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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 13,035Posts
    • 12,343Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are non judgmental and all questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
Page 128
    • Anniee88
    • By Anniee88 13th Jan 18, 8:10 AM
    • 44 Posts
    • 116 Thanks
    Anniee88
    You should do it its never to early to do it. If you read this forum companies have a poor record of keeping paperwork ........I would give it a go you have nothing to lose
    Originally posted by braveheart6612
    Sorry Braveheart I must have missed this post the other day! Okay I’ll give it a go. I expect they will all comply as they are aren’t that old debts, 1 is 5 years, 1 is 4yrs and 1 is 3.
    Last edited by Anniee88; 13-01-2018 at 8:35 AM.
    • Sadsecret
    • By Sadsecret 13th Jan 18, 8:31 PM
    • 2 Posts
    • 0 Thanks
    Sadsecret
    Please can someone advise me, I have had my DMP with stepchange for 2 months now, so far so good. However, One of my debts is Barclaycard, my joint account with my partner for the household bills is with Barclays, this is not my individual account that my salary gets paid into, that is a new basic account with a bank I have no debts with. I am wondering whether Barclaycard can take money out of this joint account? If so will this affect my partner's credit score? The Barclays account is only for household bills and has no excess funds in it. Many thanks for your help so far.
    • January2015
    • By January2015 13th Jan 18, 10:40 PM
    • 1,803 Posts
    • 4,834 Thanks
    January2015
    Please can someone advise me, I have had my DMP with stepchange for 2 months now, so far so good. However, One of my debts is Barclaycard, my joint account with my partner for the household bills is with Barclays, this is not my individual account that my salary gets paid into, that is a new basic account with a bank I have no debts with. I am wondering whether Barclaycard can take money out of this joint account? If so will this affect my partner's credit score? The Barclays account is only for household bills and has no excess funds in it. Many thanks for your help so far.
    Originally posted by Sadsecret
    If the BC joint account has your name on it and you owe BC money, then they can use the right of offset on any account with a credit balance - regardless of whether the account is jointly held with another person.

    You may not have excess funds in the joint account, but you do have funds and at any time these funds are at risk of being taken towards clearing your debt.

    I would move your joint account to a bank where you have no debts.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • determinedtobedebtfree
    • By determinedtobedebtfree 14th Jan 18, 1:42 AM
    • 11 Posts
    • 8 Thanks
    determinedtobedebtfree
    Hello all

    I have made the decision to transfer my DMP from SC to self managed. I have set up an account on NEDCAB, listing all my creditors.

    I think I am going to offer token payments of £1 to all for 6 months, except the 4 that I'm already only paying £5 to (for the sake of £20 I think it will be easier not to rock the boat with fewer creditors). I'm hoping this will force the ones who haven't defaulted me yet, to do so; I should be debt free within 3 years max (I qualify as a solicitor in September so my disposable income will greatly increase) but I have defaults on my account so I know I'm going to be screwed for the next 6 years in terms of getting a mortgage anyway.

    My debts are all relatively small in comparison to some of the figures I've seen on here, so I'm still tossing up whether, with the money I'm saving, I'll offer F&F or snowball the total amounts and pay off the smallest debts first in full etc. I guess I took out all the debt and so I feel I should pay it all back.

    Anyway, my boyfriend who I live with has no idea about any of this (too scared to tell him as he's so good with money I'm fairly confident he'd walk away ), hence the 1.30am posts while he's asleep!

    Any advice on any of the above will be gratefully received....
    Got into a payday loan cycle at Uni. Started DMP April 2017. Current debt: £8,038.12. DFD November 2021 but hopefully sooner with a payrise September 2017.
    • piper89
    • By piper89 14th Jan 18, 8:13 AM
    • 5 Posts
    • 5 Thanks
    piper89
    Hi All
    I am currently in a DMP with Gregory Pennington £286 PM over 52 months, 7 months in £51 goes in fees to them, I had no option to go down this route as SC recommended BR.
    Things have slightly changed and I have taken on a second job so yesterday I done the Step change thing again and they came back with £313 PM over 38 months I just need some advice on changing over to SC.


    Do they have to go back to the creditors and start over again and set up a fresh arrangements?


    Is it ok just to stop payments to Gregory Pennington or will this cost me more money?


    Obviously this will take time for SC to set up, how will my Creditors take this because they will obviously miss at least a months payments?


    GP just finished setting up my last agreement last week why did this take them 7 months when they only had 9 arrangements to set up I for one don't think they have given me value for money charged.


    I haven't heard a word from any Creditors other than monthly statements from a couple of them and would like to keep it this way so would switching over to SC be the right thing to do?


    Thanks
    Piper
    .
    • hign10pines
    • By hign10pines 14th Jan 18, 10:15 AM
    • 372 Posts
    • 363 Thanks
    hign10pines
    Anyone got experience with JD Williams? Received a 'funds on account' email Friday from Payplan to say that they are unable to distribute my payment to JD Williams. The account number is correct & I haven't heard they've sold the account so who knows whats going on.

    I have also sent out letters to all 4 creditors, telling them I am with Payplan, asking them to default me and to only contact me in writing.

    It's only been a month but so far I've not had any creditors chase me.

    Student nurse 2018 to 2020
    Debt: DMP (with Payplan) £8194 - 6.6 years left
    • carbootcrazy
    • By carbootcrazy 14th Jan 18, 12:35 PM
    • 4,221 Posts
    • 23,694 Thanks
    carbootcrazy
    Hello all

    I have made the decision to transfer my DMP from SC to self managed......


    Anyway, my boyfriend who I live with has no idea about any of this (too scared to tell him as he's so good with money I'm fairly confident he'd walk away ), hence the 1.30am posts while he's asleep!

    Any advice on any of the above will be gratefully received....
    Originally posted by determinedtobedebtfree
    Not really advice as such but just a quick post to congratulate you on taking the self-managed route. I was very anxious about doing it after 4 years with SC. I'm a real wimp and expected all sorts of difficult repercussions from creditors. I have never regretted my decision and can honestly say that I feel much more confident about my debt being paid off quicker than it otherwise would have been.


    Sounds silly when I'm now paying token payments instead of more than I could comfortably afford with SC. It was my own fault that I paid so much, I was willing to live like a pauper to become debt free in the shortest possible time. Not a good idea at all, I was existing rather than living and that becomes very draining after 4 years. I now have a healthy fighting fund to try some F&F settlement offers.


    I empathise with your situation of keeping things secret from your BF. My OH (we've been together over 40 years but chose not to marry) knows nothing of my debts. He too is extremely good with money, miserly to a degree. I never worried about him leaving but just couldn't face the way he would treat me if he knew. He has an unpredictable temper and I didn't want to risk it. We have always kept our finances totally separate but it's been a strain trying to ensure my part of the payments I have to contribute to the household have never been affected so he doesn't twig


    Good luck with whatever you decide to do
    Last edited by carbootcrazy; 14-01-2018 at 12:39 PM.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £12411
    . Getting there.
    • determinedtobedebtfree
    • By determinedtobedebtfree 14th Jan 18, 4:44 PM
    • 11 Posts
    • 8 Thanks
    determinedtobedebtfree

    I empathise with your situation of keeping things secret from your BF. My OH (we've been together over 40 years but chose not to marry) knows nothing of my debts. He too is extremely good with money, miserly to a degree. I never worried about him leaving but just couldn't face the way he would treat me if he knew. He has an unpredictable temper and I didn't want to risk it. We have always kept our finances totally separate but it's been a strain trying to ensure my part of the payments I have to contribute to the household have never been affected so he doesn't twig


    Good luck with whatever you decide to do
    Originally posted by carbootcrazy
    Thank you! My bf will inevitably find out at some stage. We've been living together for over a year and I'd say in the next 2 years he'll bring up us getting a mortgage (as I definitely won't bring it up as can't for years!!). My logic is: if I tell him about all this now, he'll worry for the future, and will be involved in me trying to get debt free. If he finds out in 2 years when I'm already debt free but can't get a mortgage because of defaults, I can blame it on being young and stupid and we can focus on saving for a deposit for when we are able to get one, and I'm hoping it won't seem so bad because I'll have it paid off already...

    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?
    Got into a payday loan cycle at Uni. Started DMP April 2017. Current debt: £8,038.12. DFD November 2021 but hopefully sooner with a payrise September 2017.
    • motivated
    • By motivated 14th Jan 18, 5:09 PM
    • 2,507 Posts
    • 4,094 Thanks
    motivated
    Thank you! My bf will inevitably find out at some stage. We've been living together for over a year and I'd say in the next 2 years he'll bring up us getting a mortgage (as I definitely won't bring it up as can't for years!!). My logic is: if I tell him about all this now, he'll worry for the future, and will be involved in me trying to get debt free. If he finds out in 2 years when I'm already debt free but can't get a mortgage because of defaults, I can blame it on being young and stupid and we can focus on saving for a deposit for when we are able to get one, and I'm hoping it won't seem so bad because I'll have it paid off already...

    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?
    Originally posted by determinedtobedebtfree

    Hi determined

    When I went from SC to self managed I told the creditors I had car and vet expenses and for x amount of months I would be paying token payments. They were fine about it.
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • sourcrates
    • By sourcrates 14th Jan 18, 5:49 PM
    • 13,035 Posts
    • 12,343 Thanks
    sourcrates
    Hi All
    I am currently in a DMP with Gregory Pennington £286 PM over 52 months, 7 months in £51 goes in fees to them, I had no option to go down this route as SC recommended BR.
    Things have slightly changed and I have taken on a second job so yesterday I done the Step change thing again and they came back with £313 PM over 38 months I just need some advice on changing over to SC.


    Do they have to go back to the creditors and start over again and set up a fresh arrangements?


    Is it ok just to stop payments to Gregory Pennington or will this cost me more money?


    Obviously this will take time for SC to set up, how will my Creditors take this because they will obviously miss at least a months payments?


    GP just finished setting up my last agreement last week why did this take them 7 months when they only had 9 arrangements to set up I for one don't think they have given me value for money charged.


    I haven't heard a word from any Creditors other than monthly statements from a couple of them and would like to keep it this way so would switching over to SC be the right thing to do?


    Thanks
    Piper
    .
    Originally posted by piper89
    Hi,

    Why don't you just ditch GP as soon as possible, and continue payments yourself ?

    Why do you need a 3rd party just to act as a payment vessel ?

    All your payments are set up, you should have your account and reference numbers, if not ask for them, just continue to pay via online banking every month, and pocket the £51 fee as an emergency fund.

    What could be simpler than that.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • sourcrates
    • By sourcrates 14th Jan 18, 5:52 PM
    • 13,035 Posts
    • 12,343 Thanks
    sourcrates
    Anyone got experience with JD Williams? Received a 'funds on account' email Friday from Payplan to say that they are unable to distribute my payment to JD Williams. The account number is correct & I haven't heard they've sold the account so who knows whats going on.

    I have also sent out letters to all 4 creditors, telling them I am with Payplan, asking them to default me and to only contact me in writing.

    It's only been a month but so far I've not had any creditors chase me.
    Originally posted by hign10pines
    Hi,

    Only 4 creditors ?

    Do you really need 3rd party help with this, can you not go self managed and pay them yourself ?

    Its easy and simple to do it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • hign10pines
    • By hign10pines 14th Jan 18, 9:21 PM
    • 372 Posts
    • 363 Thanks
    hign10pines
    Hi,

    Only 4 creditors ?

    Do you really need 3rd party help with this, can you not go self managed and pay them yourself ?

    Its easy and simple to do it.
    Originally posted by sourcrates
    Oh I am next month

    Student nurse 2018 to 2020
    Debt: DMP (with Payplan) £8194 - 6.6 years left
    • carbootcrazy
    • By carbootcrazy 15th Jan 18, 6:48 AM
    • 4,221 Posts
    • 23,694 Thanks
    carbootcrazy
    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?
    Originally posted by determinedtobedebtfree
    When I wrote to my creditors to tell them I was going self-managed I started off at the same payment level I was at with SC. I sent an I&E at that stage with the same figures as the SC one. After a couple of months I wanted to drop to token payments so I wrote to all my creditors. They all sent me their own version of an I&E form to complete and return. None of them asked for payslips, bank statements or the like. It is entirely up to you what you put on your I&E form. They all accepted mine (with massively increased expenses in some areas) without question although, 6 months on, a couple have written to say they want to review whether the payments I am making are still sustainable for me . I think I can manage to pay £1. I am in the process of completing and returning their latest I&E form.
    Last edited by carbootcrazy; 15-01-2018 at 6:51 AM.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £12411
    . Getting there.
    • Anniee88
    • By Anniee88 15th Jan 18, 2:05 PM
    • 44 Posts
    • 116 Thanks
    Anniee88
    Hello, I am just doing my CCA requests and wanted to check when I go to the post office this afternoon do I just ask for a blank postal order? Do I need to write their names on it or just send it blank fo them? Thanks
    • sourcrates
    • By sourcrates 15th Jan 18, 3:00 PM
    • 13,035 Posts
    • 12,343 Thanks
    sourcrates
    Hello, I am just doing my CCA requests and wanted to check when I go to the post office this afternoon do I just ask for a blank postal order? Do I need to write their names on it or just send it blank fo them? Thanks
    Originally posted by Anniee88
    Make it payable to the original creditor.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Suseka97
    • By Suseka97 15th Jan 18, 3:34 PM
    • 158 Posts
    • 246 Thanks
    Suseka97
    A quick hello to everyone and to stay in touch.

    Great to see newbies are getting to grips with DMPs and to see more moving from a managed arrangement to self-managing. Gives you so much more flexibility and control, best decision I've made.

    PRA have put my accounts on hold, again - and Link have gone off the radar, again! Seriously, Link is really poor at responding to letters. I even wrote to their MD and still no joy - yet.

    So, it'll be another month of the DMP payment going straight into our F&F savings pot

    Have a great debt-busting week y'all
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 6 Creditors / £11,994
    • CallyJen
    • By CallyJen 15th Jan 18, 6:23 PM
    • 6 Posts
    • 10 Thanks
    CallyJen
    Any thoughts?
    Hi everyone

    Iíve had a few creditors come back to me saying that they want a reference number from the Debt Management Agency that are helping me - they seem a bit reluctant to deal with me managing it myself. Anyone else experienced this? If so, what did you do?
    • January2015
    • By January2015 15th Jan 18, 7:11 PM
    • 1,803 Posts
    • 4,834 Thanks
    January2015
    Hi everyone

    Iíve had a few creditors come back to me saying that they want a reference number from the Debt Management Agency that are helping me - they seem a bit reluctant to deal with me managing it myself. Anyone else experienced this? If so, what did you do?
    Originally posted by CallyJen

    Visit the NEDCAB DMP site and open an account to self manage your DMP. When you write to creditors quote the NEDCAB reference number. You are managing your own DMP but for some reason creditors feel more comfortable when they see you are taking advice.... go figure

    Creditors have to treat you the same whether you are self managing or being supported with your DMP. However, to smooth things along and shut the dopey ones up it's worth just quoting a NEDCAB reference number.

    Hope this helps.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • kram
    • By kram 15th Jan 18, 8:00 PM
    • 87 Posts
    • 79 Thanks
    kram
    Can you do cca's when you are with sc or is it easier and more effective if your self managing.

    Anybody had any experience with this.
    • CallyJen
    • By CallyJen 15th Jan 18, 8:02 PM
    • 6 Posts
    • 10 Thanks
    CallyJen
    Thanks January! I used the NEDCAB site to generate my I and E and adapted their letters! Iíll stick that reference on any further correspondence

    In a way I understand that creditors feel more comfortable dealing with SC / CAB. I also think that people in debt are not necessarily stupid or incapable - a few bad decisions or life events and youíre sunk.

    Thanks again everyone on the forum, you are sanity saviours! Itís really good to be able to talk about my debt. Iím another one who canít talk to OH about money!
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