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I have been reading lots over the last couple of weeks, I have been in a dark place for a long time now.

 

I currently have circ 25k over 4 cards, OD 4.5k, 7k loan with only a year remaining.

I have been robbing Peter to play Paul for a long time now and I am totally fed up with the CC's ramping up their interest

which means I will never pay them off.

 

Everything has been cut back for years just to tread water then they jack their interest, I'm boiling mad.

My wife is dead against going on a DMP even though I try to explain the benefits to her,

she is scared of all the phone calls and harassment from the banks.

 

two things what's the situation with going it alone on a DMP without the wife?

I realise that her credit status is trashed anyway if I do this.

All the debt is in my name alone apart from the bank overdrafts.

 

The second poser and the one which has been delaying me more than anything is needing a reliable car which will last me 6yrs

 

if I do a DMP, I currently have not missed any debt payments and I would like to get rid of my fuel guzzling

and expensive to run can and get something far more economical.

 

My existing car still has 14mts to go on HP where I pay 189 mth,

I can get another car on 0% interest over 5yrs and only pay 40 mth less and save 60-70 in fuel less

with no unexpected bills due to a 7yr warranty.

 

My question is if I was to do this now while my credit history is good how would this be viewed if I had to shortly go on a DMP?

 

I am in the region of 300mth short in meeting my current commitments having 500 mth for repayments.

I have managed to sustain this with not having reasonable living expenses and can no longer take this sustained pressure.

Any advice greatly appreciated.

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Hi BM

 

How one minimizes motoring costs depends on current circumstances but it might be fraudulent to enter a credit contract with an intention to default and CAG would not condone or advise this.

 

A DMP is not legally binding and would depend on the extant circumstances at the time of creation. A DMP ranges from DIY, through free ones to paid for ones, what are you envisaging.

 

Payments on a car might be a priority debt if it were required for your employment whereas CC debts are non-priority.

 

More details would help more expert colleagues to advise.

 

Hope this helps and welcome to CAG.

 

Best wishes

 

Vic

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Hi thanks with the quick reply,

my current car is on hp as would the next one, my way of thinking is that hp is a priority debt

and therefore I am not entering into it with any thought of defaulting.

 

I don't know whether my thinking is somewhat wayward and this is an area where I need advice before I ended getting into a stupid position.

 

My thinking was that my new hp would be on a reduced payment with lower running costs and no nasty surprises for the period it is on hp,

it will also if I find myself having to go down the DMP route free up and extra amount of 100-120 mth for debt repayment.

 

I have to go out now but really could use some help on this and other matters to help me decide what to do for the best.

I will also provide further detail on my alround situation.

BTW my problems in no way relate to my user name and I only bet once a year on the Grand National.

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Hi BM

 

No problem and no one will judge you here.

 

You need to post more details but DMP is no magic solution and your wife is correct that they will hassle you. Much depends on your circumstances e.g. home ownership and employment status and 'surplus' income.

 

You need to list debts including any charges PPI etc that might be reclaimed. Then do an I&E for your own benefit to see how you can manage all this.

 

The nature of the debts is significant; ODs are very difficult to contest regarding charges compared to CCs and you need to check above above reclaims with regard to all accounts. HP is complex once you enter the final period of the account.

 

I can't see that it's wise to buy a new vehicle on credit but colleagues will comment.

 

Love

 

Vic

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Hmmm...... an interesting situation. I would disagree about HP being a priority debt. It would be seen as a loan along with credit cards etc... Priority debts are mortgage / rent, gas, electricity, council tax and court fines. I think that's about it - not even water comes under a priority debt!

 

I would advise against buying a car. I have to say, the way I read your post, I didn't read that you had any intentioin of buying it then reneging on the loan - this would be pointless as they would simply repossess it.

 

It may be worth reading the terms and conditions of your current loan as usually once you've paid half (I think) of it, you can hand the car back and walk away without any penalties. A car does not have to be new nowadays to last six years, it just needs to be carefully bought. My last car I paid £500 for and it lasted me well over 6 years with no major expenses. My current car I was fortunate enough to pick up for just £100 and I fully expect that to last over 6 years as well. But then as long as it gets me from A to B reliably I don't care what I drive. I'm also lucky in that I do all the mechanics myself, though to be honest this has been limited to servicing regularly which anyone can do.

 

As regards a DMP, if you do decide to take this route just make sure you do not pay for one. There are two good companies, Payplan and CCCS who are both free, or you can do it yourself quite easily with a bit of help from people on here. The benefit of doing it yourself is that you have total control over every debt, whereas the free companies may not always write and ask for interest and charges to be frozen, just as an example. The downside is you do all the legwork, whereas with one of the free companies they do it all for you.

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Thanks for your posts so far,

 

I am starting to get my head around not getting another car prior to seeking a DMP.

It is worrying me as to what would happen if something went wrong with the main car and we faced a big bill.

 

I am looking at Payplan as my DMP provider and have also researched opening another bank acount(Co-Op cashminder).

 

As my current account is with Santander who are not linked to any other outstanding debts is it a necessity that I change my account?

It would be one less major hassle as I embark on my DMP.

 

On a positive my wife has now come around to the idea,which is a weight off my shoulders.

I am totally fed up with the constant struggle meeting minimum payments just to see ths sharks ramp up their interest and milk me even further.

It's time to fight back and start living life without the stresses we have faced over the last couple of years robbing peter to pay paul.

 

Can anyone point me in the right direction of a Income & expenditure tool which also works out the pro rata payments.

I will post these details so you get a clearer picture.

The fight back has started...........

 

P.S My other big worry is the sharks phoning me in work,

I missed a payment with Barclaycard last year and a colleague informed me that Barclaycard had phoned asking to speak to me,

I could have died.the thought of all of them phoning fills me with dread.

 

Is there anything I can do to prempt this happening whilst I am still up to date on my payments.

Thanks for all your help and replies so far.

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Hi BM

 

Santander is fine if not linked to alleged debts.

 

Nationaldebtline has a good on-line I&E tool and are also good to confirm advice offered here.

 

You make a formal complaint to anyone phoning you at work quoting OFT guidelines, get a reference number from Consumer Direct and make a formal complaint to FOS. It's a pain but it works and you point out that there action may cause a substantial consequential loss to you by jeopardising your employment.

 

x

 

v

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If something happens to your car and you need to buy one to e.g. get to work, that is fine as long as you don't take the Mick as Tingy said. If you buy from a dealer then you can buy with a warranty. That's what I had to do after I entered a DMP and then wrote of my car (after owning it for just 8 months). It was an ex demo car and no-one mentioned Gap insurance to me. So, another £4k+ had to go in my DMP as the insurance didn't cover the finance! I bought a car from a dealer with their 3 year warranty.

:lol:

Successfully claimed back mis-sold PPI (Barclays Bank) 2009-10 (£8500)

Ran a paid-for DMP. Deeply respect those who self-manage a DMP; it is possible to do with the help of fellow CAGGERS

Offered F&F to all my creditors. All closed out including a particularly intransigent and stubborn one - who eventually saw sense after 10 months of nonsense!

Does not condone debt avoidance but violently disagrees with the antics of debt collectors and their behavior towards the ones trying to pay. I am a great believer in what goes around, comes around. Keep up the good fight!

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Thanks all, been reading up on everything on this wonderful forum, gearing myself up for the first steps. have signed up to look at my credit report and although my balances are high I see I have only missed 2 payments from all my agreements. mind you this is all to do with the fact that I arranged all my direct debit payments to come out at the start of the month. Whilst everything is always paid I live half the month stressed out whilst I wait for my next pay cheque. I generally have little money for the last 2 weeks of the month and if something broke down in the home I would be stuffed.

In respect of broke's post surely a car could not be bought from a dealer if on a DMP?

I have had cards and juggled for longer than I can remember EGG even goes back to 2002. Oh how time flies. One thing I have noticed on my file is that I am not listed as having any financial associates, surely my wife should be listed as a financial associate or am I barking up the wrong tree?

I have looked at setting up a co-op Cashminder account as I believe that you get a debit card which is something I could really do with. I am more frightened of jumping ship from my bank than anything else but I guess it is something I will have to do as I believe they can whip the OD away at a moments notice which would well and truly leave me up the river.

I don't intend to run and leave this thread and hope that it will detail my progress over the months ahead. Thank you everyone.

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Okay I need to bump this as things have got a whole lot worse, my wife and I have had individual letters from a solicitor regarding outstanding school fees (Sheis no longer there).

All our current problems stem from trying to maintain her at the school.DD was awarded a large scholarship which we thought would have been affordable. Naievly we hadnt factored in the large rises year on year. We were upfront with the school and informed them that we couldn't afford the next years fees and was told that they wouldn't look to exclude her. I know we should have pulled her out but she was halfway through her GCSE's and we thought the school were being sympathetic. I know I know stupid I hear you cry.

So we are were we are and I have a couple of questions.

I will be getting in touch with Payplan tomorrow and from figures I will recieve I hope to offer a monthly payment, however I am aware that schools are quite eager to go down the legal route and will end up getting a CCJ. I don't much about these and wonder if they will seek to issue against both my wife and myself. Am I able to take responsibility thereby only getting the CCJ against me? I would rather keep this to myself as I feel the fees were my responsibility.

 

On the DMP route all but one of the CC debts are in my name. Wife has a small M&S card in her name which she manages on her part time income of £480 mth. The mortgage is in my name only. We have two joint accounts with santander none of the other debts are linked to Santander. Can I keep her out of my DMP as all this is upsetting her and I am strong enough to do all this without putting it on her. Suprisingly on my Equifax file we do not appear to be linked financially.Should I seek to put the joint bank accounts back to individual accounts? If I go down this route is it poosible to maintain her healthy credit rating? I accept that mine will be trashed but hey ho.

 

Another thing I have read up on is that it is better to be defaulted as early as you can as the adverse reports drop off after 6 years, I have read that people who were not defaulted completing their DMP and then having to go another 6 years by having a settled marker on their account. Is this right?

 

Sorry to be continually asking so much but I am starting to feel better that there will be light at the end of the tunnel by facing the debt, surely it cant be worse than the endless stress I have faced over the last couple of years.

If it hadnt have been for the fact I moved all my card and loan payments to the beginning of the month, thereby leaving us short for the rest of the month my lightbulb moment would have come a lot sooner.

Sorry for my rambling but my head is spinning with everything going on.

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Okay I need to bump this as things have got a whole lot worse, my wife and I have had individual letters from a solicitor regarding outstanding school fees (Sheis no longer there).

All our current problems stem from trying to maintain her at the school.DD was awarded a large scholarship which we thought would have been affordable. Naievly we hadnt factored in the large rises year on year. We were upfront with the school and informed them that we couldn't afford the next years fees and was told that they wouldn't look to exclude her. I know we should have pulled her out but she was halfway through her GCSE's and we thought the school were being sympathetic. I know I know stupid I hear you cry. Not at all. Nobody on this site is here to judge, we are here to try to help.

So we are were we are and I have a couple of questions.

I will be getting in touch with Payplan tomorrow and from figures I will recieve I hope to offer a monthly payment, however I am aware that schools are quite eager to go down the legal route and will end up getting a CCJ. I don't much about these and wonder if they will seek to issue against both my wife and myself. Am I able to take responsibility thereby only getting the CCJ against me? I would rather keep this to myself as I feel the fees were my responsibility. I believe it is possible to get a joint CCJ. This is really something you need to discuss with the solicitors to say the agreement was that you would pay the school fees so any court action should be solely against you. I don't know how they would react to this.

 

On the DMP route all but one of the CC debts are in my name. Wife has a small M&S card in her name which she manages on her part time income of £480 mth. The mortgage is in my name only. We have two joint accounts with santander none of the other debts are linked to Santander. Can I keep her out of my DMP as all this is upsetting her and I am strong enough to do all this without putting it on her. Suprisingly on my Equifax file we do not appear to be linked financially.I'm very surprised you're not down as linked financially. I cannot see any reason why you cannot do your own DMP, though obviously this would not be able to take into account your wife's debt and would, I would think, need to be done solely on your income. To answer you next question, this would obviously involve having one bank account solely in your name. You would need to have your salary paid into this, but once that has gone in it is entirely up to you how you manage this money, and if you choose to transfer it to joint accounts that is up to you. If you are looking at the Co-op Cashminder which is a good account, they have no overdraft facility which is good if you're trying to get out of debt, and they work on a three strike basis - make payments that take you overdrawn three times and they will close your account.Should I seek to put the joint bank accounts back to individual accounts? If I go down this route is it poosible to maintain her healthy credit rating? As long as the joint accounts remain well maintained and she keeps up her repayments on her card, then her credit score should not be affected. I accept that mine will be trashed but hey ho.

 

Another thing I have read up on is that it is better to be defaulted as early as you can as the adverse reports drop off after 6 years, I have read that people who were not defaulted completing their DMP and then having to go another 6 years by having a settled marker on their account. Is this right? Yes - get it defaulted as quickly as possible otherwise you can end up with your credit shot for 12 years rather than 6.

 

Sorry to be continually asking so much but I am starting to feel better that there will be light at the end of the tunnel by facing the debt, surely it cant be worse than the endless stress I have faced over the last couple of years.

If it hadnt have been for the fact I moved all my card and loan payments to the beginning of the month, thereby leaving us short for the rest of the month my lightbulb moment would have come a lot sooner.

Sorry for my rambling but my head is spinning with everything going on.

 

Back to a more sociable colour, I think in your situation (mine is similar but worse!) it makes an enormous amount of sense to have all your payments coming out pretty much as soon as your salary has gone in. At least you then know what is left for the rest of the month, for good or bad. You do get used to budgeting to eek the remaining money out as far as possible.

 

If you do go your own way, make sure you read Sequenci's thread on this (you may already have been told this). Make sure you write to all the companies explaining your financial difficulties and asking them to freeze all interest and charges in order to stop your debt escalating out of control.

 

Good luck, and don't hesitate to post if you need mmore help.

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Thanks Tingy for the quick reply it is greatly appreciated.

Regarding the school fees I don't know whether there was any signed agreement as to who would pay the fees, I have asked my wife and she cant remember us signing anything. I don't know whether this will go for or against me if I try to take full responsibility for the fees, any ideas on this?

 

My intention is to revert both Santander joint accounts to single use, one for me and one for my wife. I will also open a cashminder account as a fall back just in case. Can I keep my overdraft out of my DMP? Santander is not linked to any of the other credit debt.and it would be a big hassle less if I don't have to change accounts.

 

In a previous post I mentioned that my egg card was taken out in 2002, I am not seeking to avoid and want to ooff everything but would it be worth sending of a CCA to them and when would the best time to do this as I will be going to Payplan as my DMP provider. If Egg did not play ball with regard to freezing interest it would be useful to have a trick up my sleeve. I also have a loan taken out with them in 2006 which was due to finish next years, is it worth doing a CCA with the loan?

 

Regarding the defaults what is the best way in ensuring I am defaulted as soon as possible, can I ask them to default me?

 

Thanks in advance

 

Oh just remembered something else, I have only checked my equifax file where it shows that I have no financial associates, do I need to check the other CRA's to make sure? and should I also get hold of my wifes credit files?

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Thanks Tingy for the quick reply it is greatly appreciated.

Regarding the school fees I don't know whether there was any signed agreement as to who would pay the fees, I have asked my wife and she cant remember us signing anything. I don't know whether this will go for or against me if I try to take full responsibility for the fees, any ideas on this? I don't think it will go either for or against, it's just whether you can convince them it was your liability. For example did you always sign the cheques to pay the fees? If so, that goes part way to saying it was your responsibility to ensure they were paid. Alternatively you could spend £10ish at any high street solicitors to get a sworn affadavit signed by you, your wife and the solicitor saying that it was your sole liability.

 

My intention is to revert both Santander joint accounts to single use, one for me and one for my wife. I will also open a cashminder account as a fall back just in case. Can I keep my overdraft out of my DMP? Santander is not linked to any of the other credit debt.and it would be a big hassle less if I don't have to change accounts. Yes you can. At the end of the day it is up to you what you put in and don't put in. However two things to mention here. Firstly, once in a DMP the companies will from time to time check your CRF to see what is happening. If they see one has been paid off and you haven't increased payments to the everyone, but kept the money as a bit extra for yourself this can really cause problems. Secondly if you keep your overdraft, I assume it does not show on any of your CRF's. Remember they can cancel it at any time which, while it would mean another debt to add to your DMP, would mean trying to negotiate lower payments as you'd have your overdraft in it as well,, so just have a think on that one - I'm just trying to point out the risks.

 

In a previous post I mentioned that my egg card was taken out in 2002, I am not seeking to avoid and want to ooff everything but would it be worth sending of a CCA to them and when would the best time to do this as I will be going to Payplan as my DMP provider. If Egg did not play ball with regard to freezing interest it would be useful to have a trick up my sleeve. I also have a loan taken out with them in 2006 which was due to finish next years, is it worth doing a CCA with the loan? I think it is worth doing a CCA for everything in your DMP. You'd obviously need to do this before you start it I would think, as once you're in it you don't want them tthinking you're looking for a way out. To be honest with the two you've mentioned, even if there was no signed agreement whatsoever, I think Egg would reconstitute one and prove you had the card and loan by producing your repayment statements which is as good as admitting you've had the money, so these would be the last to be CCA'd on my list. I don't know whether you are aware that it is very difficult now to prove unenforceability under S77-79 of the CCA.

 

Regarding the defaults what is the best way in ensuring I am defaulted as soon as possible, can I ask them to default me? Sorry, but I can't really answer this one. I can look out pieces of legislation that say you should be defaulted as soon as possible which may help, but some companies have twigged they can wreck your credit record by leaving it until Year 6 then defaulting you, thus effectively wrecking your credit record for 12 years. I have a good friend who is in exactly this situation. See what others come up with, but I would be arguing the legislation that says it should be placed as soon as is possible and then arguing if they don't do that, they should not default you at all.

 

Thanks in advance

 

Oh just remembered something else, I have only checked my equifax file where it shows that I have no financial associates, do I need to check the other CRA's to make sure? and should I also get hold of my wifes credit files? Yes and yes!

 

Just when you thought everything was ready to start working on a new lot comes along. It is worth it in the end, and it's well worth spending the time to gt it exactly as you want it. Just be aware that certain elements (like the overdraft) still hold risks. It is not for me to say whether you should include it or not, that is entirely your decision, but it is for us to point out associated risks.

 

Good luck and keep posting any questions!

 

Tingy

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Tingy, thank you again.

As an update I have checked my wifes Credit files(Experian) and she is linked to me as a financial associate, does this mean when I proceed with my DMP her credit file is ultimately trashed? Incidentally she has an excellent ratin g with a score of 977.

In view of what you said re the Egg CCA I won't bother going down this route as I am fully intending to pay all outstanding debts. All the other CC's are from 2008+

The OD is not shown on CRA and I think I will keep this off the DMP, but thanks for pointing out the risks. I need all the expert advice and pointers I can so can make informed decisions.

Incidentally received my Virgin CC statement today and my minimum payment has been jacked up from £143 to £206, I thought Dick Turpin died a long time ago. If anything this has made me all the more determined to go for my DMP.

 

Thanks as always Tingy

P.S Anyone else who reads this thread please fell free to chip in as the more input I get makes it easier to balance my informed decisions.

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Bettingmad hi,

 

 

I am in the process of going through a DMP, have a read of my post about starting from scratch,

I will give you my advice and i am not saying this is right but it is of my opinion.

 

 

Firstly you credit file is going to be poor for 6 years no matter what when you go on a DMP so whatever you do within reason it will be effected.

 

 

I went with the CCCS and they were great in setting everything up for me but i wanted to do what you want to do and only pay one creditor a token payment,

long story anyway they declined i decided to go it alone.

 

 

If you have really thought about this then i would say it is risky by paying off you loan as normal but i have but then as Tingy said they might check your credit file to see what is happening.

 

 

But my question would be to this is that if you paid it off as you said over 12 months then why couldn't you say a family member paid it off?

 

 

I am in process of paying off two cc as a family member is going to pay the Full and Final settlements on them?

 

 

I can only assume if you agree a monthly payment to each creditor and they freeze interest and you pay on time every month i dont think they would want to check your credit file within the first twelve months,

 

 

Like i say this is my own opinion and might not be the answer for you, but these credit compays take the mick so much and have their own rules sometimes you got to play them at your own game!

 

Also if you need any help or questions you have about going it alone just ask

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I will reiterate that. Anybody else reading the thread, please do contribute. Thanks Baz - I know from having had some involvement in your DMP that you will be a massive help to this thread. At the end of the day I have never done my own DMP, all I have done is help others set them up, so anybody actually in one is going to be able to offer some advice that I won't have a clue about.

 

Also tomorrow or Thursday I'm going away for a while and will have very little access (if any) to the internet, so I won't be able to keep up to date with what is happening on here.

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Yeah and the advice you gave me has put me where i am today, 200% more confidant and in control of my finances!! At the start it is reading as many threads as you can, really come to terms with it, doing what right for you and your future, What i will say if you seriously want to get yourself back on the straight and narrow you will do it, i am a long way away but i just know i will get to the end by hard work and determination!!

 

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Thanks Baz and Tingy, just a quick update one area of stress has been relieved. Due to my employment I need to disclose any unmanageable debt, I have been running scared of this for many months and has been the area as to why I have struggled on much longer than I should have. Having made my disclosure I was met with a very favourable response and credited for providing the information. One hurdle over.

 

I have also today made formal contact with Payplan, I have a more detailed appointment next week. Hurdle 2

 

I have also opened a parachute account (Co-Op Cashminder) can't believe how easy it was. Hurdle 3

 

Constructed my letters to creditors informing them of my difficulties, asking them to suspend action and interest. Hurdle 4

 

Next step on Saturday to cancel all direct debits for month of May.

 

I will keep you all updated......Thanks again

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  • 1 month later...

Hi again guys,

 

Sorry it's been a while but I wanted to give an update on my circs.

I have now made my second token payment to my creditors and have my final token payment going out to them in July before my agreed payments are taken by Paypal are taken out in August. My biggest fear was having to deal with all the phonecalls. Guess what they haven't hapened apart from one from Egg in the first month. My creditors are Egg loan and CC, Barclaycard, Virgin/Mbna and RBS.

With regard to interest Barclaycard have suspended charges and interest whilst I get my plan together, RBS added interest for the first two months biut have now suspended, Mbna say that it is not their policy tio freeze/reduce interest until they get the IE form from Payplan. This is the frustrating part as the I&E has been completed for over a month. I have spoken to Payplan but they only send the IE form out with their first payment. Should I step on Payplans toes and send a copy out myself?

I have phoned all companies up everymonth to keep them updated and have to say they have all been as nice as pie so far.

With regard to my car, it is not a loan but HP agreement and Payplan have this down as necessary expenditure and may complete payments will continue until next year until it is finished. The extra money I have will be redistributed amongst the creditors, allowing for any increased living expenses over the interim period.

Had a bit of a result with the solicitors, went on the front foot after receiving their demand, citing the legal bit where they need to be seeking a solution before court action. I have received a letter from them this week saying the school requires a monthly figure of £100-£150. My Payplan figure allows for £106 so this should avoid court action as they have set their stall out with what they see as a reasonable figure. Had to laugh they expect a resonse when they write within 14 days but when I fired my own letter back to them they take 5-6 weeks to reply. I am going to respond tomorrow with my figure and ask thay they respond within 14 days:lol:

So everything smooth so far apart with interest still being added by RBS and MBNA but hey ho, I at least feel in control for the first time in years. Credit file wrecked, don't really care.

All that remains is to see whether they will accept my monthy offers.If they don't again I don't care thats all they are getting.

I have to say as a comparrison on allowable finances as I found Payplans to be far more generous than CCCS. I had my figures for Paylplan and started filling out CCCS and by the time I got to groceries I was only allowed a figure of approx £260 mth compared to the £460 I have with Payplan.

I find I am already stronger, strength I gained from this site, reading everyones's exeperiences and advice as well as the contributors to my own thread. It's early days but I can see the light at the end of a very dark tunnel. Thank you I will update again when I have further info.

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Just gone online to check Egg, they have issued £32 in default charges and continued to take interest putting me over my limit. I daresay I will get the line that the can't do anything until the get the IE from Payplan. I guess the Lending code does no apply then as it makes no reference to IE's when sending token payments.

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That sounds really positive news, I'm honestly pleased for you. Very surprised about the lack of phone calls, but that certainly has made your life easier. Long may it continue.

 

I'd leave the IE form now, though I find it really strange they do it this way. How can the credfitors make an informed decision without your IE form? Also surprised about the car loan on HP as this would normally come under the DMP I think, but the main thing is you're happy, so well done!

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Thank you Tingy

I dont't know whether the lack of phone calls is down to the fact that I have called them up and explained the timescales and where I am. In effect I am replicating what I state in my letters and ask them to note on the computer that I have made the call and the current state of play with the DMP. MBNA really surprised me when I asked about the lack of phone calls, they said that they could see from my communications I was working to a solution with Payplan and as such they wouldn't be making phone calls as they appreciate it is a difficult situation. I could have been knocked over with a feather.

I know the advice is not to phone them but I have found in my case that it's been okay. Is it a case that if you avoid their call they try repeatedly to speak to you? If in fact you do it on the front foot they have no reason to call? I appreciate that this would unlikely be the case with DCA's.

I only wish I had gone down this road a year ago I could have had many more good night sleeps behind me. Hey Ho

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  • 1 month later...

Hello again, wanted to provide an update and seek further advice. My first payment has now gone out from Payplan on 1st August and from checking my Payplan account it seems that all but one has accepted my payment proposals. I have also negotiated the threats from the solicitors for school fees and they have also accepted a payment proposal on behalf of the school which is inline with what is being offered by Payplan. All good and still a lack of phonecalls.

 

Now to the sting in the tail, the only one being rejected is an egg loan which was passed to Brittanica Recoveries (Moorgate). The Egg loan was the smallest proposal of all my creditors. Having conducted a bit of research on these forums it would appear that they assign defaulted payments to Fredrickson and then Bryan Carter. It would appear that there will be headwork from these guys. I have not received any letters or phone calls yet and was wondering if I should be undertaking any ground work in advance of receiving contact. The loan was taken out in 2005 and only had a year to run, any advice would be greatly appreciated.

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  • 3 months later...

Hello again, can't believe that over three months have passed since I last update, things are quite stable after a shaky start to my DMP what with having to shell out over £300 of repairs on our main car, our second older car blew a head gasket in August as well. It seemed as if the whole world was against me!!!!

I decided to scrap the car that blew the gasket and now catch the train to work, in doing so saving a fair bit of money.

 

All has now been very quiet on the DMP side of things, still no phone calls, Moorgate have still rejected DMP offer but are taking payments and have not contacted me at all.

Barclays have not frozen interest and are charging 5.9% and have been informed that they have also taken over my Egg CC. Strangly I have had my first statement from Barclaycard for my Egg CC and they have not charged any interest for that one, I hope this continues and have read somewhere that interest cannot be raised whilst on a DMP, is this correct as it would be nice for the Egg debt to continue to attract 0% interest with Barclaycard.

I have recently written to Barclaycard asking them to freeze interest and am awaiting a response.

 

Whilst in the process of setting up my DMP with Payplan my debt grew with four of the creditors whilst making token payments. I think my debt rose by £1k, can I ask for these interest charges to be refunded as I thought it was against OFT guidelines for the debt to grow whilst making token payments?

They would not freeze interest until they received my I&E from Payplan and as I made three token payments the I&E was not sent by Payplan, until my first proper payment left my account.

I have only been defaulted by RBS and the other have AP markers against my credit file, is there anything I can use to insist that they default me? I am led to believe that I should be defaulted within months?

 

To anyone reading if you are fighting against the thought of a DMP don't. My pride led me to swim against a ferocious tide of increasing payment ammounts I could not afford and raised my debt over £5k, over the year I delayed it and caused me a great deal of stress where I eventually became ill.

Debt is not worth this and whilst I am not saying it is easy, it a far easier place than where I was and can now sleep at night. I will never forget walking around the supemarket in tears as I could not afford to buy a decent weekly shop for the familly and felt I had left everyone down. Everytime I looked at my little one I felt guilty and became overcome with emotion. I have gained tremendous strength and look forward to being debt free.

Thank you CAG.

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