DMP Mutual Support Thread (Part 4)

coolcait

tass wrote: »

Thanks - It's not so bad - there are people a lot worse off than we are - we do have a lot of equity in our house but we don't want to sell it - in about 14 months we will be in a position to clear off our dmp - so there is light at the end of the tunnel. I work in the litigation department of a firm of solicitors with a debt recovery department attached (I don't do the debt recovery work - I don't have the required !!!!! from hell streak in me) ... but I do have some knowledge of how it all works from the recovery end - I was just so relieved that 1st Credit didn't instruct my firm - that would just have been so humiliating.

The Letters of Inhibition have the same effect as a Charging Order so the house is safe as long as we pay the instalments as arranged - the good thing is that the payments won't go up at all. I would really like to offer 1st Credit a full and final settlement when the time comes (much reduced) but am not sure how that will go with the decree being in place (I do keep any eye on similar actions going through at work though - so I might know beforehand) The rest our creditors have been great - if any of them have started adding interest again generally a phone call is all it takes to stop it - it's usually a mistake. We do have Lloyds and have the same reduced interest as everyone one here seems to have (they will also get a full and final offer) ... the rest will be paid in full and be welcome to it.

We would have gone down the route of a DAS with CAB if we had known at the time but CCCS were like our guardian angels. We were so stressed with robbing peter to pay paul for years and years its a wonder we're still together. We actually laugh about it now. CCCS have been lifesavers for us and I don't mean to appear ungrateful - it's probably not in their remit to tell people about obtaining CCA's !!

Hiya tass

Can I just say that I've got my fingers crossed that you come across a case or two which provide you with ammuntion for getting the last laugh on 1st credit!! I think that would definitely be karma

For me, one of the biggest problems with DAS IS that not enough people know about it (maybe that explains my one-woman campaign :rotfl: ).

All that said, I'm absolutely with you in praising CCCS and the other charities for the amazing amount of help they give to people. :T

Good luck!

Kudox

Ha ha maybe,
Want to see my statements though so I can see whether they are still applying interest, charges etc.
I've checked my egg statement online and the first payment i've made via cccs hasn't even shown on there.

coolcait

ruthie70 wrote: »

Thanks coolcait, really appreciate your advice. I received the paperwork from my assigned money advisor but I found the paperwork to be very basic and not nearly as polished and informative as the CCCS - I also felt it was too close to home, everybody knows someone's auntie, cousin, friend etc. in my region! I know DAS might be the way to go but I really feel the CCCS are a tower of strength and I like the way I can go online and view my DMP etc. Hope I am not making another financial mistake by not going down DAS route but my main reason for the DAS would be because of my £19,000 NR loan (mortgage also with them). However I have worked out that NR will actually get a pro-rata payment of £218 (they get £197 at the moment) and I am hoping this will "please" them!

I am thinking that if the DMP with CCCS is not a success as far as Northern Rock are concerned I could then try and do the DAS as another option. What do you think? I just want my DMP up and running ASAP (due 1 December) and going down the DAS route means more worry and waiting.

Hiya ruthie

You've got to go with what is right and comfortable for you - and it sounds like that's the DMP with CCCS. No problem with that at all - I think that CCCS do a great job.

You're right - if your DMP doesn't work out, you would still be able to go for DAS.

Good luck with the DMP, and I hope Northern Rock accept it without any problems.

Toffee_Penny

Kudox wrote: »

Hey Toffee Penny
I know in my last post I may have sounded a bit down on holidaying in this country, camping etc, but actually some of our best holidays have been here.
Camping is one of our favourite things to do, this year has been a wash out for it, but we went to yorkshire around may time and had the most glorious few days, gorgeous weather, totally chilled.
Money probs started after this and it seems like a lifetime ago now, but I really feel we are starting to get back on track now.
We have decided tonight for DH to try and negotiate directly with his creditors for reduced payments, (self employed so difficult to go via cccs) so we'll see how that goes.:eek:

Have CCCS told you to get lost then Kudox cause you were struggling to meet payments? I hope I'm right in remembering you on a low start DMP, what else can you do in current situation? Only offer what you can realistically afford.

IWe have overestimated on our income, OH hit badly last month but we struggled by, I seem quite selfish in thinking I know I owe alot and I desperately want to be free from it all but I have to live too you know.

OH is off work 2 weeks at christmas with no pay and we know for sure that we won't be able to meet payments for DMP. OH will be phoning them tomorrow, so will let you know what they say

Kudox

I am on a low start DMP with CCCS but OH is self employed and his income is very erratic so he's going to try to negotiate with his creditors directly, I suppose try to set up a DMP without the help of anyone like CCCS.

The ideal thing would be for us to get a joint DMP but OH's income is too complicated and at the moment sometimes non existant.:eek:

Are you on a joint DMP then?
You were right to over estimate on stuff, we have to have a bit of a life outside debt otherwise we'd go mad!

Good luck with speaking to cccs about christmas, hope you manage to negotiate something.

Kudox

Sorry Toffee, misunderstood when you said you'd overestimated on your income, Hope you manage to sort it with cccs.

Toffee_Penny

Yeah we decided as we together to go for it and do a joint DMP, I had to close my account and go onto his one. I couldn't be bothered doing all this oh he gives me xx amount of pounds for this, it just seemed less hassle to have it joint even though none of the debt is joint.

I was so desperate to make a start on DMP I agreed to this and that without thinking of keeping some 'behind', not saying I want to go on a big spend but just not count every penny every month. The whole point of a DMP is to live a normal life whilst sorting yourself out not just scrape by every month which is what we will be doing.

The best bet for us would be to lower payments by at least £200+, this would upset creditors as some would get next to nothing but it hopefully would be short term just until Jan/Feb at least, work and weather might have picked up by then.

ianmak

What's with all the late night posters! Welcome to all the newbies, sorry I can't advise on much at the moment, except to say, chin up. If you can't laugh, you cry, right?

Another update from me. 3 months in, I have a lot of creditors, and I'm not proud of it...
NR Loan - Refuse to acknowledge any comms from PayPlan (Financial Statement & LoA), and after PP ended up phoning them, said that Hardship wasn't a satisfactory excuse. Fair enough I guess. Have a feeling they'll go for the Charging Order on my flat, but you never know.

Halifax (Halifax/IF/Sainsburys)
Stopped all interest and charges. Not sure if they've defaulted or what, they just send a statement each month.

Abbey (MBNA)
Stopped charges and interest. They sent a letter this week explaining this, but that I'm not on any reduced payment plan, and to ring them up to see if I can increase payments to avoid a default

Egg & Amex
Defaulted straight away, Amex handed straight over to RMA Resolve. Hven't heard much from them apart from the bombardment of calls at the beginning.

M&S
Haven't really heard from them, not even sure if they've stopped charges/interest.

2x overdrafts.
Both have not acknowledged DMP and are still adding all manner of charges (I'm over my limit). Gonna have to speak to them soon.

Budgeting has been hard, after so many years of overspending (again, I'm not proud of that), but I'm getting there. I find that I survive fine with no money, it's when I have the money that's the problem. I feel so much better for it. I can't afford to drink, go out, or buy lunch or dinner. And I have to think things through when I buy anything! It's great!

I intend to increase payments by a third due to promotion and payrise, which should help, but I want to get settled down first!

I've learnt that debt (bad debt) is evil, and I can't believe how many years I spent with my head in the sand. I've always known the debt was there, and increasing. I just never did anything about it.

Can anyone advise, if I will be able to remortgage my flat, with defaults, and if I can, then the rates will be astronomical, won't they?

I'm going to bed, rambled on for too long, sorry if this is of no help to anyone, just to say that there have been some ups and downs, and that this has been the best move possible, and I wish I'd dealt with it years ago.

maz1964

hello all,

hope you are all well not been around for a while but hanging in

great to see you all doing so well, im too

its still a learning curve every day, but the forum is fab and tips are picked up every time you read a new thread or post

keep up the good work and keep happy ciao for now MAZ

shellfishb5

Morning everybody
WARNING
Sorry this is a long post
I have got my DMP up and running with CCCS everything seemed ok, i went to my bank HSBC with whom i have a current account which i am still using at the moment and a joint acct which is on my DMP. So i went to use ATM and the machine chewed up my card i went in the branch and asked why. Eventually we find out that HSBC collections people have arranged a managed loan to cover the overdraft thats on the DMP lady in the branch knew nothing about this, but she did find out that my current acct is still ok to use and they are sending me a new solo card to use. I cant understand why i had not received a letter telling me about this loan and my card being cancelled.
I phoned CCCS and ask if they were aware of this loan arrangement, i have been told on no acct sign any paperwork apparently i have to sign a loan agreement for this loan. its a trick as once you sign loan agreement you are in breech of your DMP arrangement and CCCS would not be able to help me anymore, with the loan you end up paying more money and extra interest on top as well, the man from collections dept was telling me that this is what hsbc policy is, that they give me a loan to cover the debt and then CCCS pay the loan through the DMP so beware i dont know if this common policy or a new trick used by the nasty banks.
i have managed to open a basic acct with natwest so i am going to hsbc today and withdraw all my funds and put in new acct

take care
Andy