can someone explain a dmp please

emka_2

Hi,
Thanks for the advice, but what will a dmp mean to me and what affect will it have on creditors. Could they turn around and call in debt when they've had enough of reduced payment?

angeldiva

A DMP (Debt management plan) would mean that your creditors would accept a reduced payment from you once they have agreed this, they cannot call in the debt. They dont have to agree to it though.

Im with paypal and I found that thier FAQ page was very helpful

http://www.payplan.com/frequently-asked-questions/debt-management-plans.php


Hope that helps a bit

poppyg_2

Don't forget it will ruin your credit rating but presumably you won't want credit in future anyway once you've got out of this debt

DMP is totally free if you go via one of the debt charities such as Payplan or CCCS and they write to creditors and everything for you

petal62

Hello
I have been with Payplan since Jan this year, they have been very helpful, especially when I kept ringing them about 1 creditor Lloyds TSB been with this bank for 26 years and this is the first time I got into trouble. They are the only creditor that are really harrassing me. Since I told them about payplan in Jan they keep insisiting they haven't been told about the DMP until I point out the payments they are receiving from Payplan. In the last month they have rung me 23 times, even ring me on Sundays and Bank Holidays. I tell them over and over again I'm with Payplan then I ring Payplan and tell them. The worse thing is I owe Lloyds the least amount, Payplan keep telling me it's just their way of trying to get more money from me, and tell me not to cave in, just say I'm with Payplan and hang up, I did that 4 days ago and they haven't rung back since. It's great to know there are other people out there to talk to, thanks for being there.

emka_2

Hi,
Thank you, as I was concerned about doing a dmp, I'm not worried about my credit rating Lloyd's have made sure of that. I can certainly uncerstand the hassle you are having again my amount with Lloyd's is less that any of the others, but they are the ones piling on the charges and returning dd, when the day before money was going into the account. I can't wait to settle the od with them and go somewhere else. By the way I have been with them the same amount of time and have given them no problems like this before, so much for loyalty to customers!!!!!!!!
I'm glad everything is out in the open and I'm nearly dealing with my debt:A

at_my_wittsend

Do you know this is the one bank I hear about all the time through friends and colleagues about the most harassing and worst to deal with.

I have been with them a number of years and am about to parachute and hopefully - am still so worried, do a DMP! Like you guys I have always been a good loyal customer. They are my biggest fear and worry about doing a DMP. One of my close friends had awful trouble with calls, work, home, mobile....constant x amount of times a day. Surely someone should be sorting Lloyds out?

I can't work out that if they can see you are making every effort to re-make payments to them on a DMP why go to all the nasty hassle. Their phone bill must be through the roof!

Peta162 have the CCJ you? Or sent anyone around whilst you have been on a DMP?

Deep_In_Debt

I'm no real expert on this but could you send Lloyds a telephone harrassment letter and ask them only to correspond in writing? Perhaps also complain to Trading Standards about the harrassment too? Ask Lloyds for their complaints procedure. I did this with one of my creditors and they soon stopped phoning me and they write to me instead now. I wrote and explained that I was currently on a DMP with CCCS and that I was already paying the maximum I could afford so there was no point in hassling me further because I can't give any more and they could see that from the I&E form that was sent to them.

MrsTinks

The wicked part of me says have a copy of the bankcharges song on somethign to play to them when they phone up... especially the bit where it goes: "I fought the Lloyds and.... The Lloyds looooost!"
Seriously the long and short is that they can call and call but they CANNOT have what you haven't got! ANd if they call out side of the allowed hours then report their little backsides to the Financial Ombuds man. Make sure you keep a record of every call they make to you with times and names if possible (I know they try to avoid giving you their name but just tell them you'll speak to them only when you have this... then tell them they are being reported to the financial ombudsman for harrassment...

seaskye

I am with CCCS in a DMP and their advice was to ignore the calls from anyone I was already paying through CCCS (I have an answerphone & kept getting messages to call Lloyds) so I just didn't call back. Eventually they stopped calling and so far haven't written to me either!
If you can get a cheap answerphone it more than pays its way in cutting the hassle, because you let the machine take a message before you answer it; your friends will understand & wait for you to pick up; any unwanted calls can be ignored. Why call them when you are short of money anyhow?
Being in a DMP has been a lifesaver for me, and I wish you well with yours.

waddy_2

hi hav just been reading your posts and have been considering a dmp for a while. but whilst im not concerned about my credit rating as such i do want to switch my mortgage next year when the fixed term expires. i have never missed or had a late payment on my mortgage. if i go in to a dmp does it affect this as well? it does seem like such a good option as the hassle is killing me. good luck to all of you with yours.

Deep_In_Debt

Hi waddy. I think once your credit rating is trashed which is likely to happen on a DMP, you may find it difficult to get a mortgage at a decent rate.