DMP Mutual Support Thread (Part 4)

nearlyrich

Part 5 coming up here

debt_daisy

cocker100 wrote: »

Hi,

Lloyds Tsb are merging with HBOS (Halifax Bank of Scotland). As your debts are with The Royal Bank of Scotland (RBS) you will be fine because this is a totally separate company and is not linked inany way with Lloyds TSB.

Cocker

Cheers Cocker!! x DD

debt_daisy

bunnygreen wrote: »

Hello everyone! Been trying to read the whole of this thread, but after reading the first 15 or so pages, thought I'd better skip to the last 15 or I really will be here for days! Just fascinated to read all of your stories!

Well, I was hoping I could join in and have a number and everything as I think I may be here for a while!!

My husband and I have set up a DMP with CCCS. We sent off the agreement to them on Saturday and have sent off the letters to our creditors by Recorded Delivery, so they should all receive them tomorrow (am now scared about the next week or so!!). Our first payment to CCCS is on 1st December.

So, we have a total of £45,000 and we should clear this in roughly 8 years (dependant on the creditors obviously!)

Northern Rock are our biggest at £25k - and they are the ones we are most scared about! The person at CCCS said that they may try and get our loan to be secured, but with our mortgage and a separate secured loan that takes us to the value of the house, I can't see how they can make it secured and now really worried about what they will do! I phoned today to ask them to make the direct debit for the mortgage and unsecured loan separate as they are currently joint - but they won't do anything until they have received the paperwork from us and made a decision as to whether they accept the DMP! I am worried about this so much as obviously I want to and have to pay our mortgage, but don't want to pay the extra £175 towards the unsecured loan when we are paying CCCS. Not quite sure what to do, but NR said to phone them next week when the paperwork is received. Any ideas and experiences with NR gratefully received!!!

So, the other creditors are HSBC Mastercard, HSBC overdraft, Alliance & Leicester Overdraft, Mint, Naturally Close (aka Fashion World), Barclaycard, Barclaycard Travel (formerly Morgan Stanley), HFC.

I guess now we play the waiting game to see who accepts the agreement!

We have applied for a Halifax basic account and are just waiting to hear back from them, have cancelled the Direct Debits that are on the DMP (apart from Northern Rock at the mo as not sure what to do there!).

Feel relieved that we are finally sorting things but also scared as I am not sure what to expect! I have read about the phone calls, but we have cancelled our phone line so the creditors don't have a phone number to call us on, so I guess we'll just get letters!

Anyway, sorry for the ramble! Look forward to getting to know you all over the next 8 years!! x

Hi BunnyG,

I'm new too! Welcome! Everyone is so helpful here and I am sure someone can be of help soon! x DD

Kudox

Hi BunnyG, NR are one of our creditors and were the first to accept the DMP, although admittedly it's not a loan connected to a mortgage.
We had loads of phone calls at first but I asked everyone to only contact me by letter and that seems to have worked. Have just made the second payment and everything currently very quiet.
Good luck with it all and welcome on here:beer:

jellybean08

Hi,

Hope everyone's had a good evening. I have a dmp with cccs that is almost nearing an end, especially as i start a new job soon so hopefully i can increase payments. I don't receive paper statements and messed up the online log in (awaiting a new password) so i haven't been able to check outstanding balances which were about 2500 a few month ago. I was just wondering what happens now that i'm almost paid back, especially as i'm not sure about interest charges etc. Is it a case of making one final payment and that's it or do you offer a full and final settlement? Any help would be great, sorry to be a bit vague but i'm about 3 years in and got a bit complacent with just paying my dmp every month and not keeping an eye on it.

bunnygreen

Kudox wrote: »

Hi BunnyG, NR are one of our creditors and were the first to accept the DMP, although admittedly it's not a loan connected to a mortgage.
We had loads of phone calls at first but I asked everyone to only contact me by letter and that seems to have worked. Have just made the second payment and everything currently very quiet.
Good luck with it all and welcome on here:beer:

Brill well fingers crossed! Thank you x

Kudox

jellybean08 wrote: »

Hi,

Hope everyone's had a good evening. I have a dmp with cccs that is almost nearing an end, especially as i start a new job soon so hopefully i can increase payments. I don't receive paper statements and messed up the online log in (awaiting a new password) so i haven't been able to check outstanding balances which were about 2500 a few month ago. I was just wondering what happens now that i'm almost paid back, especially as i'm not sure about interest charges etc. Is it a case of making one final payment and that's it or do you offer a full and final settlement? Any help would be great, sorry to be a bit vague but i'm about 3 years in and got a bit complacent with just paying my dmp every month and not keeping an eye on it.

Ji jelly bean, sorry cant really answer your questions, only just at the begining of mine:eek:
But just wanted to say how the bit about becoming complacent about everything really cheered me up, all I can seem to think about at the mo is money and the DMP, to know you can to stage where thats not the case is really heartening.


Cheers and how amazing to be soon debt free:beer:

ianmak

bunnygreen wrote: »

Hello everyone! Been trying to read the whole of this thread, but after reading the first 15 or so pages, thought I'd better skip to the last 15 or I really will be here for days! Just fascinated to read all of your stories!

Well, I was hoping I could join in and have a number and everything as I think I may be here for a while!!

My husband and I have set up a DMP with CCCS. We sent off the agreement to them on Saturday and have sent off the letters to our creditors by Recorded Delivery, so they should all receive them tomorrow (am now scared about the next week or so!!). Our first payment to CCCS is on 1st December.

So, we have a total of £45,000 and we should clear this in roughly 8 years (dependant on the creditors obviously!)

Northern Rock are our biggest at £25k - and they are the ones we are most scared about! The person at CCCS said that they may try and get our loan to be secured, but with our mortgage and a separate secured loan that takes us to the value of the house, I can't see how they can make it secured and now really worried about what they will do! I phoned today to ask them to make the direct debit for the mortgage and unsecured loan separate as they are currently joint - but they won't do anything until they have received the paperwork from us and made a decision as to whether they accept the DMP! I am worried about this so much as obviously I want to and have to pay our mortgage, but don't want to pay the extra £175 towards the unsecured loan when we are paying CCCS. Not quite sure what to do, but NR said to phone them next week when the paperwork is received. Any ideas and experiences with NR gratefully received!!!

So, the other creditors are HSBC Mastercard, HSBC overdraft, Alliance & Leicester Overdraft, Mint, Naturally Close (aka Fashion World), Barclaycard, Barclaycard Travel (formerly Morgan Stanley), HFC.

I guess now we play the waiting game to see who accepts the agreement!

We have applied for a Halifax basic account and are just waiting to hear back from them, have cancelled the Direct Debits that are on the DMP (apart from Northern Rock at the mo as not sure what to do there!).

Feel relieved that we are finally sorting things but also scared as I am not sure what to expect! I have read about the phone calls, but we have cancelled our phone line so the creditors don't have a phone number to call us on, so I guess we'll just get letters!

Anyway, sorry for the ramble! Look forward to getting to know you all over the next 8 years!! x

Welcome bunnygreen,

See below for info on how to get loans secured to mortgages....

ianmak wrote: »

Morning all, a reminder about the Charging Orders that have started to be implemented. A Fool Article, and I'll did out the original petition and thread posted last month.
http://www.fool.co.uk/m.asp?i=3559461&u=210462730

MSE Thread
http://forums.moneysavingexpert.com/showthread.html?t=1172777

I don't mean to alarm, just something that homeowners with unsecured debt need to be aware of. And sign that petition!

HELP!!! I'm panicking slightly as I just received a formal demand from NR and speaking on the phone they're threatening their usual charging orders (see above). They still say they haven't received a Financial Statement or LOA from PayPlan. I'll give PP a ring in the morning, but can anyone give advice!!

bunnygreen

ianmak wrote: »

Welcome bunnygreen,

See below for info on how to get loans secured to mortgages....

Thanks for this - I still don't quite understand. I mean, I get what they are trying to do with the CO - but as it stands, the value of our house is either equal or less to our mortgage and secured loan. What we are basically trying to do is wait a few years for things to settle and us to have enough equity to sell our house and pay the fees associated with that so that we can pay our mortgage, secured loan and then start renting. If we did this, there wouldn't be enough money for NR to take out of the CO. There is no excess money. I reckon we need about £3k to sell our house as long as the value covered the secure loan and mortgage. But our unsecured loan is £25k.

I don't get it at all! I guess I just wait and see what NR do - of all the people we could have gotten our mortgage through, they were obviously the worse we could have chosen - I wish we never bothered buying, but then, there's no point in looking back really is there!!

ruthie70

Hi bunnygreen - I'm in a similar situation to you with the NR. However, I think as they are owed the most on the DMP they may get roughly the same as what I am already paying them. My situation is a bit tricky because my sister currently pays this loan for us via DD and we have virtually just "forgotten" about it. However, this will all change once we go on the DMP. I am hoping my sister will just pay me the money direct and this can be included in my surplus otherwise we will be £197 per month down.

I thought I was coping with the debt situation okay until last night I just became a gibbering wreck, couldn't stop crying and felt I was totally cracking up. I think sub-consciously I have been bottling it all up and it has to come out somehow. Husband very worried about me and I have taken the rest of the week off (which also makes me fret), just think I need some time to concentrate purely on sorting this out. Thought about a trip to docs for some medication to help me through but will see how it goes.

I think this thread is helping keep me semi-sane!