DMP Mutual Support Thread (Part Three)

gotitspendit

Hi

I've been a lurker for a while and from reading this site i have decided to take charge and I'm currently waiting for welcome pack for DMP, but am considering full and final settlements instead, after reading about them on this board. I own two houses and would need to re-mortgage both of these to do it and it would then be dependent on creditors accepting 30 - 50% of total debt. I know the "don't secure unsecured debt" rule, but I have truly had my lightbulb moment and never even want to even own another credit card (no not even for emergencies!) much less spend on one!

Are there are any dedicated advisers who can assist with this? Do CCCS help with this - do they have lenders that they recommend you approach with this in mind? Credit rating is ok, but taken a little bit of a battering lately due to applying for 0% cards and loans and getting turned down - but probably only 2-3 applications in last 6 months.

Any advice gratefully received.

WhoopieDoodle

Hello everyone. Hope you are okay?

I wrote a very nice letter to Nat West last week, asking them if they could please freeze interest on the account.

I had a nice letter from them today in response.

They said ...............



No!

looby75

Hi everyone

Just a quick question to those of you who have been on a DMP for over a year.

I've been on my DMP since dec06 but it was about March/April 07 when everything really started to settle down and the phone calls stopped. Everything has been going smoothly, I've had one review of my finances (I'm with cccs) and it was agreed that I can't afford to pay any extra yet. Problem is the phonecalls and letter are starting again. So far I've had letters from Halifax and a few calls from Egg and they seem not to believe me when I say I am not in a position to up my payments to them. I've contacted the CCCS who have resent my SOA to all my creditors but I've had another call today from Egg.

I was just wondering if the fact it's a year since they first accepted the reduced payments that has triggered the calls or if because of the "credit crunch" they are pushing harder and I'm going to start getting hassle from all the creditors again.

Alisonbel

Help, I've been on a DMP for about 17mths had a review recently and mentioned a debt which wasn't added to DMP when I took it out, other posters had said they added debts to DMP. I used this CC again out of desperation at Christmas. CCCS are now threatening to close DMP as I breached their rules. I don't know if I should take over doing DMP myself as a few of our creditors have started adding interest etc anyway.I could cry it just seems to be one thing after another at the moment. I feel really stupid for bringing it up. Sorry waffling now. Any advice welcome.

Alisonbel

Hi Looby we are having the same with Halifax, they only put arrangements in place for a year. I don't think they understand that if they keep adding interest and late payment charges the debt will never get paid off.

carlos700

Just an update on my DMP

Northern Rock loans have accepted reduced payments for 12 months .What happens after 12 months if my situation hasnt changed ? They did say that they would expect me to pay more in 12 months .

LLoyds TSB - 2 loans + my overdraft have accepted reduced payments ( not sure for how long , i was told over the phone they said i will get it in writing in the next few days )

Lloyds tsb credit card have rejected payments they say they want more money .CCCS say not to worry they will just send payments anyway .I am concerned about this what do you think will happen will they just keep adding interest on ? I am worried if am do not pay them what they want i will get deeper in debt .

MBNA -We have not heard back from these yet .

rayday2

You could write a letter of complaint to Lloyds and say they are being inconsistant as another of their departments has accepted payments and froze interest and you would appreciate them doing the same.

Eventually they will accept payments - I am suprised actually I was the other way round credit cards accepted within a couple of months and it took me 9 months to get the overdraft accepted!

rayday2

Alisonbel wrote: »

Help, I've been on a DMP for about 17mths had a review recently and mentioned a debt which wasn't added to DMP when I took it out, other posters had said they added debts to DMP. I used this CC again out of desperation at Christmas. CCCS are now threatening to close DMP as I breached their rules. I don't know if I should take over doing DMP myself as a few of our creditors have started adding interest etc anyway.I could cry it just seems to be one thing after another at the moment. I feel really stupid for bringing it up. Sorry waffling now. Any advice welcome.

You say they have threatened to take it away, are they refusing to deal with you now or do you think they are just trying to get the importance accross of no more new credit?

If you are not sure you definately need to ring them and ask them if they are going to carry on representing you, if not you need them to send you all the paperwork and is it CCCS that you can go online and print statments off with? (sorry I don't know I do my own DMP but people in here have taken accounts away from CCCS or Payplan and I am confused as to what you can do with each of them!)

10past6

Miggie wrote: »

I have a loan with Marks and Spencer (part of HSBC) for 13,000 and have repaid approx 700. I told them I was entering a dmp and they said the figure I needed to give Payplan was 18667.32, which is the whole of the loan plus interest.Can they do this? Miggie

Hi Miggie

Any creditor can demand the balance or any amount of it, however, if you don't have the funds to pay, then they can't have it, simple as that.

As you are entering into a DMP, it's clear you don't have the funds, therefore, make token payments until your DMP is set up and running, and try and ride the storm re any phone calls and letters.

rayday2

Some companies do put interest on loans on all at the beginning it is something you will be able to find in the terms when you signed the agreement. Not a lot you can do I am afraid.

But don't worry about them wanting the whole amount in one go as 10past6 has said they will be offered a bit and thats what they will have to take!