DMP Mutual Support Thread - Part 12

sourcrates · 25 June 2017 at 11:25AM

Leanneglos1 wrote: »

Oh wow, never knew any of that existed, over the years I have had a lot, so guess my next job is to go through all of these, wish me luck:) xx

Dedicated thread here :

http://forums.moneysavingexpert.com/showthread.php?t=5289150&page=132

TurningACorner · 25 June 2017 at 12:12PM

Hello! I'm new and have very recently started my DMP journey with StepChange and I was wondering about other people experience. Firstly how do we find out if our creditors have accepted the new payments and to freeze the interest and charged and also, I was wondering what people experience where with my specific creditors. I have a lot so please bare with me im ashamed to admit it.

I owe NatWest with a personal (unsecured) loan and an arranged overdraft. I have 2 credit cards with Tesco and capital one and I also have existing balance with an old Vodafone contract. I also have an unsecured loan with leading stream. And I was just wondering if anybody else had experienced these companies during a DMP and what your experience was like?

Thank you for any help or guaidance or just advice, I'm proud I hVe tken that first step but I feel I have a long way to go

Puzzcat · 25 June 2017 at 12:39PM

TurningACorner wrote: »

Hello! I'm new and have very recently started my DMP journey with StepChange and I was wondering about other people experience. Firstly how do we find out if our creditors have accepted the new payments and to freeze the interest and charged and also, I was wondering what people experience where with my specific creditors. I have a lot so please bare with me im ashamed to admit it.

I owe NatWest with a personal (unsecured) loan and an arranged overdraft. I have 2 credit cards with Tesco and capital one and I also have existing balance with an old Vodafone contract. I also have an unsecured loan with leading stream. And I was just wondering if anybody else had experienced these companies during a DMP and what your experience was like?

Thank you for any help or guaidance or just advice, I'm proud I hVe tken that first step but I feel I have a long way to go

Hi,

You may receive notification from some of your creditors that they accept or not, sc will sort out paying them anyway. As for checking interest etc you will need to check your statements each month and if interest is still being applied write and complain. SC do not do this for you..

I have Natwest - od/loan and cc.. over a 3rd of my total debt is/was with them, they were no problem at all. Also Capital One froze interest immediately and they are my biggest cc debt and have had no issues with them.

Good luck

Puzz. x

Suseka97 · 25 June 2017 at 2:19PM

Hello TurningACorner and welcome. Like Puzzcat we also had a CapitalOne debt and they froze interest and defaulted pretty swiftly. I've no experience with the others you mention, but had a range of difference experiences across the board with what were 14 creditors and an £85k+ debt at the start (4years and a few months ago).

None of them officially accepted the DMP, in so far as writing letters to confirm as much -and I had to chase a few to stop interest and charges (some more than once). You do need to keep an eye on your statements and get onto any who carry on charging interest. Eventually it will stop, most likely when / if the creditor sells your debt on to a DCA (if not before).

Sourcrates put a link up to the debtcamel website (a few threads above this one) and its worth visiting the site. Lots of very useful info about DMPs and various other debt related matters.

purplepaws · 25 June 2017 at 3:56PM

Hello,
I'm about to agree to a DMP with Payplan but I've just read that they are not the 'charity' imply they are and I'm worried that this could be a bad idea. I'm slightly put off by the time it would take to go through all the finance stuff again with another company. If anyone can advise as to whether I should stick it out with Payplan or should I try StepChange?

Many thanks.

sourcrates · 25 June 2017 at 4:27PM

purplepaws wrote: »

Hello,
I'm about to agree to a DMP with Payplan but I've just read that they are not the 'charity' imply they are and I'm worried that this could be a bad idea. I'm slightly put off by the time it would take to go through all the finance stuff again with another company. If anyone can advise as to whether I should stick it out with Payplan or should I try StepChange?

Many thanks.

Hi,

The service you receive should not differ greatly between the two.

They are both financed by the creditors, hence why the advice is always to start paying immediately, but there's no real difference between them.

Leanneglos1 · 25 June 2017 at 7:47PM

Sooo in a nutshell from what I can see the main difference doing a self managed plan is that you pay all the individual lenders and deal with them, rather than paying sc who then split the money out, im thinking of going self managed, can anyone briefly explain the pros and cons to help with my decision, thanks:)

sourcrates · 25 June 2017 at 8:07PM

Leanneglos1 wrote: »

Sooo in a nutshell from what I can see the main difference doing a self managed plan is that you pay all the individual lenders and deal with them, rather than paying sc who then split the money out, im thinking of going self managed, can anyone briefly explain the pros and cons to help with my decision, thanks:)

Well if I was negotiating some kind of deal for myself, I would rather do it, than anyone else.

The debt charities are very busy, and don't have lots of time to spend negotiating with creditors, wear as you do, it gives you the control not the creditor.

I've never been a big fan of 3rd party involvement in anything, although it's right for some, it's not for me, I like to feel in control, and that's what self management gives you, simple as that really, you should not be treated any different for doing so, if you are, complain, keep complaining, till they take you seriously.

Go for it !!

Silver1982 · 25 June 2017 at 9:13PM

Any one got any experience with Amex on a dmp. Do they play hardball or fall into line ?

sourcrates · 25 June 2017 at 10:33PM

Silver1982 wrote: »

Any one got any experience with Amex on a dmp. Do they play hardball or fall into line ?

Amex is a charge card, I have heard of people having problems with Amex, but they never came back to update the thread so I can't really say.

DMP Mutual Support Thread - Part 12

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