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Self help DMP techniques discussion

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  • Self help DMP techniques discussion

    Thanks for creating this Crispy...it is an excellent guide to the various approaches to debt management.

    Having spent an evening with new member Noushki recently, I was horrified to hear about her DMP experiences with Baines & Ernst. I will link her to view this thread as she is now 'going it alone'!

    Great work that will benefit many members :beagle: THANK YOU xx
    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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  • #2
    Re: A guide to self managed DMP's - going it alone

    Great thread, Crispy.

    I would also add, that most people, in general, are on a self managed DMP in one way or another, although we may not even realise it. Simply by living our daily lives and managing month-to-month finances, we all have some experience of the basics of a DMP. Just that most of the time it's just a LIGMP (Life In General Management Plan).

    So when things get seriously financially rubbish, then's the time to step it up to a "Proper" DMP as so well explained by yourself above.
    Is no longer here

    Comment


    • #3
      Re: A guide to self managed DMP's - going it alone

      Originally posted by Celestine View Post
      Thanks for creating this Crispy...it is an excellent guide to the various approaches to debt management.

      Having spent an evening with new member Noushki recently, I was horrified to hear about her DMP experiences with Baines & Ernst. I will link her to view this thread as she is now 'going it alone'!

      Great work that will benefit many members :beagle: THANK YOU xx
      Hi Celestine

      You're welcome! Just happy to be able to contribute something back to the forum.

      Best

      Crispy
      ------------------------------- merged -------------------------------
      Originally posted by WendyB View Post
      Great thread, Crispy.

      I would also add, that most people, in general, are on a self managed DMP in one way or another, although we may not even realise it. Simply by living our daily lives and managing month-to-month finances, we all have some experience of the basics of a DMP. Just that most of the time it's just a LIGMP (Life In General Management Plan).

      So when things get seriously financially rubbish, then's the time to step it up to a "Proper" DMP as so well explained by yourself above.
      Hi Wendy

      Thats completely true, just most people don't see it that way! Budgeting seems to be something that only comes when money gets tight for most people.

      Perhaps its something that should be addressed from a school age........

      Best

      Crispy
      Last edited by Crispybacon; 5th May 2011, 20:21:PM. Reason: Automerged Doublepost

      Comment


      • #4
        Re: A guide to self managed DMP's - going it alone

        Hmmn, A timely thread, Thanks Crispy.

        Comment


        • #5
          Re: A guide to self managed DMP's - going it alone

          Hi Crispy,

          Have followed your threads on this since day one. Thanks for presenting this and for stressing the SELF MANAGEMENT aspect of this. I would just like to add that it is professional legal advice that you should not enter into a DMP, IVA, or any other arrangement with the creditor. This discussion, and I have said it elsewhere, occurred during the very first conversation I had with our solicitors about our problems following their review of the paperwork we had at that time.

          I assume that this was referring to companies who make money out of people in trouble for looking after these so called programmes. I would aslo add they were quite sceptical about CAB and others. One of the reasons given was that many of these programmes, claimed to be professionally managed collapse leaving the debtor further in debt than when they first started. Forums are all littered such bad experiences.

          Hence all strength to the arms of those like yourself in taking the initiative and managing your own affairs in this way.

          regards
          Garlok

          Comment


          • #6
            Re: A guide to self managed DMP's - going it alone

            The CAB is the first place I turned to, and in my own experience found there money advice training to be very lacking and unprofessional.

            Now I am not for one moment giving them a hit as that should be directed to the government as they are seriously under funded.

            The point I suppose I am making is, the CAB is well known in society and is the first place citizens think off and thus should have the right funding.

            The offices up and down the country is there along with the hardware so why cut there budgets which were not even high enough in the first place.

            The CAB would have worked well, but like everything these days if the givernment think it is broke instead of repairing it they get rid off and/or cut back.
            If you think nobody cares if you're alive, try missing a couple of payments.

            sigpic

            Comment


            • #7
              Re: A guide to self managed DMP's - going it alone

              Hi all

              Please forgive me I used to work for Bains & Ernst, 13 years ago, I lasted 3 months, the harrasment and bullying was horrendus and that was to the staff from management.

              but at least it gave me an insight of how the debt management process worked, and when things went wrong for us later, I was able to contact the banks with some confidence, and cope with a lot of the bullyboy tacticks used by the Banks and DCAs, but some of the antics they get up to still amazes me,

              CAB told me that as our debt was so large no one would agree to pro rata payments and that we should sell our home, but as we live in a semi demolished, we would not have got much for it and would also be homeless.

              so we (i) went it alone,
              it was a nightmare to begin with, but I did every thing that you suggest here, and years later we still live in the same house, any calls for hubby are handed to me, to be told "in writing" he thinks life is wonderful as he married "the wicked witch of the west"

              so I recomend your post as most informative.

              missp

              Comment


              • #8
                Re: A guide to self managed DMP's - going it alone

                Originally posted by pompeyfaith View Post
                The CAB is the first place I turned to, and in my own experience found there money advice training to be very lacking and unprofessional.
                Thanks PF

                You'll have noticed that the CAB was one organization I didn't mention. This was quite deliberate on my part, as, like you, I turned to the CAB, and found myself having more knowledge than the 'trained' advisor that was meant to be advising me!

                It was why, in the end, I turned to forums for help as I felt I could manage things on my own as successfully, if not more so, than receiving 'professional help'.

                Forums also gave me more of a 'real world' feel for what was happening to other people in similar situations and what could actually be done to protect yourself.

                Garlock gives a great example of this, a solicitors firm actually advising you not to enter into any sort of DMP at all!

                Personally this is not something I woud be comfortable with, but if it is turning out to be an effective strategy then its something to consider, and I do actually see the benefits of this approach, especially from a CRA/Default perspective.

                Best

                Crispy

                Comment


                • #9
                  Re: A guide to self managed DMP's - going it alone

                  hi Crispy,

                  Did you see the BBC lunchtime news today? There is heavy criticism of companies managing debt managment programmes, exactly as my sol said they leave debtors in more debt than when they first started.

                  It was interesting to note that Apex global were mentioned by name and then one character belonging to Cleardebt Solutions came on pontificating about how well he treats customers and he has picked up the mess of Apex and is helping another thousand poor souls out of their difficulties.

                  You couldn't make it up could you?

                  regards
                  Garlok

                  Comment


                  • #10
                    Re: A guide to self managed DMP's - going it alone

                    Just to be fair Garlok, it is not only DM Companies who charge who are guilty of this. Quite a few people have ended up being surprised how little debt was actually being paid off under fee DMP's with various companies as they had not written to ask for interest and charges to be stopped. I know a few people who embarked on their own DMP because of this.

                    A self managed DMP is excellent, and I would certainly reiterate the OP's advice to get advice every step of the way from forums such as this.

                    The other major one I haven't seen named so far is Payplan for completeness sake.

                    Comment


                    • #11
                      Re: A guide to self managed DMP's - going it alone

                      I think you will find I have said much the same thing to crispy earlier on Casp.

                      regards
                      Garlok

                      Comment


                      • #12
                        Re: A guide to self managed DMP's - going it alone

                        Originally posted by Garlok View Post
                        hi Crispy,

                        Did you see the BBC lunchtime news today? There is heavy criticism of companies managing debt managment programmes, exactly as my sol said they leave debtors in more debt than when they first started.

                        It was interesting to note that Apex global were mentioned by name and then one character belonging to Cleardebt Solutions came on pontificating about how well he treats customers and he has picked up the mess of Apex and is helping another thousand poor souls out of their difficulties.

                        You couldn't make it up could you?

                        regards
                        Garlok

                        Hi Garlok

                        I did see the news story you mention. Its an absolute disgrace that these companies are allowed to operate at all.

                        How can anyone say, with any credibility, that taking up to 6 months worth of someones DMP payments as a 'fee' before starting to pay creditors, is going to help their situation, is beyond all reason.

                        These bottom feeders are only out to make a quick buck from vulnerable people, who need help, not scumbags to make their situation worse.

                        Best

                        Crispy
                        ------------------------------- merged -------------------------------
                        Originally posted by Caspar View Post
                        The other major one I haven't seen named so far is Payplan for completeness sake.
                        Hi Casp

                        I didn't mention Payplan, as I have heard, from a couple of people who approached them, that they pushed other services they offer that are not free.

                        I'm not sure how true this is, so give them benefit of the doubt for the moment as I know others who they do a great job for.

                        Best

                        Crispy
                        Last edited by Crispybacon; 31st May 2011, 10:17:AM. Reason: Automerged Doublepost

                        Comment


                        • #13
                          Re: A guide to self managed DMP's - Reviewing your DMP

                          Thanks for the great links that you share.

                          Comment


                          • #14
                            Re: A guide to self managed DMP's - Reviewing your DMP

                            Many thanks, a true eye opener..

                            Comment


                            • #15
                              Re: A guide to self managed DMP's - Reviewing your DMP

                              Can I add a very important update to this please - CASHflow.

                              CASHflow - Login

                              For those not familiar with this, if you do a DMP through a licensed organisation, you will be asked to complete an Income and Expenditure form called the Common Financial Statement (CFS). This is widely recognised by most creditors and there is significant pressure on them to accept proposals made using the CFS.

                              CASHflow uses licensed people to allow you to complete your own CFS which is then officially signed off by the Money Advice Trust. You then deal with everything else to do with your self managed DMP, but have the backing of the equivalent of a CFS behind you to get your offers accepted. In fact, if any creditor refuses an offer made through a signed off CASHflow statement, they will intervene on your behalf to bring pressure to bear on the creditor to accept it.

                              It is a VERY strong weapon to have in your armoury.

                              Comment

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