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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,153Posts
    • 46,980Thanks
    fermi
    DMP & Mutual Support Thread - Part 11
    • #1
    • 10th Jul 15, 7:32 AM
    DMP & Mutual Support Thread - Part 11 10th Jul 15 at 7:32 AM
    Welcome to the DMP mutual support thread.

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. 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 a non judgemental and all questions welcome.
    Originally posted by Sazzie23
    Once again the old thread was getting a bit large, so here is a fresh thread.

    The previous thread can be found here: Click ---> DMP & Mutual Support Thread - Part 10

    Or click here for the last page of posts on the old thread. ---> Last Page

    Sazzie23's fantastic post of the month winning post from the previous thread is repeated below.

    Best wishes with the DMPs everyone.
    Last edited by fermi; 12-07-2015 at 9:50 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
Page 1
    • Sazzie23
    • By Sazzie23 11th Jul 15, 12:47 AM
    • 2,565 Posts
    • 10,409 Thanks
    Sazzie23
    • #2
    • 11th Jul 15, 12:47 AM
    • #2
    • 11th Jul 15, 12:47 AM
    My now infamous Newbie message, slightly more generic and adapted a little.

    If we made this the second post, newbies would be able to read it before moving on to our latest posts.

    Comments and suggestions positive or otherwise all welcome

    Well done for getting this far, there may be a lot of activity on the thread at the moment, many newbies who are posting, not so newbies still DMPing and quite a few lurkers at a guess (that's ok, we don't mind, one day you'll feel up to posting and smile about how worried you were).


    So some general Newbie Advice, setting up and starting out is probably to most difficult time you will face in your DMP, so don't panic if it all seems scary and too much . Facing up to the fact you can no longer pay your debts is a massive step and very confronting for many people, this is life changing stuff so worrying is absolutely normal.

    Now you've done the horrid thing of adding it all up (often a shock) you've worked out (with SC or whoever) how much you can pay back, that's the crucial bit done, just a matter of getting the paperwork sorted.

    Despite SC being the largest debt charity, some call centre people know nothing about them, that's ok, they are just ignorant, don't let it worry you.
    All debt collection sections know about SC, some are better equipped to deal with it than others. Often the people at the front end that you speak to know nothing about how the system works, remember you do, you are better equipped than them, don't let them scare you.

    It doesn't matter if you choose to DIY DMP or SC, the plan is the same, you are paying them what you can afford and they can't have anything else. They 'reject' the plan, tough luck, keep paying it just the same, they'll get with the programme at some point.

    Some creditors will let you know they have accepted, some will just accept it and show something on the statement, some will not say anything but just stop or reduce your interest, HBOS and BC will probably still charge you interest in some form, don't panic over it, it extends your DFD but there are things you can do, start on page 1 of the thread when you have a spare few hours and then decide what to do.

    Overtime and non regular bonus payments, no you don't have to declare these, and you can choose to save them to your emergency fund, make some extra repayments to reduce your DFD, save up for F&f payments when you get enough, or even....shhhh ...spend them on a little treat but don't tell anyone. Most people go for a combination of the above, all depends on your priorities.

    When you start out and your DFD is generally 4-10 years away, you think, I want to pay as much as I can straight away so the creditors think I'm doing my best. Actually I don't think they care much, as long as you keep in touch and keep paying what you agree - so don't cut your budget so fine that you are having 4 years of hell instead of 6 years in moderate comfort. I'm not saying do your shopping at M&S, and have 4 holidays a year, but just leave yourself the option of buying a cake at birthday time, a new pair of shoes for DD and maybe a very cheap caravan break once a year.

    Try to get yourself an emergency fund before you start, savings, selling things or making token payments at the start.

    Default letters are good, they look scary but they mean the creditor is actually looking at what you pay and putting your account into limbo. If your account goes to a DcA this is usually good and they are mainly not the scary people you see on the Tv, they have all been very reasonable, and just want you to keep in touch and keep paying.

    There will be wobble times, if you have to reduce a payment, when a creditor starts grumbling or just because DFD seems a long way off, but we've all done it, you come here log on and we'll all get through it together.

    If you are having trouble with creditors, eg Someone not playing ball with sticking to what they promised, or getting information mixed up when they shift to a DcA. I'd continue to pay, the payments seem to get to where they should eventually, but if you are worried, send a recorded delivery letter to the collections team at the creditor, quoting your account number and SC ref and saying this is what is happening, these are the payments that have been made, please make your sure your accounts are up to date and let ask them to reply to you in writing so you have confirmation. It does take several months for an account to get over from creditor to DcA and often the information is limited but it's just like the original set up and the DcA will let you know to change the payments in SC, and you can just log in and do it.

    Get stuff in writing, from them to you or you to them, then there is no mistake.

    I hope this helps, there are lots of scenarios I haven't covered, but in the main it's grit your teeth, keep plodding through and it will all settle down.

    One day soon, you will be able to say l will be debt free next year

    If you are in or thinking of a DMP join us on our current thread
    http://forums.moneysavingexpert.com/showthread.php?t=5285089
    Last edited by Sazzie23; 13-07-2015 at 6:21 AM.
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • fermi
    • By fermi 12th Jul 15, 9:53 AM
    • 39,153 Posts
    • 46,980 Thanks
    fermi
    • #3
    • 12th Jul 15, 9:53 AM
    • #3
    • 12th Jul 15, 9:53 AM
    Bump for new thread.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
    • Puzzcat
    • By Puzzcat 12th Jul 15, 12:22 PM
    • 3,827 Posts
    • 15,973 Thanks
    Puzzcat
    • #4
    • 12th Jul 15, 12:22 PM
    • #4
    • 12th Jul 15, 12:22 PM
    Thanks Fermi. Xxx
    Christmas 2017 £150 cash/£50 vouchers
    I love my dmp started in Nov 13 with SC 32.7% paid
    Going Self Managed March 2016
    Pot Of Gold - £375.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • timetosayenough
    • By timetosayenough 12th Jul 15, 4:22 PM
    • 77 Posts
    • 167 Thanks
    timetosayenough
    • #5
    • 12th Jul 15, 4:22 PM
    • #5
    • 12th Jul 15, 4:22 PM
    Oh dear think I made a bit of a boo boo. I sent letters off to creditors but just posted them. Should have sent them registered shouldn't I? Should I redo them and send them registered? What a plonker!
    £12,432 - debt free February 2018
    • sourcrates
    • By sourcrates 12th Jul 15, 4:40 PM
    • 9,791 Posts
    • 9,594 Thanks
    sourcrates
    • #6
    • 12th Jul 15, 4:40 PM
    • #6
    • 12th Jul 15, 4:40 PM
    Oh dear think I made a bit of a boo boo. I sent letters off to creditors but just posted them. Should have sent them registered shouldn't I? Should I redo them and send them registered? What a plonker!
    Originally posted by timetosayenough


    Wont make a shred of difference, mail to large companies is delivered in bulk, so wont usually be signed for anyway.
    Registered mail is "supposed" to be delivered separately, but usually ends up with the bulk mail (ex PO worker).
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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 : Stepchange, National Debtline, or, CAB.
    • timetosayenough
    • By timetosayenough 12th Jul 15, 4:47 PM
    • 77 Posts
    • 167 Thanks
    timetosayenough
    • #7
    • 12th Jul 15, 4:47 PM
    • #7
    • 12th Jul 15, 4:47 PM
    Sourcrates, thank you. You've put my mind at rest. Brilliant.
    £12,432 - debt free February 2018
    • KID77
    • By KID77 12th Jul 15, 6:20 PM
    • 197 Posts
    • 421 Thanks
    KID77
    • #8
    • 12th Jul 15, 6:20 PM
    • #8
    • 12th Jul 15, 6:20 PM
    Oh dear think I made a bit of a boo boo. I sent letters off to creditors but just posted them. Should have sent them registered shouldn't I? Should I redo them and send them registered? What a plonker!
    Originally posted by timetosayenough
    Hello Timetosayenough
    I wouldn't resend either, I have actually contacted my creditors through the online banking secure message, I prefer this as they respond within a few days. I have also printed copies of the messages just incase they disappear for any reason.

    Sourcrates - I love how you are around to give everyone advice, you are very quick to respond to people on these forums offering your help and knowledge, I appreciate it :-)
    DMP Number 437
    LBM May 2015 47k in debt
    Starting DMP 1st July 2015
    • timetosayenough
    • By timetosayenough 12th Jul 15, 6:51 PM
    • 77 Posts
    • 167 Thanks
    timetosayenough
    • #9
    • 12th Jul 15, 6:51 PM
    • #9
    • 12th Jul 15, 6:51 PM
    Hi Kidd,


    Thanks. Can I ask what is online banking secure message?


    Also Sourcrates said to me last week to trust him and just want to say I do 100%. All you lovely people on here are so helpful and friendly. It makes me feel less like an idiot for getting myself into this mess so thank you all. x
    £12,432 - debt free February 2018
    • patch22
    • By patch22 12th Jul 15, 8:36 PM
    • 25 Posts
    • 77 Thanks
    patch22
    Hi all, hope you've had a nice weekend.

    Thanks for the lovely shiny new thread. Sazzie, that post is amazing! Like a warm comforting hug and it's just what I need at the moment so thank you

    Not too much to report here at the moment. Had a text from StepChange last week to say the dmp has been set up so we're all ready to go for 1st August. Just waiting now to see if it's accepted by creditors - fingers crossed! Think we've done all we need to with token payments and letting creditors know what's happening. I've felt such a range of emotions over the last few weeks but am feeling calmer (for now!).
    • KID77
    • By KID77 12th Jul 15, 8:45 PM
    • 197 Posts
    • 421 Thanks
    KID77
    I pay or used to pay my creditors online and they have a facility to medsage through their website. Its like an email but I find it easier and they always respond. I know Barclaycard and MBNA have this messaging system for sure so imagine others do too.
    Yes Sourcrates has answered questions of mine and when I read other posts on MSE he often pops up helping people, its great to have advice from people who have been in similar situations.
    xx
    DMP Number 437
    LBM May 2015 47k in debt
    Starting DMP 1st July 2015
    • KID77
    • By KID77 12th Jul 15, 8:49 PM
    • 197 Posts
    • 421 Thanks
    KID77
    Hi Patch
    I agree on emotions and I still think about debt 24/7, not as worried as i was before starting dmp but it still conerns me obviously.
    I started mine July 1st and have heard back from all creditors confirming they accept plan and agreed to freeze interest. So as far as dmp plans go, its going well so far.
    Good luck and keep us posted
    xx
    DMP Number 437
    LBM May 2015 47k in debt
    Starting DMP 1st July 2015
    • Triangle
    • By Triangle 12th Jul 15, 9:10 PM
    • 1,035 Posts
    • 4,671 Thanks
    Triangle
    Ooooh shiny new thread!

    Hope everyone is well

    Tx
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 10.42%
    Orginal DFD: May 2024
    • Triangle
    • By Triangle 12th Jul 15, 9:16 PM
    • 1,035 Posts
    • 4,671 Thanks
    Triangle
    Patch - out of our 4 creditors one has rejected the plan. Of the other three, two have sent letters to say accounts frozen and new statements have arrived with stupidly high interest. And one we havent heard from at all yet!

    We have done one month of token payments, same again in August then the start date of 1st September
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 10.42%
    Orginal DFD: May 2024
    • Sazzie23
    • By Sazzie23 13th Jul 15, 6:23 AM
    • 2,565 Posts
    • 10,409 Thanks
    Sazzie23
    Bump for new thread.
    Originally posted by fermi

    Thanks Fermi shiny new one, looks good
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Jon81
    • By Jon81 13th Jul 15, 10:01 AM
    • 85 Posts
    • 166 Thanks
    Jon81
    So following approximately 6 token payments to barclaycard I today got a formal demand for payment within 28 days or a default would be issued and it would be passed to a dca

    They froze interest from the outset, so am I right in thinking this will continue with the dca and when payments increase that'll just be a bonus for them?

    I'm with step change and am due a review shortly to look at permanent solutions so I guess this default is timely
    • Karen777
    • By Karen777 13th Jul 15, 11:56 AM
    • 408 Posts
    • 1,718 Thanks
    Karen777
    ooh I have been off line for a couple of weeks and now there's a whole shiny new thread and loads of new people - hello and welcome to the most useful internet thingy I have ever found! hello to all the regular wise df people and dfw people. Sounds like everyone is doing really well. Proud to be part of this community.

    It's always worth trying to get interest stopped - I have recently (after 2 years) got interest stopped on most of my debts - better late than never! Even though it is because my income has gone down it is still very welcome.

    Keep trucking on people!
    Debt at highest - June 2013 - 26k/ July 2016 - 4795
    Proud to be dealing with my debts
    • lewpster
    • By lewpster 13th Jul 15, 12:56 PM
    • 1,651 Posts
    • 7,029 Thanks
    lewpster
    I've had a letter over the weekend from Barclaycard saying whilst they agree to the payment plan I am following and sticking too, it falls below the minimum requirements. They are giving me til the 4th August to pay the arrears or will issue a default and my account will be passed on to a collection agency.

    Guessing I want this to happen and it's not as scary as it sounds?

    Please can someone reassure me x
    • lewpster
    • By lewpster 13th Jul 15, 12:57 PM
    • 1,651 Posts
    • 7,029 Thanks
    lewpster
    So following approximately 6 token payments to barclaycard I today got a formal demand for payment within 28 days or a default would be issued and it would be passed to a dca

    They froze interest from the outset, so am I right in thinking this will continue with the dca and when payments increase that'll just be a bonus for them?

    I'm with step change and am due a review shortly to look at permanent solutions so I guess this default is timely
    Originally posted by Jon81
    Must be sending them out en mass as i got one too!!
    • fermi
    • By fermi 13th Jul 15, 12:59 PM
    • 39,153 Posts
    • 46,980 Thanks
    fermi
    Yes, if its going to happen then much better sooner rather than later.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
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