DMP & Mutual Support Thread - Part 11

sourcrates · 26 September 2016 at 9:08AM

Creditors are not bothered about token payments, and it won't alter your standing with them if you don't make any.

Have you any idea how much it costs them to process a £1 payment ?

It ends up costing them more money, especially if you pay by postal order.

rogertb · 26 September 2016 at 9:29AM

Hi chaps ... before I make a 'detailed' post (outlining my income and outgoings) I want to make sure I don't produce a long list of figures etc and then find that I've breached some forum rules I am wondering if a DMP would suit my situation ?

Many thanks

Roger

Sazzie23 · 26 September 2016 at 9:38AM

Teddyuk85 wrote: »

Hi there.

My DMP is through SC.

IF I MAKE A TOKEN PAYMENT EVEN £1 per creditor how do I make that payment.

I just feel the need to for peace of mind

Hi Teddy,

Well done for making a start at dealing with your debts, it can be a long journey, but hopefully it will lead the way to a better life for you.

Re the £1 token, Sourcrates is quite right it probably won't make a jot of difference, but I understand your need to pay and as the others have said there's a variety of methods, bank transfer, postal order, cash with a payment slip all seem to work ok. Probably wouldn't bother with an overdraft though.

Regards how much is normal expenditure, the SC guidelines are just that, if you don't fit the criteria it can be changed as long as you explain. Make sure you understand why lower payments can help you be debt free faster, and why defaults are your friend.

Finally, try not to worry, just work through the jobs like cancelling your direct debits (do this today), setting up new accounts and direct debits, nothing bad will happen if your direct debits get missed for a week or two, when I changed banks recently a lot of mine went a month without paying and they just took double next time.

Worry is not your friend.

Saz

Sazzie23 · 26 September 2016 at 9:44AM

rogertb wrote: »

Hi chaps ... before I make a 'detailed' post (outlining my income and outgoings) I want to make sure I don't produce a long list of figures etc and then find that I've breached some forum rules I am wondering if a DMP would suit my situation ?

Many thanks

Roger

Hi Roger

I&e, also known as a SOA, Statement of Affaairs can be posted usually on the main DFw forum page. (Start a new thread) and folk will pick over it and say where you could make savings and what in their opinion is the best option. Probably best to have a look at a few first. The good folk on the main thread can be comparatively direct and specific in their comments, don't be put off, the help you'll get will be useful.

You might find the stepchange on line debt remedy useful to assess your options, it's free and can be anonymous if you wish. If you think a DMP is for you, come back to this thread and we'll try to steer you in the best direction.

Saz

rogertb · 26 September 2016 at 9:47AM

Thanks Saz ... I'll do just that - good of you to take the time.

Roger

rogertb · 26 September 2016 at 6:11PM

I'm about to complete an soa on the bfw forum but have a dmp question. Looking into the dmp device it seems too good to be true, the pros ... it will consolidate my 4 c/cards which will make it so much easier for me to manage my debt, stop me worrying so much, I can cut up my cards to remove future temptation and, it seems, might even save me some money.

I could probably continue to pay my c/card debts but am not managing it very well so this seems an excellent option ... so what's the catch, why doesn't everyone with a few card debts go for a dmp ? ie what are the cons please ?

As ever thanks for any advice.

Roger

sourcrates · 26 September 2016 at 6:32PM

rogertb wrote: »

I'm about to complete an soa on the bfw forum but have a dmp question. Looking into the dmp device it seems too good to be true, the pros ... it will consolidate my 4 c/cards which will make it so much easier for me to manage my debt, stop me worrying so much, I can cut up my cards to remove future temptation and, it seems, might even save me some money.

I could probably continue to pay my c/card debts but am not managing it very well so this seems an excellent option ... so what's the catch, why doesn't everyone with a few card debts go for a dmp ? ie what are the cons please ?

As ever thanks for any advice.

Roger

Well you will be paying less than the minimum required payments, so the creditors may default you, which will effect your credit file for 6 years, however that shouldn't be a problem if you don't intend borrowing again.

Apart from the impact on your credit file, there are no other cons really.

Most creditors will stop interest, you may have to ask them a few times, but usually they comply.

rogertb · 26 September 2016 at 6:55PM

Thanks again sourcrates ... well I applied for a debt consolidation loan from my bank but they said no so I guess my credit score is pretty poor anyway .... it seems to me the dmp effectively does much the same thing, it gives me one fixed amount to pay each month ... and allows me to cut up my cards !

Teddyuk85 · 26 September 2016 at 10:00PM

Thanks everyone.

I am going to call my creditors Friday night when I get paid and can I pay a token payment over the phone?

They won't keep my card details?! For taking monies from my new bank??

I called SC today and they advised they can't but it worries me that's all.

Also SC did mention that some of them may just say don't bother with a token payment as its a lot of messing about with them and she said the creditors I have are usually quite "fair" when going on a DMP whatever that means

sourcrates · 26 September 2016 at 10:08PM

Teddyuk85 wrote: »

Thanks everyone.

I am going to call my creditors Friday night when I get paid and can I pay a token payment over the phone?

They won't keep my card details?! For taking monies from my new bank??

I called SC today and they advised they can't but it worries me that's all.

Also SC did mention that some of them may just say don't bother with a token payment as its a lot of messing about with them and she said the creditors I have are usually quite "fair" when going on a DMP whatever that means

Hi,

you are really overthinking this 150%, they won't be interested in your token payment, it costs them 3 times as much just to process it, what is it you think will happen if you don't take this action ???

I didn't pay any of mine for nearly 3 years, and I'm still here !!!!

DMP & Mutual Support Thread - Part 11

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