DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful · 9 August 2013 at 6:37AM

Enough_Now wrote: »

Hi all

Just checking in. I've been looking at the board daily but haven't posted in a while.

I'm looking forward to getting my statements this month as (if my trusty spreadsheet is correct) I will have paid off just over £5000 of my debt. This figure was my first big milestone, so can't wait to confirm this

Also had some good news about an outstanding PPI case against RBS. The FOS upheld my case and RBS has agreed with their decision. I know the refunded premiums will be credited against my outstanding balance but I'm hoping the interest can be used to improve my rather pathetic emergency fund - may even treat ourselves to a celebratory drink or two :beer:

Here's hoping our DMP journeys are successful ones - everyone deserves a little bit of good fortune now and again, especially people who are dealing with their problems, like us!

EN x

Great news - well done

HHx

GibbsRule_No3 · 9 August 2013 at 7:22AM

PPI returns certainly make a difference. I had a a thought a little while ago regarding my returned PPI. Technically if I had the PPI money all along I would not have needed to go on a DMP and my credit rating would not have been trashed. Has any enterprising person sued the people who sold them the PPI because of their current credit rating? In our society of legal claims if no one has I am sort of surprised. Not that I am going to but I did wonder what people thought of the idea?

bmma · 9 August 2013 at 11:05AM

Hi folks need a template letter to send to creditors asking to stop charging interest etc., can anyone help ?

Time_to_face_the_music · 9 August 2013 at 12:27PM

bmma wrote: »

Hi folks need a template letter to send to creditors asking to stop charging interest etc., can anyone help ?

Try something like this, customising it for each creditor:

You

Date

Them

Dear Sir/Madam

Re: [Creditor name] account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest/charges on the above account.

As you are aware, I/we am/are in a DMP with XXXXXXXX, reference number XXXXXXXX. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that XXXXXXX subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

Please consider this letter as a complaint about the interest charges you are continuing to apply to my account. I would like to see these stopped immediately and previous interest charges refunded.

If you are unable to help me with this issue, I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible.

Yours faithfully

You

bmma · 9 August 2013 at 3:08PM

Thank you TTFTM that is a great help, only two letters to write 6/8 creditors already have stopped interest.

bertman · 10 August 2013 at 8:11AM

Just going through my trusty spreadsheet and back statements, when my payment is credited through SC this month we will have hit a major milestone - or so I thought... We should have dropped below £60k into the £50's but RMS Tenon added some charges to the account when they took over from Halifax so we will still be in the £60's.... But we are getting there, I will get in touch with RMS and see if they can do anything ref the charges though.

Puzzcat · 10 August 2013 at 9:01AM

Hi,
Little update from me, pre dmp and apologies currently on holiday paid for in cash mind and booked last September...
The saying fail to prepare, prepare to fail is one I am following. I have read all of thread 9, fantastic advice and information and I am currently on page 100 of thread 8. I am keeping note of page/thread numbers of useful standard letters ready for my return to the real world.
The plan....
As I have a joint bank account with oh and the debts are mine the job for him whilst I am away is to pay off the overdraft on the account. I also currently bank with them (overdraft, loan and cc) so hope not to raise any suspicion until I have everything in place!
So..end August I will be changing my wages over to the new account I have set up (no debts with only mortgage - no arrears), I will be cancelling and switching dd' s during the month and closing joint account as soon as the last dd has come out. I will for the first time be unable to cover my minimum cc payments for September so will have standard letters and token payments ready to go. I am still adjusting cccs debt remedy and will get that in place to coincide with the closing of the joint account.
The remaining creditors will then get my standard letter and token payments for September.
Then...
Fingers crossed wages go into new account and the cccs start the process. I am thinking I will send token payments again in October and start the plan from 1st November if cccs will allow this,so that I can build up that well known and necessary emergency fund.
So that's the plan so far, I would welcome any comments or advice you lovely people can offer!

inflationiscoming · 10 August 2013 at 10:05AM

my brother is about to enter a DMP with Step Change. Does anyone know what the payment methods are? He has opened a cash account with metro bank as a new account, but it does not allow direct debits. Are there alternatives?

Julie67 · 10 August 2013 at 2:32PM

inflationiscoming we have a co op Cashminder account, its very straightforward and allows Direct Debits.

Hi all,

So now that we are in a position to up our monthly payment I feel like I know enough about what I'm doing to manage the DMP ourselves. I'm not happy about the way SC have divided our payments so that the bigger payment goes to the company who we paid a bigger payment to originally rather than the ones who we owe the most to.
The thing is I'm not sure where to start, I've had a look at NEDCAB which is great, can I use this even though I live in Greater Manchester, that's probably a stupid question:o
Also did you just write to each creditor informing them you where managing your own DMP?
I just feel if I have more control I can throw every spare penny at this and become debt free much more quickly.
Thanks for any help

dmb_2 · 10 August 2013 at 7:33PM

Hi Julie67
You can access NEDCAB from anywhere. It's all online. I didn't inform creditors immediately just paid them amount through my bank. Not all of them know now, but when my annual review with SC would have been due I'll send in updated financial statement (all on NEDCAB's website). Those that I have informed were absolutely fine. Moorgate initially said they would prefer to deal with SC but since then have been great.

Good luck

DMP & Mutual Support Thread - Part 9

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