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DMP Mutual Support Thread (Part 4)

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  • Yes! there is light and the end of the tunnel!

    We received 2 letters this morning from Yorkshire bank/Alliance & leicester saying that they have accepted our Payplan agreement:D, after nearly 3 months of letters and annoying phone calls!

    Just thought I'd share this with you all!
  • 2 letters in 2 days from abbey, my biggest creditor

    1st letter 2 days ago was a monthly statement with added interest

    todays letter says hat they agree to 0% interest so as long as i keep up minimum payments through my forthcoming DMP.

    a bit of good news.
  • sarriep
    sarriep Posts: 321 Forumite
    Part of the Furniture Combo Breaker
    I think a current account has overdraft facilities and a cheque book which I believe you're not supposed to have wheras a basic account has no overdraft facilities or cheque book. You can't go overdrawn at all on a basic account which is why those on a DMP are advised to have one. I think. We've just opened up 2 accounts and have transferred our salary payments to these. I'm going to start changing all of the direct debits - have cancelled all of my cc and loan one.

    Living in the black is what I'm looking forward to! :)
    :eek: LBM August 2008:eek:
    Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
    Proud to be dealing with OUR debt ! :T
  • sarriep
    sarriep Posts: 321 Forumite
    Part of the Furniture Combo Breaker
    ...we're just starting to get the phonecalls, all quite amicable really but I am worried about who might not agree to the DMP or might not stop the interest. We have:

    HSBC
    Marbles
    Egg x 3
    Cahoot
    Goldfish
    Student Loans (from 1997)
    Barclaycard
    Virgin
    MBNA
    Morgan Stanley

    Thanks! :o
    :eek: LBM August 2008:eek:
    Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
    Proud to be dealing with OUR debt ! :T
  • sarriep
    sarriep Posts: 321 Forumite
    Part of the Furniture Combo Breaker
    Sorry, I didn't actually ask a question! Has anyone had goo/ bad experiences of the above with regards to DMP? At the mo it should take about 8 years to repay....
    :)
    :eek: LBM August 2008:eek:
    Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
    Proud to be dealing with OUR debt ! :T
  • sarriep
    sarriep Posts: 321 Forumite
    Part of the Furniture Combo Breaker
    Sorry, I never actually asked a question about the above! Does anyone have any good/ bad experiences of these when going onto a DMP?
    Thanks :)
    :eek: LBM August 2008:eek:
    Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
    Proud to be dealing with OUR debt ! :T
  • sarriep wrote: »
    ...we're just starting to get the phonecalls, all quite amicable really but I am worried about who might not agree to the DMP or might not stop the interest. We have:

    HSBC
    Marbles
    Egg x 3
    Cahoot
    Goldfish
    Student Loans (from 1997)
    Barclaycard
    Virgin
    MBNA
    Morgan Stanley

    Thanks! :o


    Hi Sarriep,

    I've had dealings with some of your creditors. Read my post number 2217 in this thread to see how each of mine have behaved. Watch out for Goldfish/Morgan Stanley, if they default your account and pass it to a debt collection company called 1st Credit, then you could be in for a rocky ride. Look them up in other threads, they're not nice people.

    Cocker :)
  • sarriep
    sarriep Posts: 321 Forumite
    Part of the Furniture Combo Breaker
    Thanks Cocker,
    I've read about these - oh dear, they sound a nightmare. We'll be making reasonable payments so maybe they'll not be so bad? Or maybe that's just wishful thinking!
    Thanks for your reply. Marbles were fine on the phone and said they hope things get better. Goldfish spoke to OH and were ok....so far......
    :)
    :eek: LBM August 2008:eek:
    Total debt £51914.74 Paid off so far £47,611 DMP started November 08 Current debt £4,303.73
    Proud to be dealing with OUR debt ! :T
  • Watch out for HFC AKA Marbles-they left me alone for 3 months then after that constantly rang me. I suppose it depends on how low your DMP payment is and how long it'll take to pay off.

    I've just found the SOA you posted and see that your Marbles debt is comparatively low. IMHO they'll probably accept that. Mine was for a lot more than yours!
  • JES_F1
    JES_F1 Posts: 763 Forumite
    Part of the Furniture 500 Posts Photogenic Debt-free and Proud!
    Hi everyone :hello:

    I've lurked in this thread on and off ... and thought it was time I finally said hello, and ask if I can join in!

    Finally faced up to being in bit of a financial mess at the beginning of the year. Though I was usually meeting all my minimum payments, I'd started to miss the odd one or two so was then constantly playing catch up, putting more on credit cards to last out the month.

    I set up a DMP with the CCCS using their online debt remedy. After riding out the storm of the first couple of months or so - fielding calls and letters from creditors - it's now going very well. It's such a relief to now know that I'm in control again!

    The DMP is for nine credit cards and one loan. (I was able to clear my overdraft before starting the DMP. I love seeing my bank account with money it!) The credit cards are American Express, Capital One, MBNA, Beneficial (HFC), Nationwide, Mint, Egg, Evans store card (run by GE Money but passed to CL Finance), and M&S. The loan is with Cahoot.

    I owe M&S and MBNA the most (£10k and £8k respectively) but I've had no problems with either. Egg and HFC were "persistent" initially but once the DMP kicked in properly, all was fine.

    Nationwide begrudgingly accepted the DMP for three months then rejected the proposal when both the CCCS and I contacted them to explain nothing had changed. The Nationwide has certainly been the most difficult to deal with - the outstanding balance is the second lowest at about £1,800. Initially, their calls did scare me - instantly threatening court, charging orders on the house, etc - but now I realise this was designed to do exactly that.

    After the three-month period ended, Nationwide started calling again. I refused to go through their security questions, which really annoys them. I actually "enjoyed" challenging the fact the number they provided for me to call back on was not on their web site, in any correspondence, nor on the card ... so therefore I would NOT be calling back. After a polite-but-firm letter reminding them of my DMP and asking all contact to me made in writing only, they removed my telephone numbers from their database.

    My expected debt-free date is August 2013 but I'm determined to make it before this. I've joined the £10-a-day challenge for September ... and hope to sign up to some more of these challenges. I'm also geared myself up for lots of surveys, clicking for daily cashback, joined Quidco, GreasyPalm, Pigsback, and Money Back Madness, and have been sorting out videos, CDs, DVDs, and books to sell.

    Setting up the DMP with the CCCS was definitely the best thing I could have done!

    Sorry this has become such a long post!

    V best wishes :beer:
    Debt Jan 2008: £45,566. *** June 2013: DEBT FREE! ***
    Paid back just under £50,000 due to some interest added.

    Dealt with my debt through a Step Change
    (CCCS) DMP.
    DMP Mutual Support Thread Member #240.
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