DMP Mutual Support Thread (Part 4)

WhoopieDoodle

3 out of 7 creditors have frozen interest (these are Lloyds TSB, MBNA and Capital One). Nat West have defaulted (on the loan and overdraft) and told us that it will now pass to their Collection Department and interest will cease.

Barclaycard have been a nightmare, charging more in interest than our monthly payment. I have therefore written an official letter of complaint and they have said they will respond to this within a certain timescale.

Nat West Credit Card are slapping on extortionate amounts of interest and again, I have written an official complaint and awaiting their response.

Unfortunately it's a case of gritting your teeth whilst the interest is being added and fighting your corner. Creditors generally stop interest but when this happens no one can tell.

Once interest does cease, I will then start trying to claim back charges etc but I would rather wait and let everything settle down before going down that road.

I recently took over our DMP and as yet I am unsure how the creditors will react to this.

We have received the usual threatening letters from several of the creditors, but this is par for the course and these are generally computed generated anyway. They will do all they can in the early days to try and get you to pay them, but you have to stick to your guns.

cloudnine_2

I have eight creditors and now only Goldfish are charging around 50% of my monthly dmp payment as interest. I aim to write to them this week to see if I can get that down to zero. Generally, all eight have acted empathetically. I have around the same total debt as Parsley ( £58,591) I'm paying just over £600.00 each month via CCCS, and my aim is to try to clear the lot within 5 years. Tall order, and I'd probably be better off taking smaller goals on board so as I achieve them, it will motivate me to try even harder.
Only one creditor served a Statutory notice on me for a £16,000 debt, but they settled for £11,500. I managed to find the money by cashing in a pension which I absolutely hated doing. I was on no doubt that this creditor would follow through which is why I paid up. Usually, Stat notices are scare tactics I think...although you should never smply ignore one.

rayday2

rayday2 wrote: »

Not sure if this is wanted but will post just in case:

This is the support thread for anyone on a DMP. The original started by 95Kelly, the second and the third have got so big they are in danger of slowing the site down. I have copied the list of contributors from the thread and reproduced it below:

Members Numbers:

95 Kelly 1
teecee 2
Ex-spenaholic 3
Smilealot 4
Huntress 5
sea78 6
gemmzie 7
goldigger 8
IDAAS 9
Bloody HEll 10
Joek 11
Jumps 12
shearerbobs 13
Bluediamond 14
ashden 15
newgirl 16
lonely 17
emmy1 18
leixlip1 19
greengrocer 20
daisyblue 21
scared 22
njc12 23
franny 24
bessy 25
neith 26
rustybucket 27
kevster1009 28
fay66 29
valleys girl 30
totallyfedup 31
newlywed 32
brassicks 33
vpmamt 34
4maxine 35
looby75 36
nugsfarnham 37
yellowmonkey 38
amani 39
dlb 40
ticktock1973 41
auntie pie 42
pan 43
alfredsmum 44
llewelyn 45
vickaycon 46
Scottishmummy 47
wewillclearthis 48
Winkus 49
ilovegreatdanes 50
hopeful 51
mioliere52 52
charlie2301 53
readhead999 54
VivCk 55
dumb debtor 56
Cuba Cat 57
Lennymfo 58
Michelle73 59
welshjojo 60
craftingqueen 61
onamission 62
rayday2 63
sweety83 64
lonelytoo 65
Dreamer999 66
everclear1973 67
DrJekyll 68
ankleshaggers 69
lily-ella 70
bowz25 71
LoubieLou 72
itsalldrivingmemad 73
rainbowsapphire 74
cath 75
toasti 76
Heregoes! 77
lonely2 78
Pompeymark88 79
worrygirl 80
eripmav 81
xgingerx 82
Katchambers 83
Boltonbwfc 84
Coochycoo 85
Knotty29 86
itsnowtime 87
tinytot143 88
Jaks 89
Stillsmiling 90
MadDogWoman 91
Weezypoos 92
Weemac 93
Pinkkat8910 94
SortingIt 95
Archer85 96
JacksXXX 97
Sofa_bean 98
Surfer_Chicky 99
JillyOJolly 100
CharliesAngel 101
Chipbeck 102
Spendthrift66 103
BluePanther 104
Jodenice 105
Orpheus 106
donnacarteruk 107
mummytofour 108
debtman2007 109
debrag 110
cloudnine 111
moneydesperatex 112
Compulsivespender79 113
Limana68 114
Stargazeratdawn 115
KeelyJrs 116
TakeittotheLimit 117
Sallyx 118
Amyv 119
learnthehardway 120
monkey22 121
Janey51 122
tracytaxi 123
Bigdi 124
Sanshing 125
ald65 126
piptom&AndyPandy 127
CBI 128
tara66 129
barbie doll 130
afur 131
GlassHalfFull 132
timetobefree 133
Alex Fyfe 134
geoffmr1 135
tomandjerry 136
Gooner87 137
Sam89 138
telboy99 139
MUMMYMOO 140
Marru 141
Mogminnie 142
Debtfree2015 143
pinksparkle82 144
UKroseblue 145
Gingerish 146
Whoopiedoodle 147
mumzyof2 148
madrocks 149
Carlos700 150
Coolmum 151
Lovella 152
Kitty 153
Tinkerbell12 154
10past6 155
ailsajayne27 156
mazmc 157
ticklepenny 157
loopylu36 158
tickertyboo 159
maz1964 160
Shineyhead 161
Creditwreck 162
fedupandworried 163
lisabell 164
gonna be 165
Dski 166
Geddy 167
Skibadee 168
tass 169
Tigert 170
Silou 171
Reformed Shopaholic 172
hamsterpoo 173
milliejon 174
indebtstudent 175
rugby6ft8 176
Violet1 177
Andytwonames 178
Donedoingdebt 179
sunshine38 180
lostalot 181
Hollyb 182
Angeldiva 183
Piggsy 184
longforthesun 185
Wen3 186
moneysavingmumofone 187
Just Me 188
HollyB 189
Jvic28 190
Therelda 191
Itsnowtime 192
Angel Cake 193
MclarenGurl 194
So Sad Angel 195
Shazand 196
louietudor 197
tishywish 198
simbalou 199
spent too much money 200
lmw1977 201
GOLDGPR 202
katyw 203
kebabed 204
Mary Mungo + Midge 205
mummum2 206
Jackie710 207
kpwll 208
ben79 209
Griswold 210
Toffee Penny 211
Numpty Monkey 212
pinksparkle 213
Alpinestar 214
flounder1 215
Ikkle 87 216
archers addict 217
Claireyfairy31 218
Singsalsing 219
Yummy-mummy 220
Lisa-r 221
very silly and scared 222
Johnny Madrid 223
Murraymint 224
NW-ANGEL 225

There we go officially welcomed

rayday2

NW-ANGEL wrote: »

Thank you very much Ray:A ...like i say we'v done well to pay so much in a year and obviously want to keep at it, just wondered how creditors view people gong it alone - but surely its better us paying them more - dm Co tell us not to overpay because companies come to think you can do it all the time and not being honest with your income but just for example on our normal wages we pay over what creitors are happy with and when OH earns overtime id like to pay more off :T - its the arguement of save/pay off debt and dm Co get on my nerves with this amongst other things i have been doing lots of chasing round creditors to keep things up to date so may as well do myself lol :mad: - for example one of our creditors kept sending laters saying we were going to default and we were paying more than the required amount so after several months of people saying its fine theres no prob with account - i found dm Co were sending payment 2 days later than creditor wanted - instead of just asking us if we could pay 2 days earlier :mad: - which we could! and for £20 i would have made damn sure we could lol !! only through my own organisation and sorting did i stop them being sold on and defaults registering -(i know some companies do this as standard) i always allow two days always to make sure salaries hit account ok...then pay debts straight out... so their slowness is just another of the reasons!!

also means the couple of small debts i can get rid of sooner - gives better feeling and will improve credit i spose too....anyway sorry to ramble but feel better now lol:rotfl:
thanks
kel
x;)

Sorry but I kind of agree with the DM company here - curse we down!

It is not good to pay little bits over as it does give the impression that your budget is not honest. What is the usual advice is to save the extra you have so that you can do full and final settlements down the line.

Also I would say anyone who has read this, it is not good practice to try to avoid defaults by finding extra money and also a debt sold on can be good news. Debt collection agencies are more likely to accept payments and freeze interest and also if you do come to settle down the line will probably take lower settlements.

Sorry if I sound a bit harsh and discouraging and don't take it that way I applaud loudly what you are doing dumping the DMC and taking hold of the reins yourself but you do need to get your head round what a DMP is about especially if you are handling it yourself.

I have got rid of my little ones by offering them a little more so this is a plus side of your DMP but you are better handling it this way than just offering random amounts occasionally, so extra bits to the smaller companies every month is better than occasionally saying oooh I have this £50 - here you go!

NW-ANGEL

rayday2 wrote: »

Sorry but I kind of agree with the DM company here - curse we down!:rotfl:

It is not good to pay little bits over as it does give the impression that your budget is not honest. i can understand this What is the usual advice is to save the extra you have so that you can do full and final settlements down the line. just felt like DMCo want to spread the debt out so they get more money off us the longer we are with them...

Also I would say anyone who has read this, it is not good practice to try to avoid defaults by finding extra money and also a debt sold on can be good news. No we didnt pay EXTRA £20 that is our payment and we could have paid the £20 a day or 2 earlier - we were only defaulting was because DMco wasnt paying them on time! what i meant was we pay DMCo on a certain day and they were faffing - and they didnt sort this out for us - went on for months bamboozling me because as far as we were concerned they had money! Debt collection agencies are more likely to accept payments and freeze interest and also if you do come to settle down the line will probably take lower settlements.thanks

Sorry if I sound a bit harshno not at all - advise is what i want and hope i dont sound it back - i prefer harsh truths anyway lol:rotfl: thanks and discouraging and don't take it that way I applaud loudly i dont and thank you xx what you are doing dumping the DMC and taking hold of the reins yourself but you do need to get your head round what a DMP is about especially if you are handling it yourself.

I have got rid of my little ones by offering them a little more this is my intention as we have 4 small ones that could be paid sooner -but DMCo were spreadin payments over the same length of time as a £10k one?!! so this is a plus side of your DMP but you are better handling it this way than just offering random amounts occasionally, we do have a set figure and have paid for over 12 months now and a few have sent letters saying arrears cleared and cred info sent to cred ref agencie s- re- good payment and up to date etc so extra bits to the smaller companies every month is better than occasionally saying oooh I have this £50 - here you go!do just want to do this with smaller debts though [quote]

thanks for all your help i really do appreciate it and prefer harsh truths lol honest ...will save up th eextra cash then ...its just the save/pay debt discussion isnt it....but see what you mean

thanks!
kel

Bigdi

Cloudnine, can I ask who served the statutory notice?

rayday2

Phew NW-ANGEL glad I didn't offend you at all. I hate dashing people down! I am pretty sure the companies will be happy you are taking over as they will see a bit more of the pie coming their way. I would point out that you are using the natonal debtline which a lot of the companies donate to so they can't really object (if you have any problems).

I pay most of mine by standing order on days that they are happy with, never direct debit as obviously they have control over it then. A couple are still cheques but it costs them to cash them so there problem not mine!

Madrocks

Hi all, not been on in a while its been a tough couple of months since starting dmp with cccs in May. Just thought id give you a quick rundown on how its going with mine, i have 5 creditors and debt free date in 18 yrs

Northern Rock Loan - accepted dmp straight away for a period of 12 months and stopped interest. No phone calls or letters except the acceptance letter.
Tesco Loan - again accepted dmp for a period of 12 months with no interest, no phone calls or letters except the accpetance letter
Captial One CC - No phone calls or letters and no word to myself or cccs that they accepted dmp, but in June cc statement came with a little note at top saying to make my payments as normal whilst on reduced payment plan and no interest has been applied.
Egg CC - Again no phone calls (cause i changed my phone number with them :rolleyes:) No interest has been applied since June but no letter to say dmp has been accepetd. I do recieve at least once a month a letter saying that we have been unable to contact you and need to discuss urgently your account, to this i just send the standard letter im on dmp etc but as no interest has been applied im thinking they have accepted.
Lloyds TSB Overdraft - :mad: Where do i begin!! They have been absolute ******* Even though cccs have wrote to them 3 times and myself about 6 times, they ring about 4 times a day and send at least 5 letters a week,just been served with the default notice letter so we'll have to wait and see what happens from here. OH is getting stressed with it all but i damn well refuse to give in.
To all the newcomers i can only say keep your chin up, the first couple of months are rough. This site has taught me a loads from the DFW forum to the moneysaving old style forum i have saved loads anyway got to go now, in middle of cooking a curry which has cost me £8 for ingredients and will last 7 meals

rayday2

Lloyds overdraft were the worst with me too, took 9 months for them to stop interest and charges and accept a payment plan. I have no idea how many letters but there were a lot! Eventually I got there and the charges refunded, case of wine, payment book and accepted plan for a year. Since then I have put the amount up and they accepted right away. Whereas, Lloyds credit cards refused the extra money. Also last month they offered 50% full and final settlement. So eventually they get there but it don't have wear you down in the process sometimes!

NW-ANGEL

rayday2 wrote: »

Phew NW-ANGEL glad I didn't offend you at all. I hate dashing people down! you didnt I am pretty sure the companies will be happy you are taking over as they will see a bit more of the pie coming their way. just sat down and worked every penny out etc and can up all payments a chunk - so much so that could all be gone by summer 2010:j just by adding what we pay DMCo and £40 more...which we can afford I would point out that you are using the natonal debtline which a lot of the companies donate to so they can't really object (if you have any problems).

I pay most of mine by standing order on days that they are happy with, never direct debit as obviously they have control over it then. A couple are still cheques but it costs them to cash them so there problem not mine!

thanks so much rayday!!:A