DMP & Mutual Support Thread - Part 11

henrryyyy · 13 March 2017 at 12:36PM

carbootcrazy wrote: »

Well done on getting things set up:T. Before long you'll be feeling so much more relaxed about yourdebts. Don't forget, you are making efforts to repay them and not just walking away from them. Be proud of that:beer:

Although I'm trying to repay my debts in the shortest time possible (being retired, time isn't on my side:eek:) I have found that even with a very stringent budget I have more money available to spend on the occasional small treat or not have to buy the cheapest, reduced stuff in the supermarket. That's because pre-DMP I was using every single penny I had to try to keep up with repayments (mainly the obscene amount of interest they were adding every month:mad:). Not only that but I was robbing Peter to pay Paul, paying the minimum on one maxed-out card only to immediately withdraw what was left at an ATM to repay the next card bill that was due. Horrible times:o. I often had only a small amount of loose change to pay for the weekend's food. By small I mean a toss up whether to buy, say, milk or bread. Both were impossible:o. I never have that problem nowadays. Without credit cards and with debt interest frozen I feel totally liberated:j.

One thing in your post that spooked me a bit. You said one of your creditors had searched the Stepchange register for your details:eek:. I didn't know such a register existered or that creditors had access to it. Big Brother and all that:eek:

Good Luck with your interest reclaiming:beer:. Don't forget to come back and let us know how you get on with it:)

I so know what you mean, even having £20 spare at the end of the month will seem like a luxury

just had a reply from paydayexpress and payday uk refusing to send my statements, kinda expected from what i've read though

if you wish to pay extra in a month do you pay that directly to your lenders or make an additional payment to stepchange?

Its great your getting your debts sorted in your retirement! That shows real commitment

sourcrates wrote: »

Pursuing payday loan refunds is a good idea.

Check out debt camel :

Speaking to your creditors on the phone is not.

Keep everything in writing :

(1) so your message does not get lost.
(2) so you have a record of what's been agreed.

Thanks, that site is really useful, going through the list of lenders made me remember companies i used that i forgot.
I will start emailing instead of phoning, I like the immediate response of a phone call, but you are right, there is no record of whats agreed.

SeaBreeze · 13 March 2017 at 12:43PM

In the process of setting up a DMP with Step Change. They have advised setting up a new basic bank account and I wondered if it has to be a basic one if I am able to open a normal account , without an overdraft in place? I haven't missed any payments yet but will soon to say for a small emergency fund. Also do I need to tell the new bank that I will be starting a DMP?

January2015 · 13 March 2017 at 1:04PM

SeaBreeze wrote: »

In the process of setting up a DMP with Step Change. They have advised setting up a new basic bank account and I wondered if it has to be a basic one if I am able to open a normal account , without an overdraft in place? I haven't missed any payments yet but will soon to say for a small emergency fund. Also do I need to tell the new bank that I will be starting a DMP?

Theere's no reason not to open a new standard type bank account rather than a basic account if you can. The application form for a standard bank account is a bit more intrusive with questioning than a basic account but if you are okay with that then go for it.

I don't believe there are any questions about debt problems, such as DMP. You could always open an account online and if you find the questions to intrusive just cancel the process and go for a basic account.

Billy12345 · 13 March 2017 at 1:12PM

sourcrates wrote: »

Carry on as you are billy.

Stepchange pay your creditors "pro rata", dependent on how much you owe them, all will be fine, they cant take what you dont have can they, its that simple.

Getting eveything defaulted should be your next goal.

Thanks Sourcrates.

I have written to my other creditors asking them to default but no doubt this will take a while so watch this space.

Ill keep on truckin with the payments when they restart in May. :beer:

henrryyyy · 13 March 2017 at 1:30PM

just received my stepchange pack, i assume my client reference number is the number 118118 were asking me for earlier?
Also in the pack it states nowhere about when I would like the plan to start.
Its also asking for account numbers, I assume for credit cards its just my credit card number, and loans i'll have to ask the companys for them

[Deleted User] · 13 March 2017 at 1:40PM

henrryyyy wrote: »

....if you wish to pay extra in a month do you pay that directly to your lenders or make an additional payment to stepchange?

Stepchange definitely frown on clients making additional payments themselves to creditors. That's one of the reasons a lot of people start out their DMP life with SC and then move on to self-management once they've gained more knowledge and confidence. It allows for a lot more flexibility over payments.

If you can afford to repay more every month on a regular basis then you could phone SC and do a budget review. This doesn't just have to be done annually. If it's just the occasional 'one off' extra repayment I don't think I'd bother to be honest. Why not save any extra in an Emergency Fund? You never know when you'll be landed with an unexpected bill and, having no access to credit, it can cause no end of panic. Been there, done that:o

January2015 · 13 March 2017 at 1:40PM

henrryyyy wrote: »

just received my stepchange pack, i assume my client reference number is the number 118118 were asking me for earlier?
Also in the pack it states nowhere about when I would like the plan to start.
Its also asking for account numbers, I assume for credit cards its just my credit card number, and loans i'll have to ask the companys for them

Yes - the client reference is your Stepchange number for quoting to creditors.

When you send the pack back to SC, put in a covering letter telling them when you want the plan to start, ie. the date you want your first DD collected by them - usually 1st of each month - so pick a month.

Loan account numbers - are you still able to log into your bank and look at statements? The reference numbers for the loans will be the payment reference on the DD to each loan.

kb_soma · 13 March 2017 at 1:52PM

Hey everyone! I've been absent a while. Good luck to everyone just starting off, this is the toughest bit. I had my dmp with stepchange and they were great, as were the chaps on this forum. Once you get this bit out of the way, the rest is really quite easy. Well done for getting this far. Xxx

alianza · 13 March 2017 at 1:54PM

Just received two letters re my credit card CCA requests. One has a photocopy of my original signed application and a lot of the financial conditions for the use of the credit card so i guess that covers it (will need to go back and check what information is included and what it should include just to be sure) and so now will probably look to negotiate a payment or settlement with them The other letter told me they are still waiting for further documents and it is currently deemed unenforceable although they may still ask me to pay, pass it on and continue to report mt with credit reference bureaux.

sourcrates · 13 March 2017 at 2:27PM

alianza wrote: »

Just received two letters re my credit card CCA requests. One has a photocopy of my original signed application and a lot of the financial conditions for the use of the credit card so i guess that covers it (will need to go back and check what information is included and what it should include just to be sure) and so now will probably look to negotiate a payment or settlement with them The other letter told me they are still waiting for further documents and it is currently deemed unenforceable although they may still ask me to pay, pass it on and continue to report mt with credit reference bureaux.

There were instances were application forms also doubled as credit agreements, but not always.

You asked for a credit agreement, not an application form.

Depends what it says on it, and what date is on it.

DMP & Mutual Support Thread - Part 11

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