DMP Mutual Support Thread (Part 4)

maz1964

Good morning all and welcome to all the newbies,

tried to catch up and gosh there has been a lot of activity since i last posted in the week

well done to all the newbies who have posted, so many of you, you have come to the right place we are here to help you and we are all really friendly

im doing my own dmp so am in the process of asking for my cca to check original terms etc and then to ask for the charges back, ive seen mentioned that would at least reduce the debt even if the charges reduce the balance owing.

so have a good weekend all and anything new on my part i will continue to share

ciao for now MAZ

longforthesun

Morning All. Well this is a funny one I told the other day about Lloyds TSB CC not accepting our DMP they also refused to stop interest and charges and would only do this if we upped our monthly payment by £13 well this morning my credit card statement for Lloyds came through and there is no interest and charges although I did sent them a CCA request maybe thats had something to do with it. Off to update my DMP folder with Lloyds info.

longforthesun

Okay just checked my credotor summary and my overall balance is £39999.00. I know 8 creditors out of 10 have now stopped interest and charges and that means my total interest free debt at the moment is £34864. The other two may have stopped interest but not heard a thing from them.

I am really pleased with how things are going as our last normal payments to creditors went out in June and to be honest i was expecting a long hard fight to get them to agreee. So for all you people out there either thinking should i do a DMP or just starting out I can honestly say its the best thing we have ever done and we can at last see a way out of debt. I know some creditors have only agreed for 6 months some 12 months but hopefully we can increase our payments over time and the creditors will be happy to renew the DMP.

Angel_Cake_3

Great News Longforthesun!

Seems you and I are around the same sort of place on our DMP journey.

I recd a statement from Barclaycard this morning, with no interest :j and none to be added for next month!:j :j

And it is great to see the balance reducing :j :j :j

For all new peeps, it does take a few month to settle, and be prepared for your debt to increase in the first 2 to 3 months whilst the DMP goes through. Very frustating :mad: but I have read some peeps have had success claiming back the charges / interest once the DMP has been accepted and has been running for a copule of months.

Keep a file and note of all the the calls and letters and your initial worries and concerns as you start your DMP journey. You can then look back on it in months to come and appreicate how far you have come. Good idea to do this especially on the days when you are feeling a bit low.

Have a good weekend all !! XX

thesnakeeyes

Hello People

Over the last week i have decided that instead of using PayPlan and before that a Fee Paying Company called Bryom and Keeley. I have decided to do it by myself, so i can keep a record of all of my payments etc, as i have decided that i no longer need help from PayPlan.

I contacted all of the creditors, I have 4:
HSBC Loan - £5041.14
Nationwide - Now with Roxburghe International - £2331.61
Captial One - £982.64
Egg - £820.00

After talking to each one they have informed me that as long as the payments which have been agreed are paid on time then im ok.

My Reviews with
HSBC - July 2009
Roxburghe International - No Review but did offer me a Final Settlement Figuer
Captail One is July 2009
Egg - Jan 2009

Question for the DIY DMP People... Have you all been ok doing it all, have u encorred any problems along the way regarding Reviews?

Richard

Lodge

longforthesun wrote: »

Okay just checked my credotor summary and my overall balance is £39999.00. I know 8 creditors out of 10 have now stopped interest and charges and that means my total interest free debt at the moment is £34864. The other two may have stopped interest but not heard a thing from them.

I am really pleased with how things are going as our last normal payments to creditors went out in June and to be honest i was expecting a long hard fight to get them to agreee. So for all you people out there either thinking should i do a DMP or just starting out I can honestly say its the best thing we have ever done and we can at last see a way out of debt. I know some creditors have only agreed for 6 months some 12 months but hopefully we can increase our payments over time and the creditors will be happy to renew the DMP.

Hi.

Reading your post got me thinking how similar our situations are!

This is me:

Total debt 34K (F**k me!!)


Monthly repayments approx £400 between the 8 Creditors.

Salary £28K per year.

I live alone and am a homeowner.

about 20K equity in my property.

Okay............. What do you think?

Am I paying too much / not enough etc etc.............

ANY info would be greatly appreciated.


Lloyds TSB Credit Card: 9K
Co-Op Credit Card: 5K
Capital One Credit Card: 5K
Goldfish Credit Card: 5K
AMEX Credit Card: 5K
2x MBNA Credit Cards: 5K


I would be interested to know who your creditors are and how much they have accepted in monthly payments, if you wouldn't mind?

longforthesun

Hi Lodge

We only have £150 a month at the moment to give to CCCS.

MBNA £10800 - £34 a month
MBNA £6300 - £23 a month
M&S £4230 - £14 a month
Abbey Loan £200 - £12 a month
Cap 1 £3000 - £11 a month
barclaycard 1900 - £6 a month
lloyds £4500 - £16 a month
Citi 3100 £11 a month
Santander 1100 £5 a month
Debenhams £2200 £11 a month

Figures are approx have filed my folder away and im too lazy to get off my bum to get it :rotfl:

We have approx £50k equity in our home at the moment (if prices drop then this drops too)

Is the £400 on a DMP or just your min payments. We have always managed to pay our CC but when MBNA and others put up the interest rates by double we found we just could no longer cope. Have started a new thread today to track my DMP save me boring the peeps on here but will post here if I can offer advice or if i need advice.

Lodge

longforthesun wrote: »

Hi Lodge

We only have £150 a month at the moment to give to CCCS.

MBNA £10800 - £34 a month
MBNA £6300 - £23 a month
M&S £4230 - £14 a month
Abbey Loan £200 - £12 a month
Cap 1 £3000 - £11 a month
barclaycard 1900 - £6 a month
lloyds £4500 - £16 a month
Citi 3100 £11 a month
Santander 1100 £5 a month
Debenhams £2200 £11 a month

Figures are approx have filed my folder away and im too lazy to get off my bum to get it :rotfl:

We have approx £50k equity in our home at the moment (if prices drop then this drops too)

Is the £400 on a DMP or just your min payments. We have always managed to pay our CC but when MBNA and others put up the interest rates by double we found we just could no longer cope. Have started a new thread today to track my DMP save me boring the peeps on here but will post here if I can offer advice or if i need advice.

Hi and many thanks for the reply!!

The £400 I am paying my creditors is between 50 and 75 quid to each of them, and is the amounts they accepted after I made my offer. I guess you could say I am running my own self managed DMP.

The problem is that most are still charging a reduced interest rate so out of the 50 quid 30 quid of that goes in interest!!

Are you paying interest to your creditors? If not how did you manage to get it stopped?

After seeing your figures it confirms what I thought - that my offers of payments are too high! Do you know if I can re-negotiate my monthly payments with them?

With the ever increasing cost of living it is becoming more and more difficult each month to survive.

I was worried that because I have equity in my house that the creditors may push for a charging order or worse, bankruptcy!! But you have more than double my equity - has a creditor ever enquired about this??

longforthesun

Lodge 8 out of 10 creditors have stopped interest and charges. To be honest I am not sure how they all agreed. We are doing our DMP through CCCS and they have a standard letter you send yo your creditors and there is a bit to explain why you know cant meet your agreement I have had to give up work for health reasons but also put down with the cost of living rising we are now struggling. Although at least 4 are defaulting us and passing it to DCA and i am surewhen this happend interest etc does stop.

I would definatley try to lower your payments it is well known that everyone is struggling with rising living costs the last thing we all want is to get into more debt and most creditors will be getting creditors have to renegotiate (SP) their payments. I will be posting my SOA (as you sugested) on my own thread later on tonight. Might be worth having a look at ours and see how it stands with your own.

Lodge

longforthesun wrote: »

Lodge 8 out of 10 creditors have stopped interest and charges. To be honest I am not sure how they all agreed. We are doing our DMP through CCCS and they have a standard letter you send yo your creditors and there is a bit to explain why you know cant meet your agreement I have had to give up work for health reasons but also put down with the cost of living rising we are now struggling. Although at least 4 are defaulting us and passing it to DCA and i am surewhen this happend interest etc does stop.

I would definatley try to lower your payments it is well known that everyone is struggling with rising living costs the last thing we all want is to get into more debt and most creditors will be getting creditors have to renegotiate (SP) their payments. I will be posting my SOA (as you sugested) on my own thread later on tonight. Might be worth having a look at ours and see how it stands with your own.

Thanks again!! and I will check your thread later for the SOA.

D.