DMP Mutual Support Thread (Part 4)

tressls

sarriep wrote: »

Sorry tressls - if you owe £15000 then surely you expect to pay that much back! A DMP should allow the interest to be frozen but from what I can gather you still pay off the 15000. After all - you spent it! We owe about £49000 and fully intend to pay all of it back.
Once you are earning a wage you will be able to increase your payments and pay it off quicker.
S

I find this post patronsing and not what I came here for. As I explained, I don't know how it works, I have read stuff about people paying less back than what they owed. I understand this is probably in the form of full and final settlement now.

I am aware that I spent it, you don't need to tell me.

maz1964

hello tressls welcome

its all a bit scary i know at first when things happen and you dont know the law and the implications of what is being presented to you at the start of this mad dmp journey of ours, i was honestly so scared at the start my thoughts were all over the place

im sure sarriep will want to answer for themselves, but pls rest assured this forum and especially this thread is not about attacking anyone - if it was i still wouldnt be here.

What i understand that people have paid less than they owed is what the tv ads want us to call these companies up, and from personal experience yes you could end up paying less as i was told i could have paid only a 1.00 to each creditor and they would arrange for the rest to be wiped off, but would need to pay via their company, they negotiate with the company to accept a lower figure, but you end up paying quite a wack to the company arranging the dmp

here we are all trying to pay our debts off but negotiate the interest and charges off via ourselves or via the charity ie cccs or payplan, to reduce our debt and clear our full debts of what we have spent, remember these creditors have had a fair bit of charges interest already.

just to reassure you okay , must dash now taking daughter college, but hope to see you later and we can chat more,

hope ive not stepped out of line but we are really a friendly bunch here and im sure we dont want to say the wrong thing but sometimes typed up it may come across a bit differently.

join us we will help you

take care ciao for now MAZ

Jvic28

Well I had my 1st review with CCCS at night. Was much easier than I thought. Stupidly, I was quite worried about it. My payments have gone up from £103 to £120 but thats Ok as I've added another creditor to it (the remainder of my Orange contract as I have found it easier to control PAYG). So all in all, a big relief again and the future's looking bright (not Orange!!)

Ex-Spendaholic

Thats good news Jvic. :beer:

Tressls a DMP will allow you to have a life, pay what you afford and hopefully have interest frozen so that you don't end up owing more than what you do now. Full and final settlements are an option somewhere down the line. Also do you have any bank and credit card charges you could reclaim?

tressls

Hi

Thanks for the more useful replies!!

I sort of understand now, I did wonder how it all worked!

My debts total £14721.36, which is right apart from one debt I am unsure of the full amount, but think it is a little over £1000, so I would say £15k is about right.

At £150 p/m, that would take me 8 and a bit years. I will be starting the course soon, but I am pregnant so will be leaving for a few months in Jan 09, (still getting bursary), but obviously this means that rather than qualifying in Sept (ish) 2011, it will be 2012, which is 4 years away. If I secure a job after that on a higher income, I would then increase payments, guessing I would have paid about £7,200 off, leaving £7800 to pay. Increasing payment would allow me to then pay the remainder in 2-3 years after that, so all in all I am looking at between 6-8 years anyway.

Credit is the last thing I want, but does anyone know how long after the bills are settled, that your credit rating starts to improve? As I said, I do have defaults on at least 3 accounts (the bigger ones included).

I would happily pay token payments as long as I can, but I worry that in case I ever want to buy a house, I will never be able to, not even in 15yrs time. I worry hat I will die leaving debt and hassle for my daughter and the ohter child I have baking!!

If I wasn't in such a mess, my OH and I could be living together in our own house. Well, ok, not right now with the situation, but at least we would know it could have been an option.

Most of his debts are finance and loans/ HP over a maximum of 5 years.

Loan- Paid Dec 09
Laptop 1- Paid Mar 10
Laptop 2- Paid Feb 12
Car- Paid Jun 12

There is also another laptop (don't ask about them all, one broke, one was new and got robbed, one in use now), payments don't start until Nov this year, hoping to pay it all at once interest free but running out of time.

On top of that there is a credit card £2400 paying only minimum payments.
Littlewoods catalogue, £500ish, paying payments as agreed
Additions- £1200ish, paying minimum payments only
Argos- £400ish, paying minimum payments only
New Look- £200, paying minimum payments only
His old work he owes £300ish for some training. £10 per month.
Phone contract- £55+ per month until at least Jan 09 but it works better than PAYG for him so he will keep it.
He also pays mine £45+ (some bills have been £89!), also ends Jan 09. I may cancel and use PAYG as I can't seem to manage a contract no matter what tariff. Silly.

Also a £700 overdraft

All these things add up and cause stress, hoping that once the larger ones paid we can just rid of the smaller ones in lumps, maybe before if there's any cash spare.

Before he met me he only had a small OD, small credit card balance he paid in full every month, and the loan! Now he has 2 catalogues and 2 store cards on top, a huge CC balance he can't pay in full, a larger OD, 3 laptops on finance and a car (although it has been great and much loved after a string of cheap but expensive to run and repair bangers)!!!!

I could smack myself for it all!

Althea

Cocker, thanks very much for sharing your experience. I confess I'm extremely worried to hear of your experiences with Lloyds especially, since 3 of my biggest debts are with them (after banking with them for over 23 years), I hope to goodness they don't decide to take me to court, I can't have a CCJ as it is highly frowned-upon by my company for any employee to have a CCJ against them.

*gulp* Oh well ... guess I'll find out all in good time ... <crossing fingers>.

cloudnine_2

Hi Everyone. Just had a call from Citi Cards saying that they're about to sell my debt on to a DCA. Has anyone had any experience with Citi Cards inthe same way and, are any experiences of which DCAs they use please / attitudes etc? Thanks so much.

tressls

Hi all

I did it, I have just done my online thingy with CCCS and been told I can pay £141 per month, taking 9 years to pay off (as I included £19 PW driving lessons but obviously this won't be forever).!!!

They are sending me the stuff in the post.

One question- on the Egg debt, it was passed to ARC Europe debt collection. After reading advice on MSE, I asked them to provide a copy of the CCC. They could not, they sent something else (can't remember, I posted on here and was told it's not the same thing). I e-mailed back and have heard nothing since, in about 3 months. I realise the debt is still mine, but where do I stand? Would I still send a letter re: the DMP to them?

Thanks.

9 years!! Argh!

newlywed

Rayday - have you got your letter to send saying you're a bunch of gits stop charging me interest to increase my time in debt?

Just worked out if FD do start to charge me interest at 16%APR then they'll be adding another 4K interest to the life of my DMP - that alone will add 7 months to my DMP - the scumbags need to be told a thing or two!!!

andytwonames

newlywed wrote: »

Rayday - have you got your letter to send saying you're a bunch of gits stop charging me interest to increase my time in debt?

Just worked out if FD do start to charge me interest at 16%APR then they'll be adding another 4K interest to the life of my DMP - that alone will add 7 months to my DMP - the scumbags need to be told a thing or two!!!

Yeah, me too.

Lloyds agreed to my payments but continue to charge interest.

Needs a Rayday killer letter to get the money back plus a case of wine.