DMP Mutual Support Thread (Part 4)

longforthesun

Afternoon all. Had a call from Mercers yesterday re my BC. The lady was very nicethey have not yet received our info from CCCs but agreed to hold any calls for the next 7 days. The lady advised if they were in agreement with CCCS then they would halt any further action like doorstop collectors and look at freezing interest and charges. Today Citi called OH, guy was okay but very pushy basically trying to say going with CCCS was a bad idea but if we agreed to £50 a month with them today they would freeze interest and charges OH said no we had done alot of research and felt CCCS were the best option for us and said agreeing to something with citi may jepordise any agreements CCCS make with other creditors. Still no threatning (SP) letters in the post today so all in all not a bad day.

WhoopieDoodle

Hello. Just thought I would take a break from doing my tax return (head is spinning with profits and loss etc .. what's the smilie for spinning eyes?)

OH had a call from Nat West who, yet again, said they would be passing the debt onto their recovery department and when this happens, interest will stop. Now, they have been saying this for 6 months so we aren't holding our breath. They also asked OH if he was in a position to clear the debt??????? IF WE HAD THE MONEY TO CLEAR IT DO YOU THINK WE WOULD BE PUTTING OURSELVES THROUGH THIS????? Phew, needed that! tee hee. Well, what a stoopid question!

Personally, for those worrying about interest and charges, I would put this on the back burner for now and concentrate on getting the DMP running smoothly. Once this is up and running, you can start reclaiming (we have some creditors that have stopped interest and some haven't, so I'm waiting until everyone stops, if ever, then I can clear my head ready for the reclaiming battle).

Oh well, back to my tax return .. sigh ..

GhostHunter_3

:j Well the pack from National Debtline arrived (at last) today so I am looking foward to sending off my proposals, very nervouse still.

National Debtline have put down my fuel costs for gas & electric as £80, I am currently paying £50 a month but this is going up to £133 from August if eon get their way! :eek:

NDL have also put down our 'food' shop as £300 a month which then shows we have -39.96 to pay our creditors (more going out than coming in on priority debts alone) I am trying to save wherever I can but a lot of our suppliers (eg Broadband, telephone, sky) are tied into contracts until December. Our fuel we are already in Debit by £400 so we cant afford to ditch and switch before the winter. Looks like we will be in more debt with fuel soon as I said they increasing their monthly takings by £83 a month (combined but still £42.50 per supply).

How do I judge if a water meter is better for us? I feel we dont use that amount of water to justify paying £29 a month for supply alone (we have a separate charge of £9 for waste water).

Went into town to take ID to Natwest to finish opening bank account which went ok, but they still couldnt give me a bank account number or sort code so have to wait until I get the letter of confirmation details. :mad: So frustrating as I just want to get everything moved over before creditors have any longer of a chance to dip in!

Went to Barclays and drew out £850 in savings :eek: Never felt so rich yet so poor, had to keep reminding myself I cant afford to go and buy myself a new Wiii

Went to Nationwide to draw out my savings from them then realised I cant as the money is in an e-savings account so need to get it transferred online into my instant access account :eek: Now I am concerned they will cotton onto me and start taking my money before I get hold of it.

Need to look into an ISA to invest my savings in - is this worth it and can 'they' touch my money?

What will happen when the creditors will see we have more going out on household priority bills alone before anything else is even taken into account?

I have looked at bankruptsy info and dont feel comfy with it at this stage. IVA is also not recomended.

Sorry for all the questions again!


Can someone explain what happens with 3rd party deductions reguarding my gas & electric bill? As you may know I am only on Incapacity benefits at present (plus income topped up with hubbys Working Tax Credits).

Thanks

Ex-Spendaholic

OMG Smilealot :beer: :beer: So lovely to see you. I was just asking about you a few days ago. Thinks seem good at your end.

Dumb luck well that sounds a bit more positive - if the payday people haven't had the proposal then they can't reject it. You'll get there in the end.
Newlywed, well done on your renewed budget. :beer:

Longforthesun, stick with CCCS - ignore BC.

Ghosthunter - cash ISAs are safe. I would definitely take one that didn't have any links with any of your creditors. Sorry I don't have any addresse for Aqua or Sky. Have you asked on the other forum? Oh and don't buy a wii -try to win one instead.

Hello to everyone else - I have forgotten what I read. I was just so excited to see Smilealot.

misspixierocktastic

Hey everyone thanks for the advice regarding credit card that has my name on it but has my mum as the name on the paperwork I'll give cccs a call and let them know because i've already included it as one of my creditors and see if i can rejig my amounts so i'll have to try and sort out the arrears on the credit card seperately :-)

Jvic28

Hi Misspixierocktastic,

Just thought I'd let you know my experience. I borrowed money on my Dad's credit card (with his permission). I used up the £1900 credit limit in fact. I make the repayments every month but just the minimum payment at the moment. CCCS are aware I have the loan from my dad and have factored monthly payments to him into my budget. What it means currently is that every month the monthly payment is getting less and less but CCCS still allow what I quoted at the time therefore allowing me to save or make payments over the minimum to clear my Dads card quicker. Hope that makes sense.

x

Jvic28

Can anyone give me advise on Full & Final Settlements?

I've only made a couple of payments on my DMP with CCCS so far but think I could make a couple of settlement offers to some of the creditors to which I owe very little, (especially as one of them is still charging me interest).

Does a reduced settlement show on your credit file at all?

How much should a start at? 30%?

Has anyone had any success with full + final settlements?


Thanks

x

smilealot

Hi Ex, rayday & YM - great to see that you guys are still here. It's lovely to hear from some familiar faces (well, you know what I mean!).

Rayday, yes, a Scottish Trust Deed is basically the same as an IVA, only I'm debt free in three years, whereas an IVA is 5 years (I think?). Yes, you do have to give up some of your capital, but I don't own a house and my car isn't an expensive one. The firm organising things for me have advised me not to sell my car as I need it for work, so instead they'll look at the value of it at the end of the three year period and I'll have to repay that amount (basically extending the payments by six months in my case). It is a form of insolvency, but it's voluntary unlike bankruptcy so isn't a "serious" in terms of credit rating and will disappear from my credit score after six years. Many of my creditors hadn't yet applied defaults, but would've in the future according to Payplan, so in effect, it would've taken longer for the DMP to clear from my credit file. At first I was feeling guilty because all my debt won't be repaid, but most of it was a result of consolidation interest and stupidly large charges, so in that sense, it's not all my spending debt. Does that make sense?!

Hello to all the other regulars I haven't spoken to (hi teecee!) and welcome to all the newbies - these guys are AMAZING people who will help you lots.

smilealot :rolleyes2

rayday2

I have never done one I paid a couple off but they were suspended interest and tiny so I just got rid. Lloyds send me a final settlement and I did notice on there it said it would be marked as partially satisfied, I think you can argue them to show it as settled and as for bargaining Lloyds offered me 50% so I would definately go lower than that!

teecee152

Hi Everyone:hello:

Thanks for all the good wishes about my new job, I have received the formal offer of employment and my contract so I'm all set to go!!!

Hiya Smiley!!! - Looks like we will both be debt free long before we thought we would be. It just goes to show that we never know whats round the corner and how much circumstances can change.:T

Hope everyone is well and feeling not too stressed. Hang in there!!

Take Care
Teecee xx