DMP Mutual Support Thread (Part 4)

kpwll

Welcome and well done. I've only just started my journey with Payplan too, found them great.
Sorry to hear you've been having such a hard time of it, better times are bound to follow soon.

bristoldebt

PS - apologies for the appalling typing, was rushing as you can tell!

newlywed

bristoldebt wrote: »

I still have concerns - what if i can;t open a basic account, what if the creditors don;t accept my DMP - but atleast i'm taking action. And hopefully getting a little control ver my finances, taking a longer term view rather than living week by week, and hoping things sort themselves out!!

Hi, welcome. I had the same worries as you when I started my DMP with CCCS.

The only real answers are - try and open an account and see what happens If one bank knocks you back, check out the bankrupcy board for recommendations - if a bank allows a bankrupt to have a basic account then chances are a DMP is fine Just make sure the bank isn't connected with any debts you have so they can't "offset" your debt.

As for the creditors - if they don't accept initially, give them a few months - some of mine took 4 months to accept. When they did, most stopped interest completely. I took the view if just ONE creditor stops or reduces interest, then I would be better off than before.

When you make your first DMP payment - the relief is HUGE - that you are doing something, sorting something out and that someone else is there to help you

GhostHunter_3

Hi

Welcome youve found the right place (thanks Rayday).

As I say to all Heres to a long friendship :beer:

dumb_luck

bristoldebt wrote: »

Hello all,

I've been pointed in this direction by Rayday2 (thank you!).

Pay plan were excellent (only limited experience i know), they were very understanding and talked me through everything. I still have concerns - what if i can;t open a basic account, what if the creditors don;t accept my DMP - but at least I'm taking action. And hopefully getting a little control over my finances, taking a longer term view rather than living week by week, and hoping things sort themselves out!!

Glad you've been pointed in this direction too- I only been here for a few days but the posters here a lovely. It's so wonderful not to feel alone.

PayPlan are fabulous- they don''t have mush experience of my form of debt but they're really doing there best to help... and to calm me down. I found the best thing for me was admitting how bad the poblem was (only after sleep became a distant memory) AND I know that once my 1st DMP payment is taken I'll feel even happier.

At least we're doing something

GhostHunter_3

I really need some guidance here folks. I need to get these Income & Expenditure proposal sheets into my creditors today so I can move on!

Am I wiser to just tell them I have £300 to live on therefore I still have more going out than coming in after priority debts and still have to find money for food before them.

Or do I tell them I have £300 from Incapacity benefit plus my hubbys £317. contribution from his working tax credits? Yet hubby doesnt pay any of the priority debts, I do them all.

What might happen if my creditors saw I had no surpless money to even feed myself before dealing with them?

Have thought about calling National Debtline to ask them but it seems like a question they cant answer so wondered if anyone out there can speak from experience?

These phonecalls are taking the :mad: theyre calling on the landline and my mobile at the same time, trying to catch me out (or in?). Im not answering any they go to answerphone and with the landline they hang up no message and with the mobile they sometimes hang up or leave a message which costs me 10p to delete (as I have to retrieve it first) even though I have told them countless times I no longer have a mobile!

Many thanks

dumb_luck

newlywed wrote: »

As for the creditors - if they don't accept initially, give them a few months - some of mine took 4 months to accept. When they did, most stopped interest completely. I took the view if just ONE creditor stops or reduces interest, then I would be better off than before.

I know that comment was aimed at me, but it was really helpful to know. I've been worrying about that as well.
Thanks

dumb_luck

Ghost Hunter, From what I was told by PayPlan about DMP's they don't ask for proof of actually earnings as it is a gentleman's agreement. Why not add to your IB a figure you are comfortable paying back to your creditors that has you in the black each month? I don't think you cn start a DMP if you have no excess income in a month.

Or if not to you IB (I'm not sure if you'd be caught out with that) Babysitting money or something? It's just an idea.

newlywed

dumb_luck wrote: »

I know that comment was aimed at me, but it was really helpful to know. I've been worrying about that as well.
Thanks

When I started my DMP someone here advised me the debt would go up first for a little while. You will be paying reduced payments and interest will be the same rate so it will go up. But after receiving a few actual payments, the creditors often accept and stop interest.

For me, this was really important to know. Otherwise I would have had a panic fit and stopped the DMP.

I think it is important to know to stick with it for a few months before getting too stressed about the interest. Like I said, even if only one of them stops interest - surely that will make you better off than before - plus you will have money to pay for food, petrol, gas, haircuts etc as they are budgeted for so you will feel better off each month

I've paid off 20% of my debt now - so the temporary debt increase definitely works out in the end

dumb_luck

Thanks Newlywed, I think it was the interest of 333% APR that'll turn ino 1000%APR on the orginal loan of 800 pounds that's been really getting me down. I paniced completely when I worked it out- I'd end out worse off rather then better if I do the DMP and this interest actually happens.

But its really good to know that most people have managed to survive the inital stages and sort out the interest later helping me feel a lot more hopeful.
Thanks x