DMP Mutual Support Thread (Part 4)

zena2105

hi, I have a friend who has called cccs to set up a DMP, with 12000 debts, her appointment is thursday
.
MOst of this is with Lloyds TsB, who i have had dealings with before when my husband set up a DMP. :eek:

She has paid off the £900 overdraft, is £140 in credit with no payments due out. Is it alright to close the account completely now, she has already opened another account and set up her DD's.

I advice her to, but wanted to make sure I was giving ok advice.

Numpty_Monkey

Hi all well CCCS called me today and they are going ahead with my DMP
starting from September they are sending me a welcome pack,
Already started getting calls from Yorkshire bank guess about late/underpayment, but seeing as i don't get in till after 7 usually not a problem yet
When i am in and they call , what do i say ?

ikkle87

Hi guys not sure if you can help with regards to this so will post it on a different board as well. Here goes:

Before my DMP bank charges sent my Halifax account into unauthorised overdraft, Halifax agreed to stop charges if I paid £10 a month. They did this by upping my authorised overdraft limit. However now that CCCS have changed my payment to £5 a month Halifax have removed the higher overdraft limit and have informed me they will be charging monthly charges for being overdrawn.

I remember reading somewhere on MSE that because of the court case etc you can write to the bank and ask them to put a hold on the account while you dispute it? Does this sound right? Can I do this to try and stop the charges? and if so How?

Thanks in advance.

Ikkle x

rayday2

zena2105 wrote: »

hi, I have a friend who has called cccs to set up a DMP, with 12000 debts, her appointment is thursday
.
MOst of this is with Lloyds TsB, who i have had dealings with before when my husband set up a DMP. :eek:

She has paid off the £900 overdraft, is £140 in credit with no payments due out. Is it alright to close the account completely now, she has already opened another account and set up her DD's.

I advice her to, but wanted to make sure I was giving ok advice.

Spot on advice, and well done to her for clearing the overdraft will certainly make things less complicated. Lloyds cannot seem to cope with what to do with overdrafts in DMP terms.

rayday2

Darth_chaffinch wrote: »

Hi, am paying off Lloyds and other through CCCS (~3 yrs now!), but Lloyds are still charging interest (~£16 per month) on my current account AND a £12 per month account charge! As I'm only paying this debt off £40 a month it's going to take an age to clear!!

Anyone had any luck getting the swines at Lloyds to cease charges/charges while in a DMP??

Yes it is possible, do you have any other accounts with Lloyds included in your DMP?

rayday2

Numpty_Monkey wrote: »

Hi all well CCCS called me today and they are going ahead with my DMP
starting from September they are sending me a welcome pack,
Already started getting calls from Yorkshire bank guess about late/underpayment, but seeing as i don't get in till after 7 usually not a problem yet
When i am in and they call , what do i say ?

Just tell them you are with the CCCS who they will hear from shortly, if you have the reference number give that and tell them they will get a token payment soon (if that is what you are going to do)

Darth_chaffinch

Hi RayDay2, I have a loan with Lloyds too. Any help much appreciated!

THanks.

Numpty_Monkey

rayday2 wrote: »

Just tell them you are with the CCCS who they will hear from shortly, if you have the reference number give that and tell them they will get a token payment soon (if that is what you are going to do)

Just had a call and was in to answer it :eek:
Yorkshire bank credit card, nice bloke he sounded
anyway he asked about making a payment as the last payment recieved was for £10 (my token payment)
Told him I'm with CCCS and do you want my client number,
he didn't want it
told him they would get another token payment sometime next month

He asked if i'm with CCCS for all my debts,
told him yes
any other contact numbers for me
No was my reply
that is about all that happened


i bet all the calls arn't as nice as that one

pucked

Hi all,

Sorry for long post but I am just starting out with my DMP and am in a permanently anxious state.

Last week or so I have managed to achieve the following through great anxiety and worry:

1. Received my paperwork from PayPlan and had my phone call with Payplan confirm final details.

2. Managed to get a new account opened with CoOperative Bank - this was quite straight forward and they will give me a debit card. They told me that the worst case would have been an electron card - so either would have been ok for me.

3. Cancelled all my direct debits with CC and Loans - as per instructed by Payplan

4. Persuaded my wife to change from Lloyds - she shall do this on Monday. I thought she would ask a lot of questions but fortunately she did not - told her I wanted to pay back the overdraft in the joint account and how Lloyds may take money out of her account even though its not really her debt.

5. Instructed payroll of new bank details from end of June.

So now I have the following causing me worry and restlessness - any advice would be welcome:

1. I have both a Lloyds overdraft and Lloyds CC. From what I have read on this board over the last few days - Lloyds do not freeze interest. How will this impact my overall payment terms. Payplan calculated just over 6 years to pay off the debts assuming interest is frozen. So if some creditors don't freeze I could be here for much longer because I certainly cannot pay any more that what Payplan has budgeted.

2. Having cancelled my direct debits I know I will start getting phone calls and that too shall pass. But again if they continue to add interest and late payment charges my finances are going to get much much worse. At the moment I am just treading water - I could very easily drown within a couple of months! Payplan say they cannot guarantee that interest will be frozen . If this is the case I'm not really going to be in a better position with DMP - why am I doing this ? For example one of my credit card charges 36% interest - 2 years back it used to be around 18%. I pay them £300 a month - just interest and I can't pay a penny more.

3. Can the credit card companies send the bailiffs in? Can they force you to sell household items or force to a charge on the house?

4. Best case scenario for me is just over 6 years to become debt free. I just don't know how I can cope mentally. Last 5 years of my life I wasted with worry and trying to get in control of my finances and getting nowhere. Probably another 6, 7 or 8 years before its all over. When all this started my kids were at primary school. By the time my debts are cleared they will be in their mid twenties. All those years wasted on worry and grief. The more I get involved in DWOP the more guilty I feel and how I hate myself. I know keeping my head in the sand was useless but it was little less painful.

Anyway lets see what the next couple of weeks bring.

Thanks

WhoopieDoodle

Hello pucked. Regarding your anxious state, this will pass I promise. At the moment it is fear of the unknown more than anything (ie what will the creditors do etc) and I have been in that place as well as many others. Once the DMP settles down things will get very much easier. The early days are always the hardest but everything will quieten down and you will be able to get on with your life without permanently thinking about the debts.

I know that when you look ahead it feels such a long time to be in debt, but if you look at it another way, you will not be increasing your debt, you will be learning to live without credit and you may even find that you actually have some money left over each month which is pretty amazing.

And, if you think about it, how many people do you know who may not be having problems (yet) but will be in debt basically for the rest of their lives due to their credit cards, overdrafts etc.

One of our creditors is Lloyds and after 6 months into the DMP they have stopped adding interest, so hang on in there.

We have 7 creditors and so far only two are still adding the interest. All you can do is keep making the monthly payments and requesting they cease interest as it is making the debt bigger. Eventually, they will stop but it's a case of waiting and being patient, despite the frustration of it all.

Bailiffs cannot be sent in unless you have broken the terms of a Court Order, so don't worry about that. I'm not sure about a Charge on the house, although I think that could only happen if you have broken the terms of a Court Order (I did read somewhere that creditors can apply for this regardless but if this is the case, they can't have the house unless you stop paying them so again, don't worry).

I worried about anything and everything in the early days, convinced the worse would happen. It hasn't! But, if it does, we just deal with it as it comes. The main thing is to take each day as it comes, deal with things as and when they happen and speak to Payplan as they are extremely supportive.