Advice on DMP

Mumof3Ls

Could i please ask how long you expect to have your dmp for. Ive been told about 6 years for mine

rayday2

I think last time I worked it out about 12 years!

But hoping to chisel away at it before then.

xgingerx

Hi Raday, mines like 10 yrs at present, but worked out if I could stick with my payments to CCCS and secretly bank some extra each month I worked out I could in theory be able to have after 5 years , half my debt left to pay and enough in saving to make some sensible full and final settlement, bearing in mind my defaults went on last year so will be off at the around another 5 year mark anyway. Worth a try anyway.

rayday2

Thats all very nice Ginger - but my plan is to win millions on the lottery lol then I buy an island with no address lol

I keep overpaying (remembering I do my own!) lower amounts and getting rid of the smallest ones. I did have 10 creditors and am now down to 7 so getting there but there will be some biggies left and I will need to do your idea as three of them are with the same creditor so cannot overpay one without the other.

hillbilly5

Just wanted to let you know that due to a change in our circumstances we were unable to meet all our credit payments in January this year. I immediately contacted cccs via their website and they gave the option of dmp or iva. We opted for dmp. We got the pack through within days, I returned it immediately and we started the dmp on 1st march. It has been a huge relief to have to make only 1 payment and for someone else to be dealing with our creditors. They all accepted the £1 token payment until the dmp was set up. We have heard from most of our creditors that they have accepted the dmp payments but are stillwaiting to hear from one or two. We have had a couple of defaults, but to be honest I can't worry about our credit rating and we wouldn't EVER want to get credit again!

Worst bit is dealing with the creditors on thephone. When we realised that we couldn't make our payments, I immediately sent the template letter from cccs. Eventually, we began to get phone calls. I told them that we were signing up for a dmp and all were fine except Goldfish who tried to get us to sign up for a consolidation loan. To be honest, I now don't answer the phone to 0870/0844/0845/number unavailable as I know its creditors (we have caller display luckily) and cccs said that they can put in writing anything that they want to say over the phone anyway.

I cannot describe to you the huge relief that contacting cccs has brought us! They have been fantastic - great online service but always someone at the end of the phone to help too.

Best bit is that we should be debt free in about 7 years (dependent on creditors stopping charges and interest which we arestill working on!) But good to know that we are tackling our debts after spending so long on minimum payments only and not making any difference at all.

Hope all goes well!

Mumof3Ls

Even though im having to result to an dmp i have tried to get out of debt on my own by looking for a job which i would love but because we claim housing benefit and child tax credit what ever i earned that amount would be deducted from my benefits. e.g earn £200 a week £200 a week taken off benefits (where is the logic in that can anyone tell me)

Also rang child benefit office to get my benefit weekly rather than monthly so i could sort out my budget a bit better thay said no because im not on income support.

Oh and my husband went for an interview to train to become a home inspector with a huge hike in wages when qulified. He did get through but the only thing stopping him is £8500 to train. We could apply for a loan but with our credit history now we would have been turned down.

So we have tried different avenues but just hit a BRICK WALL everytime.

kel123_2

Hi jue3107

We were in exactly the same situation as you 2 years ago. My company closed with personal debts. having no salary myself all we had was my wifes. We were told that we needed at least £150 per month to start a DMP. By the time we cut out the cr_p we offered £197.50 and we have now been on a DMP for nearly 18 months through payplan. troll through all the treads on here and find the way to cut back, mobile phones are a good start. It was iether this or Loose the lot. Our Mortgage is 7.6% which I am not happy with. RBS has said that now we have no arrears and after 3 more payments they will discuss it with us. We have been offered a 7.3% mortgage with a non traditional lender so the deals are out there even if you are on a DMP.

Kel

GirlRacer_2

Have been reading this thread with lots of interest. I've been trying to help out my sister with regards to a DMP. She's been offered a £15,000 secured loan with Welcome Finance and she thinks it's going to solve all her problems!

My question is: She currently has a bank account with A&L that has a visa debit card, she doesn't owe any money to A&L so would she be able to keep this account open with the VISA debit card?

Also how would she go about overpaying creditors should her circumstances change. I note that Rayday has paid off some of her smallest creditors, how did she do this?

Many thanks

GR

maz1964

hiy rayday,,,ive been inspired by you to do my own dmp and am sending out the letters today, i will keep you posted, i just hope all of mine give me help

ill hollow if i come across any difficulties, spoke with nationaldebtline who have helped and given me the confidence to insist on only communication by letter and not take the phone calls, so will see, my other posts will let you see the problems ive had with the phone calls.

We live and learn, and can i ask if i put 5.00 as entertainment, can i use it to pay my 4.00 monthly lotto entry with my work mates we are 28 in a syndicate, can i do this still as its gamblin and i have no other vices, no smokes or drinking, thus only solace i have i know but id hate to not be in if my friends win. Plus im the sydicate leader ive had to set up a seperate sole account to try and pay the dues online, im now worried about this - am i illegally doing something, im no so confused.

Any help guidance thanks

Ciao MAZ