DMP Mutual Support Thread (Part 4)

mouncey

Cheers Ray -when I had my lightbulb moment 2 years ago I went to see the Debt Counsellor at my local CAB. They helped me with my SOA and made the initial offer contact with my creditors. My other 2 -one being Blair Oliver Scott have been fine and have always accepted my offers. However from the very start Nationwide have mysteriously never received my SOA or just ignored it completely and continued to call me.

The CAB are over stretched at the moment so I've used the template SOA from them and the National Debtline to send to my creditors on a 6 monthly basis.

Lodge

Lancs_Lad wrote: »

Lodge, contact CCCS or Payplan, as you are a homeowner with good income they will look at the possibility of an IVA, if this is not appropriate then free DMP would be offered.

Hi.

Personally I feel an IVA is not the right solution for me.

I intend to pay off my debts as it was me who borrowed the money in the first place.

I feel my income allows me to pay them off via my DMP.

Lodge

rayday2 wrote: »

Its really hard to tell if your budget is right or not. It depends on your income, outgoings etc but if you want a good idea why don't you go on the CCCS debt remedy, I did it recently out of interest and it allocated money for lovely things like hairdressers etc, maybe using that will give you an idea of what to offer your creditors. Also look at the national debtline guide to debt they let you know what you should allow for house keeping.

Are your payments worked out pro-rata or are you just plucking amounts out the air? If you are use the national debtline budget sheet, armed with all the info mentioned above you should find you have more to live off and creditors will see a fair way of being repayed.

Hi and thanks again for your reply.

The amounts I am paying my creditors are the lowest they would accept!

I started out offering each one around 20 quid each but they kept pushing me until I got to the amounts I now pay.

It stinks because Lloyds accept £60 per month on a 9K debt whilst Goldfish insisted on £75 for a 5K debt.

Ex-Spendaholic

Evening

Rayday, I didn't ask for interest charges as such but I did ask for the interest on each charge. The amount for it is 8%. I would say go for it. It may only be £60 but better in your pocket/paid against your debt than theirs. The templates are all on the site so its just a matter of adding your details and sticking a stamp on.

Riquelme, hello and welcome. I did read your other thread briefly. I'm glad to hear your wife is supporting you. Well done on facing up to things. It will get easier soon. CCCS changed my life.

Lodge, I wouldn't go for an IVA either when you have a good surplus to pay towards your debts. If I were in your position I would write to each creditor. I would say that due to increased costs etc etc you are unable to keep up with the agreed payments. Then go on to offer a more realistic payment. Also say to them that charging you interest isn't do you any favours. There is a template on here somewhere for this. I think maybe Andytwonames posted one a few weeks back. I can't remember but have you looked at CCCS? It may be a route for you to take as creditors listen to them and interest more often than not gets stopped.

Hello to everyone else.

andytwonames

rayday2 wrote: »

I can't remember which way round it is, I think Andytwonames sussed it out so might be worth doing a search on his name see what he said.

Being nosey here, I am self managed DMP for two years now, and I was just wondering what you find stressful about it?

Been a bit quiet. got a week off work to knock down an internal wall. I'm covered in brick dust. The roof still seems to be up so I guess it wasn't a load bearing wall.

Absolutely certain that CCCS work out the pro-rata payments on the basis of contractual payment. (Overdrafts don't have contractual payments so they assume a monthly payment of 5% of the balance)
So...
total money for creditors/total contractual payment * individual CP = payment to creditor

I am pretty sure that payplan do it on the other basis.
total money for creditors/total outstanding debt * individual debt = payment to creditor

rayday2

Lodge wrote: »

Hi and thanks again for your reply.

The amounts I am paying my creditors are the lowest they would accept!

I started out offering each one around 20 quid each but they kept pushing me until I got to the amounts I now pay.

It stinks because Lloyds accept £60 per month on a 9K debt whilst Goldfish insisted on £75 for a 5K debt.

I see now it makes sense.

I am going to sound so picky here so please bare with me. The whole point of a DMP is that you decide what you need to live on and then tell companies right there is x amount left - they are not supposed to be happy - thats your job. They have to put up with what you offer. Now that can mean they pass it onto a DCA (which is not necessarily bad news) and they may default but the good bit for you is you can live to a better standard without credit.

So if they don't accept you just send them what you offer anyway and deal with the letters you get. If you don't feel strong enough (I mean that nicely because its more important to live than worry about who deals with what) to cope with them not liking it then maybe CCCS or Payplan is the way to go because you make it their problem not yours.

I hope I haven't offended at all.

rayday2

andytwonames wrote: »

Been a bit quiet. got a week off work to knock down an internal wall. I'm covered in brick dust. The roof still seems to be up so I guess it wasn't a load bearing wall.

Absolutely certain that CCCS work out the pro-rata payments on the basis of contractual payment. (Overdrafts don't have contractual payments so they assume a monthly payment of 5% of the balance)
So...
total money for creditors/total contractual payment *individual CP = payment to creditor

I am pretty sure that payplan do it on the other basis.
total money for creditors/total outstanding debt *individual debt = payment to creditor

Look at that covered in brick dust and still colourful :rotfl:

I am glad Mrs Twonames is keeping you busy :A

andytwonames

rayday2 wrote: »

I am going to sound so picky here so please bare with me.

Bare WHAT with you? Do you and Lodge want the rest of us to shut our eyes whilst you bare whatever it is?

andytwonames

rayday2 wrote: »

Look at that covered in brick dust and still colourful :rotfl:

Mostly shades of grey.

rayday2 wrote: »

I am glad Mrs Twonames is keeping you busy :A

Yeah, and she's gone away for the week. In a tent in the Essex coast. The rain is lashing down and she's frozen.

rayday2

Me and my bare bears! lol

You should be a nice Mr Twonames and go warm her up, inflicting camping on the poor soul.

I am shivering just thinking about it - I am not a very hardy person