Self managed DMP

[mikey25]

Hi everyone,

 

I am writing this on behalf of my partner as she is hopeless with computers.

 

She has a loan with Halifax that she has had for about 3 or 4 years. We already sent a CCA request and the documents that came back showed the loan to be enforceable.

 

However, as I am self employed and business has been a bit slow lately we are at the stage where she is struggling to pay the loan each month. Mainly because every month they add on more and more charges for going overdrawn. They have now told her that in the new year the charges are changing and that she will be charged £5.00 per day that she is overdrawn.

 

I have seen on here that some people have managed their own DMP and wondered whether this is something that we could do to help her get the monthly payments down and stop her going overdrawn. She has already called the bank and all they tried to do was sell her a credit card.

 

Any advice would be much appreciated.

[blueda]

Hi mikey, if you click on the thread below and look through the letter templates you will find some usefull letters to copy to get you started with managing the account.

http://www.consumeractiongroup.co.uk/forum/generel-debt-issues/20758-creditors-dcas-letter-templates.html

[loobyloo85]

Hi Mikey, she could manage her own DMP, but the only downside to this is that it will be difficult to get interest and charges frozen on her accounts.

Have you/your partner considered entering into a DMP with a company? This way, she would make one payment each month into this, with the piece of mind that this payment is getting distributed between all creditors. She would also have a company liasing with her creditors on her behalf, taking away so much pressure, of dealing with calls, charges, letters and legal action herself. The company would be able to apply to get interest and charge s frozen on her behalf. A lot of DMPs are free of charge and have high success rates of getting interest frozen, reducing the repayment period x

[mikey25]

Could anybody please advise a good free debt management company. We did write a letter from thr templates section to Halifax but as yet they haven't replied.

 

Will a DMC take us on eventhough all the debt is owed to one company?

Thanks

[MandM]

Hi Mikey25,

 

Have a look on the National Debtline website for a starting point.

 

Also, if you/your partner have an account at halifax you may want to consider moving - to a parachute account if need be! That at least puts you back in control of how much they're getting,

 

You could also think about managing your own DMP in effect - there's a good spread sheet on the NDL site if that's an option for you. Many on Cag prefer to manage their own.

 

M

[sequenci]

I'm with MandM

 

take a look at:

 

National Debtline England & Wales, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000

[loobyloo85]

Could anybody please advise a good free debt management company. We did write a letter from thr templates section to Halifax but as yet they haven't replied?

 

Payplan or CCCS are recommendable free of charge DMP companies x

[mikey25]

Hi again,

 

This is a little more difficult than I anticipated. We spoke to the National Debtline. They told us that as we only had 1 creditor they couldn't help us with a DMP.

 

I then looked into going into a DMP with CCCS but it seems that they won't even consider it unless you are able to pay at least £100 per month to the creditors. We can't afford that much at the moment and after essentials we only have around £40 spare.

 

Does anyone else have any suggestions? I'm still waiting for a reply to the letter that we sent to Halifax asking them to accept reduced payments.

[loobyloo85]

Hi there

 

Sometimes they will accept you on a DMP if you have £75-£100 surplus, depending on the company and your creditors. Have you tried Payplan?

Have you drawn up an income and expenditure statement to see if you can cut back by £60, i.e on utilities/insurances etc?

In the meantime, i would suggest writing to all of your creditors offering them a reduced token payment

[MandM]

Hi mikey,

 

If you're not too bothered about the credit file taking a bit of a bashing (will be on there for 6 yrs) you could still consider managing your own.

 

Have you done the I & E on the NDL site? Once you've worked out what that leaves you then that's all you can pay them. End of!

 

Make sure you include everything. I'm speaking from experience. My debts exceed £65k with 9 companies. I started a year ago. I offered what I could afford (take it or leave it ) and it reduced my outgoings to pay for this lot from many many hundreds to about £200 a month.

 

I didn't do this out of choice, my circumstances changed and it was a matter of surviving. Now i'm in control - it does work!

 

HBOS will try and hound you by phone, and bombard you with letters from their in-house collection threat monkeys. But it's all hot air mostly.

 

The WORST they could possibly do is take you to court, get a CCJ and the court are likely to make you continue what you're paying (what you can already afford, as in your I&E).

 

But court is a distant and last resort. As I said, i'm a year on and i've had only one summons.

 

The choice has to be yours - you can, after a while, get control of the letters and phone calls. NEVER speak to them is the golden rule!!! Everything in writing.

 

So have a chat with the better half and a think about it. If you decide that it's for you there are plenty on here that will help and support you with sound advice.

 

M

[jdes26]

Just One ? If You Enter In2 A Dmp How Does This Eefect Ur Credit File?

Anyone

My Debt Is 9k And I Wana Pay £100 Per Week Whilst Im Earning Ok Money?

[sequenci]

Any reduced payments would have a nagative effect on your credit file - this could be via a DMP or if you decide to self-negotiate.

[jdes26]

i have 9k debt and i wana get rid....... 2years should do it £4k overdraft 3k which are charges.... 5k credit card there mite be a way out of that but im not sure i wana battle anymore

what u suggest sequenci?

[angel_1]

:-Dhiya all

 

lovely posts from you all for the original poster, if nothing else it sure teaches you lots when you start investigating stuff, and from all my creditors halifax were one of the most horrible ones, but i stopped them in their tracks with the phonecalls by getting the truecall device:cool:

 

but the letters fly through the door but at least i can think and begin to self learn and get our family back on track

 

i too started with national debtline site and then got to here and really been a huge journey id say these past 18 months

 

i too only have had 1 summons and well waiting on them to move it if they are really going to go for a ccj, but ive defended it so far and not heard a peep for the past 4 months however will be looking at this one this week

 

take back control and you will feel better honest and yes golden rule all in writing and never speak with them this way you can have a paper trail

 

keep positive will sub to the thread

 

laters angel x