My Current DMP Plan

[LooLoo]

Re: My Current DMP Plan

You can see what Niddy has said Jen.

I know what you mean about the phone calls but once I was in an agreement with the companies the calls did stop. Some of them like an update every 3 or 6 months which was ok - it was only when one of my creditors would not beleive me and wanted to know the ins and outs of a gnats butt that i chose a different way to go. If they had carried on playing ball I would say I would probably still be paying them on my DMP.

Good luck Jen and you know where we are - and I see you have found some of the other threads - there are lots of chit chats ones around - one thing you will find - we all do like a chat!!

[Life Goes On]

Re: My Current DMP Plan

Well i think ill see if BC come back to me with anything and then decide from there. I was happy with the DMP plan at first as they stopped everyone calling and all the letters etc but now its all calmed down it seems pointless paying them to send money when like you say we can all do this ourselves, not to mention charging me to £50 do so!

I was very strict with my budget to start with, cant reduce anything anymore than i already have, thats why i was waiting for the pay rise as i know i need a min of £200 per month for an IVA but just cant find the extra £95 every month so until i know i can definately find this ive stuck with the DMP.

Ill take a look at your thread definately, thanks!

Jen

[Never-In-Doubt]

Re: My Current DMP Plan

I got myself into a DMP and currently pay £105 per month with TCF ( treat customers fairly but they have now been taken over by another company whos name i forget).

i.e. TCF Debt Advice? They charge for a DMP, you should never pay for a free service (Payplan & CCCS are free)....

I have 3 credit cards all with Barclaycard totalling approx £10k.

You'd be better dealing with the OC directly, sod a DMP - just arrange to pay them directly and cancel the DMP - point is, if you're paying then you're showing commitment - so they will *have* to accept your offer....

I recently received a statement from my DMP and noticed one of the cards only has a balance of £700 left on it, my mum has offered to give me £250.00 to help with my debt so i have written to Barclaycard and offered this amount as a 30% settlement offer, i only did this last week so not heard anything yet.

Good luck, however be careful as technically you should be using this to make a pro-rata (or equal) offer on all debts, you shouldn't favour one over another.

I also suggested to Barclaycard that if we could come to an arrangement where i sacked off the DMP and paid Barclaycard the full £105.00, it would benefit us both as they would get the full payment instead of only receiving £55 per month between the 3 cards as the DMP obviously keep some of my payment back for charges.

Damn good idea, why didn't I think of that!

Ive seen the thread about saving £1 per day so am doing this from today and at the end of every month im going to put the money in a savings account and then when i have a few hundred pounds ill pile this into paying of some lump sums towards sone of the debt.

Good idea.... Swanny will look after you on that score! Me trying to save a pound a day doesn't work, I do like my costa coffee and goodies....

At the minute im trying to think of a better way of reducing my debt but keeping out of the courts, i really dont want CCJ's coming through my letter box but know i cant stay in the DMP forever, i may switch this to an IVA but not looked at it properly so not sure if this would be the right way to go ir if it would be suitable for me.

You'll be fine, no court action will be forthcoming, regardless of whether you're in a DMP with that firm, or whether you deal directly with Barclays....

I also have a hobby of floristry and do this for family and friends, weddings etc so do sometimes have a little extra income to make ends meet and try to save where i can but those pseky things like MOT's and Car Tax keep popping up and then im back to square one!!

Ahh well just keep these little extra's for the car etc..... don't use for debt, debt is separate and the small amount of debt to barclays can be easily manageable (presumably) - in time...

Ill keep you posted if i hear anything from Barclaycard! (but noth holding my breath!) Jen

They'll refuse the £250, they have to (as you owe them on other accounts) so don't hold your breath too much.........

You seem to have things under control really....... i'd look to come out the DMP first and foremost and then consider repaying Barclays directly or via a free DMP.

[LooLoo]

Re: My Current DMP Plan

Don't talk to me about divorce........... (the cost is staggering) mine was very acrimonious... so lets not go there.

Honestly there are lots of options to consider and BR really is the last resort.

Nid will be able to give you his view on things but personally I would not be paying a Debt Management Company to do something I could do myself.

IVA's I am to sure about - I do know that they are quite strict with your budget, this is why in the end I opted for my own self managed DMP which then led me to the UE route.

You can have a quick read of my DMP thread - it will show you who froze my interest and who didn't and who defaulted and who didn't - For nearly a year it did run quite smoothly.

[Life Goes On]

Re: My Current DMP Plan

Thanks Looloo, this site is a breath of fresh air!!

Well were not going down the divorce route (cant afford it lol) were still great friends and dont feel its necessary just yet!

Ive looked into Bankruptcy but my financial adviser didnt think it was a good idea as yet so im kind of leaving that as an absolute desperation no other route to try option.

I hope i can get an agreement out of Barclaycard as they have frozen the interest on all 3 cards with my DMP. At the end of the day i know id rather received £105 than £55.00!! Plus im down for a pay rise in the summer so could increase this payment quite alot.

If they dont agree to anything i might sit on the DMP until the pay rise comes through then switch to an IVA, am i right in thinking after 5yrs in an IVa your debt is written off??? i really need to research this a bit!

And i need to slow down when typing, spelling mistakes galore!!! ha ha ha

[LooLoo]

Re: My Current DMP Plan

Hmm Jen Divorce and keeping the marital home and on a DMP sounds soooooo familiar to me!!!!

I did my own DMP for a year - I would not use a company - I had a bit of help with templates (long before this site) from National Debtline. It worked ok but then a few of them played silly beggers so I decided to go down the UE route (before my DMP i was even condsidering Bankruptcy so I have looked into all options)

You have really found the right site to help and guide you with your journey and just get some support - it has be invaluable to me.

Good luck

xx

[Life Goes On]

Hi All

Im new to all this so if this is the wrong place to post then ill apologise now.

Bit of background info on my situation, my marriage ended 18 months ago, my husband left the matial home and i kept it on so took over the mortgage. (£588.00) per month.

Between us we have a joint loan of £26k which we took out alongside our mortgage but as an unsecured loan, we currently pay this at £160.00 per month over 30yrs, we havent decided what route to down with this debt as yet! We have kept up the payments and its not included in our DMP plan. We pay half each every month.

When husband left i took over the mortgage, switched it to interest only so the payments were more managable. Reduced all my household bills, switched to a water meter, basically everything i could lower i did!!

I got myself into a DMP and currently pay £105 per month with TCF ( treat customers fairly but they have now been taken over by another company whos name i forget). I have 3 credit cards all with Barclaycard totalling approx £10k.

I recently received a statement from my DMP and noticed one of the cards only has a balance of £700 left on it, my mum has offered to give me £250.00 to help with my debt so i have written to Barclaycard and offered this amount as a 30% settlement offer, i only did this last week so not heard anything yet.

I also suggested to Barclaycard that if we could come to an arrangement where i sacked off the DMP and paid Barclaycard the full £105.00, it would benefit us both as they would get the full payment instead of only receiving £55 per month between the 3 cards as the DMP obviously keep some of my payment back for charges.

Ive seen the thread about saving £1 per day so am doing this from today and at the end of every month im going to put the money in a savings account and then when i have a few hundred pounds ill pile this into paying of some lump sums towards sone of the debt.

At the minute im trying to think of a better way of reducing my debt but keeping out of the courts, i really dont want CCJ's coming through my letter box but know i cant stay in the DMP forever, i may switch this to an IVA but not looked at it properly so not sure if this would be the right way to go ir if it would be suitable for me.

I also have a hobby of floristry and do this for family and friends, weddings etc so do sometimes have a little extra income to make ends meet and try to save where i can but those pseky things like MOT's and Car Tax keep popping up and then im back to square one!!

Ill keep you posted if i hear anything from Barclaycard! (but noth holding my breath!)

Jen