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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,228Posts
    • 47,072Thanks
    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 235
    • motivated
    • By motivated 16th Feb 17, 8:53 AM
    • 2,234 Posts
    • 3,175 Thanks
    motivated
    {cough} {cough}......don't want to say we told you so.....but

    What did we say !!

    The minute you admit to yourselves and your creditors you cannot afford to continue as you have been and you put something in place to start a DMP the weight lifts off your shoulders. Nothing bad happens, creditors are mostly okay and those that aren't cannot do anything anyway. Your DMP start is April, but in all honesty SC and creditors wouldn't have cared if it was a couple of months later. As long as they are kept in the loop with what's happening they are fine. Well done you for sorting this and well done for giving yourself a bit of breathing space to put some money aside for emergencies.

    That last hurdle is not a hurdle - it's not even a bump in the road. It's just a chore to deal with to get the the next step. Chores are a nuisance, somewhat irritating sometimes but they are definitely not hurdles.

    I'm loving reading the change in your posts. The enthusiasm for getting started and the belief that it will be okay is now coming across loud and clear. Such a change from the first nervous, worried posts.

    Originally posted by January2015
    January2015
    What can I say. Your were definitely right. The weight has slowly lifted off my shoulders. I have had another CC statement come in today and as sourcrates basically said so what ! For once in my life I actually feel in control and not the finances controlling me. I even plan on opening a second savings account today. One to be used for big expenses like car insurance and car tax the other to be used for a general savings account for household items etc. The good thing about our new account is that we have 2 cards. One is a general cash card and the other is a top up debit card. This helps as we only put on the top up card what we can afford and this is used for shopping. The other is for withdrawing cash so we are able to keep things separate. If there's no money on the top up card we can't buy it simples

    I need a few bits of shopping today but am holding off until tomorrow when DHs wages go in then I can work from my budget and not the money we have saved up. My mindset has changed so much over the past couple of weeks and just need DH to catch me up

    I hope my wages next month will go into our new account but I plan to cancel DDs for loans before then anyway. I keep thinking if I do it now Halifax will think and if my wages does somehow make it the the old account they will take it all. Should I wait to cancel them a few days before they're due again in March or do it now ? Mind you SC should have already contacted them by then anyway.

    Hoping to receive an email from SC today
    Thank you all again so much
    M
    Emptying my lake with a teaspoon
    Short term goal £610/£1796
    EF/1k
    • January2015
    • By January2015 16th Feb 17, 9:09 AM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    January2015
    One is a general cash card and the other is a top up debit card. This helps as we only put on the top up card what we can afford and this is used for shopping. The other is for withdrawing cash so we are able to keep things separate. If there's no money on the top up card we can't buy it simples
    Originally posted by motivated
    Oooh...I've never heard of a top up debit card. Can you post a link to the bank/info page or just let me know which bank it is.

    This sounds like something I might like
    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
    • motivated
    • By motivated 16th Feb 17, 9:31 AM
    • 2,234 Posts
    • 3,175 Thanks
    motivated
    Hi January

    I applied online it was very easy. I had email confirmation within hours that our account was open. I then applied through our account for an esaver account and that was also open straight away.

    Cards arrived within a few days too.

    http://www.santander.co.uk/uk/current-accounts/basic-current-account
    M
    Emptying my lake with a teaspoon
    Short term goal £610/£1796
    EF/1k
    • January2015
    • By January2015 16th Feb 17, 9:42 AM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    Morning everyone

    Well I've decided to take the plunge and try the new YNAB online version. I've been a YNAB classic user since the beginning of my DMP. I honestly believe we would not have done as well as we have if we hadn't got YNAB at the start of the process. YNAB just helped us focus on what money was allocated to what. It didn't matter what the bank balance said - it was how much was allocated against categories in YNAB.

    I've purchased the classic YNAB - one off fee. Done, dusted, no more payments. However, eventually it will no longer be supported and there are new features in the online version. I've decided to trial it for one month and see how it goes. I think I did try it when it first came out and couldn't get my head round the difference between classic and new versions. Anyway - I'm giving it a go. I started last night and so far I'm loving it. I'm going to run both versions for one month and see how it goes.
    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
    • Debtfreehopeful
    • By Debtfreehopeful 16th Feb 17, 10:11 AM
    • 39 Posts
    • 45 Thanks
    Debtfreehopeful
    I've had a letter from Tesco asking me to sign to authorise them to deal with Stepchange. I have 28 days to return it otherwise my account will be defaulted. I'm tempted not to return it to get my account defaulted- though I will be making my first SC payment in April- any thoughts please? Thank you.
    • sourcrates
    • By sourcrates 16th Feb 17, 11:08 AM
    • 12,177 Posts
    • 11,641 Thanks
    sourcrates
    I've had a letter from Tesco asking me to sign to authorise them to deal with Stepchange. I have 28 days to return it otherwise my account will be defaulted. I'm tempted not to return it to get my account defaulted- though I will be making my first SC payment in April- any thoughts please? Thank you.
    Originally posted by Debtfreehopeful
    Let it default, don't sign anything.

    Creditors eh !!!!
    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, and delete spam.
    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/
    • carbootcrazy
    • By carbootcrazy 16th Feb 17, 11:12 AM
    • 4,125 Posts
    • 23,166 Thanks
    carbootcrazy
    I've had a letter from Tesco asking me to sign to authorise them to deal with Stepchange. I have 28 days to return it otherwise my account will be defaulted. I'm tempted not to return it to get my account defaulted- though I will be making my first SC payment in April- any thoughts please? Thank you.
    Originally posted by Debtfreehopeful
    I've never heard of having to sign anything from banks to allow them to deal with SC. Tesco Bank is one of my creditors and I certainly never had to sign anything from them. That was back in 2013 when I set my DMP up so requirements might be different now though.


    Defaults are good and what everyone on here recommends


    I'm sure someone else more knowledgeable than me will be along later to help you. Good luck

    Edit: As usual, someone always beats me to it when answering people's queries. Cheers, sourcrates
    Last edited by carbootcrazy; 16-02-2017 at 12:05 PM.
    Make £10 A Day Challenge 2017. Jan-Sept: £4251.91 Oct: £12.00
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there
    • January2015
    • By January2015 16th Feb 17, 12:01 PM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    I've had a letter from Tesco asking me to sign to authorise them to deal with Stepchange. I have 28 days to return it otherwise my account will be defaulted. I'm tempted not to return it to get my account defaulted- though I will be making my first SC payment in April- any thoughts please? Thank you.
    Originally posted by Debtfreehopeful
    I agree with the others who've already commented on this. Don't sign it.

    Anyway - you have signed an authority for Stepchange to deal with your creditors. One authority which covers all your debts. This form of authority has already been agreed with lenders - who actually fund SC anyway. Tesco are playing silly beggars
    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
    • ramblehan
    • By ramblehan 16th Feb 17, 2:23 PM
    • 398 Posts
    • 924 Thanks
    ramblehan
    Debts are sold on in bulk, a few thousand accounts at a time.

    It's all down to there timescales, and can be impossible to predict.

    Don't worry about it, it's a well trodden path.
    Originally posted by sourcrates
    OK thanks - so do I keep paying token payments once they have defaulted, or just leave it be until I hear it has been sold on?
    • ramblehan
    • By ramblehan 16th Feb 17, 2:34 PM
    • 398 Posts
    • 924 Thanks
    ramblehan
    Hi,
    Sorry got to ask what do you mean about parents wanting you to buy a House?
    Puzz
    Originally posted by Puzzcat
    Wish I could figure out how you clever people sometimes respond to two posts in one message!

    Hi Puzz
    My folks are locked into the mentality that you "must" own your own home.
    I just know my folks at some point will be like - "why are you hanging around - why don't you buy a house now?" and it will be because we can't get a mortgage - but I am too chicken to tell them!!
    • blisteringblue
    • By blisteringblue 16th Feb 17, 6:28 PM
    • 1,040 Posts
    • 1,892 Thanks
    blisteringblue

    I've purchased the classic YNAB - one off fee. Done, dusted, no more payments. However, eventually it will no longer be supported and there are new features in the online version. I've decided to trial it for one month and see how it goes. I think I did try it when it first came out and couldn't get my head round the difference between classic and new versions. Anyway - I'm giving it a go. I started last night and so far I'm loving it. I'm going to run both versions for one month and see how it goes.
    Originally posted by January2015
    Hi Jan, I did this back in November and planned on running both. I bet you don't, I hadn't been back to Classic at all and I finally uninstalled it last month.

    You can't forecast like you could with classic because you can only allocate the money the day it is available but other than that the new version is brilliant. Reconciling is a doddle and funnily my age of money never gets very high because I have to spend it all, but those days will come after the DMP

    Wish I could figure out how you clever people sometimes respond to two posts in one message!
    Originally posted by ramblehan
    Simply combine posts with 2 sets of [QUOTE / QUOTE] or the multiquote button does it for you
    Last edited by blisteringblue; 16-02-2017 at 6:32 PM.
    • January2015
    • By January2015 16th Feb 17, 7:26 PM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    Wish I could figure out how you clever people sometimes respond to two posts in one message!
    Originally posted by ramblehan
    Along the bottom of each posts are buttons in the following order

    Thanks
    Quote
    Image that looks like to speech bubbles

    Click the image that looks like two speech bubbles. This will quote the first post you want to quote. Then go to the next post you want to quote and if it's the last post you want to quote them press Quote. However if you want to quote even more posts after this one then press the speech bubbles again.

    Hope that makes more sense that it does when I read it back
    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
    • ramblehan
    • By ramblehan 16th Feb 17, 10:01 PM
    • 398 Posts
    • 924 Thanks
    ramblehan

    Simply combine posts with 2 sets of [QUOTE / QUOTE] or the multiquote button does it for you
    Originally posted by blisteringblue
    Along the bottom of each posts are buttons in the following order

    Thanks
    Quote
    Image that looks like to speech bubbles

    Click the image that looks like two speech bubbles. This will quote the first post you want to quote. Then go to the next post you want to quote and if it's the last post you want to quote them press Quote. However if you want to quote even more posts after this one then press the speech bubbles again.

    Hope that makes more sense that it does when I read it back
    Originally posted by January2015
    Got it!!! Thank you
    • Sleepysophie
    • By Sleepysophie 17th Feb 17, 12:28 PM
    • 18 Posts
    • 19 Thanks
    Sleepysophie
    HI SS, I missed your first posts as not on here as much as id like to be. But thought id let you know i had a similar experience with them. I too have had interest on my cc charged at lower rate in the early years then nothing then back on to a higher but still lower than normal rate then in August last year i got a statement saying that i was being charged at full rate of the card 26% !!! i called them and they said because my monthly payment was bigger than minimum payment even though i was on a DMP that it was no longer considered an AP. My credit showed ok. They said they would hold it for 90 days while i spoke to SC who said that we cant enforce the how they charge interest. So now i havent had a statement for months. My Noddle account gives me latest balance ( a month or 2 behind) but the difference is now an extention of a few months. I had to reduce payments last two months but heard nothing from them. So i am just waiting to see what happens for now and keep paying DMP. If i hear anything else though will let you know. Its the only one of remaining 3 that is not defaulted hence why i am wondering about paying off and then just closing so it would fall off my credit as settled rather than another 6 years at default.
    Originally posted by jubilee14
    Hi Jubilee14
    Thanks for this, I called them in the end as I don't have any printer ink, they had disabled access to my online account and it just seemed easier than pen and paper as I wouldn't be able to take a copy of the letter I had written but to no avail. I was told my account was closed so Customer Services couldn't help me with the interest hike query. They put me through to Collections but Collections said I wasn't with them so in order to speak with them I would need to wait 24 hours for them to 'force' my accounts into collections....I called the next day (on the number collections gave me) to be told my account had been frozen from interest for 4 months due to my illness....I have no illness??? So he said I might have complained of a cough or cold when I had been on the phone to the them previously and it may have been recorded as me saying I was ill? Of course I do not remember ever having said anything like this at all but how would I remember? It had been 5 months ago....I certainly wouldn't have said I was suffering from an illness as I wasn't and I wouldn't have made that up?! So, then he went back to what you have mentioned in your post. He said I was paying over the minimum payment so they've assessed that I can pay and it is affordable so are now charging me 29.9% compound interest?! Despite my account being closed and not ever wanting anymore money from them EVER! It is so unfair. He sent me a new income and expenditure form and this will show I can afford the minimum (more probably) so what is the point in sending it back? What a farce. At this rate, I will still be paying BC in 10 years time! Since I started on my DMP I have paid them £6198 and they have charged me just short of £2k in interest.
    • 2017spark
    • By 2017spark 17th Feb 17, 6:27 PM
    • 15 Posts
    • 32 Thanks
    2017spark
    Hello all, hope you are doing ok.
    Update on my DMP, I spoke to SC and they are happy I'm good to go. First payment has been set up for 1st March but I've asked for it to be delayed due to some upcoming dentist and opticians for glasses appointments. I asked last week but they haven't confirmed so may have to follow up. Other than that everything with SC is going well.
    I notified all my creditors and have started receiving letters acknowledging my situation, so at least they are aware.
    Looking forward to getting the payments up and running and ticking along month after month. Just a waiting game now!

    Hope you are all well, have a good weekend all!! Xx
    • motivated
    • By motivated 17th Feb 17, 6:43 PM
    • 2,234 Posts
    • 3,175 Thanks
    motivated
    Hello all, hope you are doing ok.
    Update on my DMP, I spoke to SC and they are happy I'm good to go. First payment has been set up for 1st March but I've asked for it to be delayed due to some upcoming dentist and opticians for glasses appointments. I asked last week but they haven't confirmed so may have to follow up. Other than that everything with SC is going well.
    I notified all my creditors and have started receiving letters acknowledging my situation, so at least they are aware.
    Looking forward to getting the payments up and running and ticking along month after month. Just a waiting game now!

    Hope you are all well, have a good weekend all!! Xx
    Originally posted by 2017spark
    Good for you spark
    I too am awaiting confirmation that we are set to go and I just want to get moving with it all too.
    Good luck with your journey
    M
    Emptying my lake with a teaspoon
    Short term goal £610/£1796
    EF/1k
    • 2017spark
    • By 2017spark 17th Feb 17, 6:57 PM
    • 15 Posts
    • 32 Thanks
    2017spark
    Good for you spark
    I too am awaiting confirmation that we are set to go and I just want to get moving with it all too.
    Good luck with your journey
    M
    Originally posted by motivated
    Hi motivated! (Not sure if I've done this quote right?!)
    Good to see you here, we are at the same stage in our DMP so looking forward to sharing the journey with you, hopefully it will be easy sailing for us both!
    I just want the next couple of months out the way before my plan starts proper. I didn't want to delay it but need new glasses and some dental work. Would rather delay and clear those first before having it in my budget.
    Good luck!
    X
    • motivated
    • By motivated 17th Feb 17, 7:09 PM
    • 2,234 Posts
    • 3,175 Thanks
    motivated
    The many people on here who have been where we are now advise to delay the start so if you need money for other things then delay the first payment.

    I had to email over some more info today for ours to the plan activation team and hopefully that will be enough to get us started too. I am being a little impatient I know. It's the not knowing that makes me wobble a bit.

    It does seem to set up fairly quickly as well doesn't it.

    Good luck on your journey. I for one will definitely be around for a while yet
    M
    Emptying my lake with a teaspoon
    Short term goal £610/£1796
    EF/1k
    • January2015
    • By January2015 17th Feb 17, 7:15 PM
    • 1,756 Posts
    • 4,732 Thanks
    January2015

    Good luck on your journey. I for one will definitely be around for a while yet
    M
    Originally posted by motivated
    Hi motivated

    As someone who has frequented this forum for the last 2 years, I can honestly say the majority of people who succeed with their DMP, or at least seem to get through it with less stress, are the ones who visit the forum regularly and 'keep in touch' with others in the same boat.

    It really does help to know you are not alone. If, like a lot of people, you don't feel able to talk to family and friends in the real world about your debt situation, it helps to have people who understand, who won't judge you, and who are going through - or have been through - the same thing. These are the people of DFW who become your virtual friends and family.

    Withour DFW forums I would have struggled to get through. Sometimes I've wanted to vent my frustration, other times shout from the rooftops at successes and milestones. Only on the forum do I feel able to do that.

    It's definitely worth staying around to stay....well to stay 'motivated'
    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
    • Keezing
    • By Keezing 17th Feb 17, 7:30 PM
    • 270 Posts
    • 238 Thanks
    Keezing
    One of my creditors is refusing to freeze interest or accept my repayment offer until I send my last 3 payslips and bank account statements for the last 3 months.

    I have nothing to hide so could do this.

    Can anyone think of any drawbacks?

    Should I try refusing and quoting the lending code which states that people self managing shouldn't be treated differently than if they went through a debt charity?
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