of charges a month by my calculations + the £300 they took for their loan payment).

What got to me more was I was quite disappointed in myself for not paying my Lloyds loan as they had tried to help me last year when I was consolidating three store cards and a credit card. And up until the letter landed on my doorstep I had felt guilty about invalidating the contract I had with them.

NO MORE! Stupid me really for thinking that they had any intentions of actually helping me in the first place!

Its just a shame, before I commited to the DMP I phoned so many advice lines, but I wanted to pay everything back. I went against the CCCS advice on going bankrupt and went with Payplan instead.

I hate the fact that I am questioning this decision now.

In all Payplan have been great, they have dealt with everything I've thrown at them, but I never discussed bankruptcy with them because I didnt feel it was an option.

Think I may need to go and make a new thread about this.

Guess I have a lot of thinking tonight.

But it had been going really well! lol I hate posting just the negative things that happen.
So on the good side of it, Creditors seem to be dealing with Payplan quite happily, Havent heard from my other two creditors yet (Halfiax cashed token payment but I havent heard anything yet from them, and IKANO probably dont really care at the moment as they got more than minium payment this month anyway with the £5 that I gave them lol).

Its strange having money in my account that I can actually use - but I'm scared to and its quite nice basquing in the knowledge that that money is actually mine and I can use it if I need to! Its a very strange realisation that I am allowed that money!

Hope everyone has a nice relaxing evening. I have another 45monutes till its home time!

Lindsey :beer:

Hi Lindsey,

It’s never too late to change your mind. I would recommend you speak to payplan and get them to talk through all your options if you are having second thoughs. Obviously I don’t know your full situation, but just because you are on a DMP you are not stuck in a contract.

If you need to ask any questions feel free to ask or if you are thinking of Bankrupcy – maybe re post this on the Bankruptcy sub board to speak to people that have been in similar situations as your own.

Good Luck with whatever route you choose.

10past6

rayday2 wrote: »

make a formal complaint they have to take you seriously because you are putting the account into dispute!

Hi rayday

May I just confirm please, am I putting my a/c into dispute because I'm making a formal complaint?

That OFT website does take some understanding, I'm sure I'll get my head round it