DMP Mutual Support Thread (Part 4)

pinksparkle_2

Toffee_Penny wrote: »

Ta-dah!! wow how posh new thread and all

Well went to the bank on Monday dreading the fact that my tax credits and child benefit had gone into my old account, but no they were in there, how fantastic is was to see no minus sign in front of the balance. I is well rich!! Well not quite, I paid 2 weeks rent and childcare and left the rest in.

I am scared of spending my new money, anyone else feel like this? Before I was spending just for the sake of it, shopping, food, stupid stuff but now I feel really determined to get money behind me even if it is just a hundred quid, more than I ever had before. I am actually tracking every penny I spend in a little A5 book, this will help me budget better.

I received my CCCS pack today with the payment slip for July inside and direct debit form to set up from my new bank for August, so far so good have only had a letter from my bank loan and a bill from my credit card but will just keep sending postal order token payments of £2 until the DMP set up by direct debit.

I wanted to repeat what Angel Cake said about tax credits and child benefit promising to tell each other; don't take their word for it, make the call yourself to both departments, I know it's a pain pressing 15 buttons and then holding for 10 minutes before you speak to a human but if you do it yourself then at least you know the relevant department has been informed.

Good luck everyone and keep smiling, if I win the lottery this weekend I will buy you all a drink ok?

Hiya,

I have just had my pack through from Playplan and i have to confirm some account numbers and sign the authority form with standing order mandate etc, i have been told to send token payments to my creditors till all is set up, the standing order doesnt have a date on it,
Does anyone know how long Payplan take to get this all set up and running???.....Im sooo impatcient...!!!

Pinksparkle

x

rayday2

missyp123 wrote: »

Times in 11 Posts


ADVICE PLEASE, on dmp, re-mtg offered
Hello,

please can someone tell me if this will be an issue with our creditors.

just entering a dmp ... figures in signature below.
been offered re mtg, 106k left on mtg- 135k house value.

would really want to snap this offer up before our dmp becomes an issue on credit file... not yet missed any payments with creditors.

THINKG IS... they want us to pay off hfc and lloyds as a condition and they are happy for this to be added to the mtg along with £499 fee. so mtg would be £112000.

I can only see this as a good thing as we would only be left with the nr and hsbc to sort out.

can anyone see this as being an issue, its just the new payments would be just a few pounds more and would cover two debts, and would be on repayment!!!!

please advice, thoughts, questions, anything!!!

i have also posted this on the dfw board

Who are you actually going to do your DMP with? And what have they said?

Its a bit tricky really and what would worry me most would be how long it takes to remortgage and also you are securing debt onto your home and with house prices going down that is not good. Also with a DMP you stand a very good chance of getting zero interest so this is going to cost you more.

But it is your decision me personally I would rather not secure debt on my house that is one lesson I have learnt hard but not before I jeopodised my house. Also the whole point of a DMP is to allow you to afford your mortgage etc without taking out secured lending.

Angel_Cake_3

pinksparkle wrote: »

Hiya,

I have just had my pack through from Playplan and i have to confirm some account numbers and sign the authority form with standing order mandate etc, i have been told to send token payments to my creditors till all is set up, the standing order doesnt have a date on it,
Does anyone know how long Payplan take to get this all set up and running???.....Im sooo impatcient...!!!

Pinksparkle

x

Hiya Pinksparke, I am also with Payplan,
I know is all seems confussing, but this is how I think it works and how is seems to be working for me....(somebody please but in if I am wrong)
I sent my PP pack back and on the day they received it they sent a statment of debt and authorisation to all my creditors. They also asked all the creditors for a balance. (some have not got back yet)

In the meantime send your statement and balances to PP to speed up the process.

After a couple of weeks, they can then put the SOA together and once they have reveived your first payment, they will send this to the creditors with the proposals of the DMP, it is then a waiting game to see if the except.

Even if they do not hear back from any straight away, you keep sending your monthly payment to PP. From what I can gather, crediors seem to reply from anything fron immediatly to weeks.....how long is a piece of string.

PP seem really quick at getting paperwork out etc....It really starts to move when you pay your first payment.

I am paying mine 1st July, should have been June, but things came up and I could not, so I just send all a £1 token in the meantime. PP were great about it.
Hope that helps

Angel Cake xx

hammertim

I cant thank the people on this site enough .. I have finally got my head out of the sand and am now in the process of dealing with my debts..
I have agreed a monthly fee with cccs but I have a question about the token payments that people are paying to their creditors... Is it best to send a postal order rather than a cheque??

Angel_Cake_3

Hi Hammertim, well done for facing up to things! It is really hard and we have all done it and you are right, the site is amazing and the support is out of this world!
Re postal orders or cheques, dont really think it make any difference, i sent cheques - Angel Cake x

simbalou

Hi Hammertim, I sent cheques so I could keep track of who had cashed them so I knew they had received my letter. Lots of companies seem to say they haven't recieved any correspondence but are quick to cash the cheques which came with the template letter from cccs!

Hope that helps

Ps. Well done on getting it started

MadDogWoman_2

wen3 wrote: »

Hi all did post on the last thread but we have started a new one now:) We have had 2 creditors now saying they wont except our offer on the DMP MBNA and HSBC anyone else had problems with these 2?

Hi Wen,

I've been on a DMP with the CCCS for almost 2 years now.

I have 3 accounts with HSBC, all offers have been rejected and they continue to charge interest too!

On the two smaller accounts they have cancelled my OD facility but have continued it on biggest OD - HSBC are a law unto themselves I think.

MDW

rayday2

Sounds like Lloyds its very frustrating when companies don't have concrete set down lines they follow.

newlywed

Well I got the official letter reply from First Direct, apologising that my phone message wasn't passed on to their department. Saying that they can't stop interest but that it is a "preferential rate" of 1% above base rate and that in any case they will shortly be reviewing my "repayments and interest".

You can review all you like - the way petrol, food, gas and electric are going, the only way my "repayment" to you is likely to go is lower

Still wish they'd just default me and stop the interest - they act like it's a favour to not give me a default (when I have two already from other debts) :rolleyes:

Wouldn't annoy me so much if I didn't know:-

1. They stop interest on other people's accounts
2. The other creditor I owe the same amount to has agreed and stopped all interest, and not issued any default.
3. I owe mint 3 times the amount I owe them and yet mint have stopped all interest after defaults :mad:

Still, it is only 6% interest rather than 19% so that's something. And the debt is still going down

pinksparkle_2

Angel_Cake wrote: »

Hiya Pinksparke, I am also with Payplan,
I know is all seems confussing, but this is how I think it works and how is seems to be working for me....(somebody please but in if I am wrong)
I sent my PP pack back and on the day they received it they sent a statment of debt and authorisation to all my creditors. They also asked all the creditors for a balance. (some have not got back yet)

In the meantime send your statement and balances to PP to speed up the process.

After a couple of weeks, they can then put the SOA together and once they have reveived your first payment, they will send this to the creditors with the proposals of the DMP, it is then a waiting game to see if the except.

Even if they do not hear back from any straight away, you keep sending your monthly payment to PP. From what I can gather, crediors seem to reply from anything fron immediatly to weeks.....how long is a piece of string.

PP seem really quick at getting paperwork out etc....It really starts to move when you pay your first payment.

I am paying mine 1st July, should have been June, but things came up and I could not, so I just send all a £1 token in the meantime. PP were great about it.
Hope that helps

Angel Cake xx

Morning Angel Cake,

Okay, I am sending my pack back to pp today, recorded from work. I am sending token payments to all my creditors that were due at the begining of june , should i do the same at the begining of july too as my dmp wont be sorted by then will it? that will be 2 months that each creditor would have received token payments though , is that okay???

Also did you send a covering letter with the token payments?

Pinksparkle
x