DMP Mutual Support Thread (Part Three)

Marru

Madrocks wrote: »

Hello im going to be sending my notifaction of debt plan letter from cccs to creditors this weekend, im struggling to what to put in the 'reasons' for not being able to meet my min payment, any suggestions would be appreciated?

I put change in circumstances (relationship break up)

Marru

rayday2

I put rising costs of living and over stretched oh and a baby!

rayday2

Marru - it is very early days and a bit of a game. What companies say now is again pushing their luck to see if they can get a bit more out of you. If you were to give in then you are saying that your income/expenditure is incorrect.

Stand firm and you will get there. Some companies don't accept but pass onto a DCA - this is a good thing in a way, most people are scared by the thought but say you owe a company 4k a DCA will buy that debt for maybe 2k or less so therefore they are more willing to accept smaller payments and later better settlement offers.

The bad things you hear about DCA are usually when people are trying to avoid paying which you are not. In fact I wish Lloyds (the only original creditors I deal with) would pass onto a DCA - I have an awful feeling one day they will push for a CCJ

geoffmr1

Marru, aren't you already on a DMP or am I thinking of someone else??

newlywed

Marru wrote: »

So my question is that how big percentage of the loan are your monthly payments to cccs/pp? Or was this woman merely trying to scare me?

Sorry not sure if I help much but I've worked out when each person gets their bit of the DMP payment, they each get approx 1.5% of the debt I owe to them. But at the moment while OH has work, I am able to pay almost half my wages into the DMP.

Not sure if they all look at it that way though - if they defaulted you and it went to Debt Collectors, it's quite likely they would accept less than the original creditor.

How many years is it likely to take on your DMP at the moment? I figured that if it took me 6 years to pay off, that's about the same as a loan anyway.

Marru

Hi,

I am trying a DIY DMP and at the moment I am paying token payments as I will only get the true tax credit amount in April when the new tax year starts and only then I am able to know how much I can afford but i have estimated it being somewhere between 100 and 150. If I paid 150 per month and there wouldn't be any more interest or penalties added it would take me 21 years to complete my DMP at that rate. What a cheerful thought!

Marru

rayday2

My DMP is a long one I worked it out for someone recently and then conveniently forgot the date!

To me its not important I think my debt decreases every month (which yours will when you get going properly) I am not adding to it anymore which I used to be! And I have savings which are growing month by month.

We all still eat, have clothes and even long weekends away (we never had holidays before anyway!) So our standard of living has in a way improved.

nomoneynomoney

Hi Marru
I don't think many people can afford to pay 1% of their debt each month. My original DMP was 90k and I paid £184 per month so that worked out a 0.2%.
They're just trying it on -only pay the what you can afford

Boltonbwfc

Just had to ring NPower up because they have refused Scots Power to start my new account up until I have paid their outstanding monies which I have tried to explain I cannot afford. They are wanting an incredible £242.00 a month (dual fuel) to pay for my current consumption whilst I am paying the arrears off in a combined direct debit. They have said that for current consumption for Electric is £116 and my curent consumption for Gas is £90 then arrears payment on top of this and until them arrears are paid off they will not allow me to switch suppliers. I have spoken to their customer service who refered me to the 1st step department who will contact me within 7 days. What she did say to was because I was not on a low income or on benefits I really did'nt qualify!! but she would still refer all the same!

I can't afford £242.00 a month currently and tried to explain this but they would'nt seperate the consumption and arrears!!! Where do I stand here! They have got me by the short and curlies! Any suggestions anyone? What a great start to the weekend!!!!:mad:

My arguement in the first place with the company was that I thought the consumption amount was extremely high. I have done my own meter test but what I have been told is that the meter reference number on your bill as to correspond to the meter and that sometimes this is noted when a new meter is installed thus you are receiving inaccurate amounts! I can't find the bloody meter reference number! Helllpppppp!

nomoneynomoney

sorry bolton I can't help you with that one.
Will you save a lot by switching?
Can you cut down on your consumption?
I know in the past that one of the suppliers wouldn't let me switch either - I just stayed with them until I sold up