DMP Mutual Support Thread (Part 4)

lottsacats

Hi everyone, I'm a newbie here. I went through CCCS and my DMP is up and running since August. Haven't had any harrassing phonecalls yet but i'm sure they will come. I have been advised on another debt board that given my level of debt (wait for it- £125000!), a DMP is not the answer and that I should be going for an IVA but in a moment of panic when Barclays cancelled my £22000 overdraft and demanded immediate repayment, I went down the DMP path as it seemed a whole lot less complicated lol. CCCS were very helpful and efficient and had everything up and running within 2 weeks. I am paying them £2100 a month, so to me, it will still be a five year slog either way. However, I have heard that the creditors often don't want to wait that long to get paid and change their minds after a while on a DMP and start whacking on interest and charges again.

Can anyone please give me any advice on their experiences on a dmp regarding this and whether I should just go for an IVA now rather than be making that decision in a year or two's time?

P.S. Can I get a number too? (so I can be part of the family!)

symesd

Hi, I have finally taken the plunge, I rang CCCS yesterday and they went through all my finances and helped me set a realistic budget which I have been struggling with. My DMP Starts on 1st October 2008 - £34,338, which they have estimated will take me 6 years and 9mths, less once I free up some more stuff by switching providers and suppliers, reducing everything I can I may even be able to be DEBT FREE in less than 5 Years......

What a relief, feels like a huge weight has been lifted, we will have enough money to buy food and basic stuff instead of struggling everyweek after paying everyone off first. Me and My Partner have 18 Creditors between us and it was far too complicated, I have missed some payments just because there are too many to remember, have been paying more than I can afford because of pressure from creditors.

I just hope this is the beginning of the end of my DEBT, from reading this forum it looks like CCCS are helping a lot of people like me get their life back.

I hope I can get your support to keep on track and make savings where ever I can to get rid of my Debts Once and For ALL.

Any advice whilst with CCCS or your experiences GOOD or BAD, please let me know.

Thanks For Reading

Forgetmenot68

Hi Symesd, good luck with it all. We are starting our DMP on 1st October too, and I must find out how long they reckon it will take to pay off the total. What great people they have there though.

Forgetmenot68

Hi lottsacats - no advice to offer as it's new to me too, just... hi and good luck!

symesd

Forgetmenot68 wrote: »

Hi Symesd, good luck with it all. We are starting our DMP on 1st October too, and I must find out how long they reckon it will take to pay off the total. What great people they have there though.

Hi if you check your "Debt Remedy" file it tells you an approx time to clear your debts, I found this on page 5 of mine, hope this helps.

Gemmzie

Hi, has someone got the link to the stop phoning me letter please. Thanks!

Zoeysmum06

Hi all! Im new and very confused. I rang my bank today to apply for credit and was refused, my debt is quickly spiralling out of control so i was resarching different methods of help and i entered my details into a website and they called me. They said they are going to help me set up a DMP and write to my creditors etc. But to be honest it all sounds to good to be true!! Is there a catch, i feel like im missing something? Also i just rang and they said once i pay them there start sorting stuff out, so i pay them first? Im really confused- And your probably all thinking im stupid but im clueless!! It would be great if someone could help me out! Thanks in advance!

Gemmzie

Hi Zoeysmum06 - first of all, stop panicking and have a cuppa tea And you're definitely not stupid!

Yes there are companies that can do this for you, however, only go with CCCS or Payplan. Any others will charge you for their services, the two I've mentioned are charities and run your DMP for free.

Hope that helps

Zoeysmum06

Thanks thats a start they did say they'd charge me but they also said they'd drop my bills rapidly and when these people ring they can be very persuasive! And i felt so low and desperate this morning i just agreed with what they said, and i didnt know any different! They said they would send me a pack containing the information and forms to sign but maybe i should try with the two you've suggested as id prefer not to pay fees and save that extra money! Many thanks this website is so helpful! I dont what i'd do without it!!

Gemmzie

As long as you don't sign it then you can rip up the forms and start over with CCCS or Payplan, give one of them a ring now, sure they can help