Dmp

Royhol · 25 April 2015 at 4:15PM

Hello

First time poster here.

Just going through setting up a DMP with Stepchange.

I've set up a basic bank account with Nat West and paperwork should be here next.
I'm after some advice as to what to to next? Di need to contact my creditors now and ask them to freeze my accounts? (Apart from the bank I have my overdraft with)

zenshi · 25 April 2015 at 4:22PM

Step change will deal with all of that for you

sourcrates · 25 April 2015 at 4:39PM

Royhol wrote: »

.
I'm after some advice as to what to to next? Do i need to contact my creditors now and ask them to freeze my accounts? (Apart from the bank I have my overdraft with)

Hi,

No, you don't need to do anything else, as said above, SC will deal with your creditors from now on, should you get any phone calls from creditors, you simply tell them you are on a DMP and refer them to step-change.

Same apply`s to any letters, write back and refer them to SC also.

joee · 25 April 2015 at 4:48PM

Hi Royhol,

Welcome to the forums!

I thought that you might want to join the DMP mutual support thread, I am a bit of a lurker but it is full of wonderfully supportive people who do understand (link here - http://forums.moneysavingexpert.com/showthread.php?t=4988866&page=223)

No pressure!

Xx

secretdebt · 25 April 2015 at 4:59PM

My advice, even when setting up the DMP using Stepchange - is to ensure that you check with the company you have your debt with, that they have received the proposal from Stepchange. In my case they apparently hadn't received it, so I was still racking up interest and charges until I had called.

I was told by both Stepchange and my creditors that I still need to maintain a good relationship with my creditors. Which is fair enough, as Stepchange being a 3rd party - are probably dealing with tens of thousands of DMPS. I feel a regular courtesy call to your creditors would enable the DMP to stick, and would show that you are working with them to pay off what you owe.

Royhol · 25 April 2015 at 6:29PM

I've cancelled my direct debits with my unsecured creditors. Is this the right thing to have done?

Jon81 · 25 April 2015 at 7:37PM

Royhol wrote: »

I've cancelled my direct debits with my unsecured creditors. Is this the right thing to have done?

Yes totally you don't need bounced charges at this stage. If they call you, as previously mentioned say that you are working with stepchange and quote them your reference number. They should as standard freeze charges, calls ect. for 30 days while things work through

Sazzie23 · 26 April 2015 at 12:36AM

Royhol wrote: »

I've cancelled my direct debits with my unsecured creditors. Is this the right thing to have done?

Yep absolutely correct, I'd recommend if you can face it to ring creditors when payment is due to say that you are facing financial difficulties and are with SC and quote your SC reference number.

The I'd send a token payment of £1 to each creditor, every 30 days until the SC DMP starts.

It's also worth considering delaying the start of the DMP to get a small emergency pile £££ set by for if you have a car, boiler, fridge disaster etc, unless you have supportive partner or family who can access credit to get such things fixed.

Strong recommend a good read through the latest DMP support thread as linked by joee above, most of your questions and worries will have been addressed at some time. You'll also realise you really are not alone.

StainlessUK · 26 April 2015 at 8:00AM

Hello

Think most of this was already said...

My experience was amazing! I called all my creditors (So much fear) they were all so good and froze my accounts for 30 days. Gave them my Stepchange Ref and they all said well done for getting help and picking a free DMP provider!

Thank you stepchange

teeni · 26 April 2015 at 9:51AM

I have just started a dmp with Payplan and found the same with the creditors, my first payment have gone out on friday , with the offers of payments so fingers crossed they will accept. good luck with this , my debt free day has been set as june 2022 so here goes xx

sourcrates · 26 April 2015 at 10:17AM

StainlessUK wrote: »

Hello

Think most of this was already said...

My experience was amazing! I called all my creditors (So much fear) they were all so good and froze my accounts for 30 days. Gave them my Stepchange Ref and they all said well done for getting help and picking a free DMP provider!

Thank you stepchange

Wow, how things have changed in the last 10 years.

I was extremely naive about debt and creditors at the time i was in trouble, i got no help whatsoever, i was told the bailiffs would be round, my car would be seized, i would end up in court, all the usual blah blah.

Luckily, thanks mainly to this site, i got more savvy, so i knew it was waffle.

Its good to see things have changed, for the better, the free debt charities are more established nowadays, and FCA regulation has helped no end, altogether a better way of doing things.

Dmp

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