Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,186Posts
    • 47,010Thanks
    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 246
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 11th Mar 17, 1:47 PM
    • 252 Posts
    • 780 Thanks
    BeingDebtFreeStartsHere
    Hi BDFSH,

    I have been token paying them since around November last year to try and force a default, but I just wrote them a letter saying I wanted an official complaint raised as they've known about my financial difficulties since May 2015 and had not registered a default. It was a short letter, said I felt they weren't treating me fairly by not defaulting me and as a resolution to my formal complaint, I wanted a default immediately, backdated to may 2015 and a refund of all interest and charges since then. Voila - loan written off and no default at all! It's honestly worth a try xx
    Originally posted by MrsSammyB
    I will definitely be giving that a try - thanks for the advice

    I'll keep you posted!

    Take care,

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 Apr 2017 £56,116.31 (20.8% paid) but proud to be in control and paying back what we've borrowed
    • henrryyyy
    • By henrryyyy 11th Mar 17, 4:07 PM
    • 36 Posts
    • 39 Thanks
    henrryyyy
    Sorry, henrrryyyy, had horrendous internet connection issues so haven't been on here much recently. I would have responded to your worries straightaway if I'd seen them before

    Firstly, please don't lose any sleep about anyone else knowing about your debts etc. Not a single person knows anything about mine (apart from people I owe money to and the lovely folk on here). Even my OH doesn't have the faintest suspicion. Just so long as they are your debts and not joint in any way you'll be fine. No one else at your address will know a thing about them (unless they open your letters or have access to your email account).


    You will also find once your DMP is up and running that the horrible avalanche of phone calls from creditors will stop. My worry initially was that OH would answer the landline phone to one of these people but luckily he never did.


    Please don't worry about debt collectors. Those TV programmes where bailiffs come round to seize goods are a very far cry from most of our situations. It is usually when the debtor has failed to comply after court action has been taken. I doubt anyone will knock on your door asking for money.


    I see that sourcrates has given you some reassurance . He always give very wise advice

    Good luck
    Originally posted by carbootcrazy
    Thanks for the reply

    I am currently waiting for stepchange to send me details and something to sign through the post(i have no printer). I opened a new bank account and have received the card and pin.
    Just constantly checking the for post before anyone else does in case they suss something is up.
    Next step is to call my creditors which im not looking forward to, but i'll wait til i receive the paperwork to do that.
    • DancingUnicorn
    • By DancingUnicorn 11th Mar 17, 5:00 PM
    • 42 Posts
    • 34 Thanks
    DancingUnicorn
    Hi,
    I'm not sure if I'm doing this right but I finally got some of my debts sorted today and wanted to find somewhere for some advice/support/encouragement/general chat about things.

    I had a token payment plan with stepchange which I have been doing for around 6 months. My finances changed slightly and I'm now going to be entering a DMP with them to pay a little more towards my debts. I was in touch with them about this in December but due to my anxiety have only just managed to send my documents off to them.

    My Natwest overdraft and loan were transferred to a company called Wescot who have been trying to ring me to ask why it wasn't set up yet. Having spoken to them today and explained about my anxiety, they have removed my phone number from their system and will only contact me via post to minimise any anxiety caused to me - I never knew a debt collection company could be so nice!

    Hopefully, my DMP will be set up in the next few weeks and I'll finally see some movement in some of my debts (£1 a month doesn't move them very far!).

    Like I say, I'm new here and just wanted to get involved. I've read the first couple of posts and a couple of the most recent ones, so I hope I've not broken any rules about posting. I'll be going through and looking at some of the older posts later today when I have some more free time.

    Looking forward to some support and hopefully one day I can help others too.
    • motivated
    • By motivated 11th Mar 17, 6:00 PM
    • 1,518 Posts
    • 1,608 Thanks
    motivated
    Hi dancingunicorn

    Get involved as much as you need to. I do . I too am a DMP newbie and still ask lots of questions. Everyone on here is amazingly supportive and more knowledgeable than me.

    Good luck on your DMP journey
    M
    I have arrived in DMP Land and I like it. I may stay a while
    Started April 2017

    Short term goal 280/1723.27
    • motivated
    • By motivated 11th Mar 17, 6:02 PM
    • 1,518 Posts
    • 1,608 Thanks
    motivated
    No such thing as a stupid question, motivated.

    I can't understand the end date of your DMP either, it's certainly not you being 'thick'. Why not phone SC, if that's your DMP company, and ask them ? They don't like DMPs to go on for too long and if they told you at the outset that it would take you about 7 years
    Good Luck
    Originally posted by carbootcrazy
    I hope it's not 107 years
    I have arrived in DMP Land and I like it. I may stay a while
    Started April 2017

    Short term goal 280/1723.27
    • henrryyyy
    • By henrryyyy 12th Mar 17, 10:49 AM
    • 36 Posts
    • 39 Thanks
    henrryyyy
    is the earliest start time of my DMP likely to be 1st april or 1st may?
    Ive done the debt remedy tool and applied for the pack last week.
    Normally i'd be getting a pdl off another lender to be able to make my payments on the 28th of this month, but obviously thats not really an option now.
    Will my lenders be understanding of my scenario until the dmp is in place? would it be best to say to a couple of lenders I cant pay, or just short change all of them?
    I want to start arranging whats going to happen at the end of the month sooner rather than later as im just constantly worrying about it.
    Im guessing stepchange dont reject dmp applications?
    • motivated
    • By motivated 12th Mar 17, 11:16 AM
    • 1,518 Posts
    • 1,608 Thanks
    motivated
    is the earliest start time of my DMP likely to be 1st april or 1st may?
    Ive done the debt remedy tool and applied for the pack last week.
    Normally i'd be getting a pdl off another lender to be able to make my payments on the 28th of this month, but obviously thats not really an option now.
    Will my lenders be understanding of my scenario until the dmp is in place? would it be best to say to a couple of lenders I cant pay, or just short change all of them?
    I want to start arranging whats going to happen at the end of the month sooner rather than later as im just constantly worrying about it.
    Im guessing stepchange dont reject dmp applications?
    Originally posted by henrryyyy
    Hi I have my new DMP in place now and I told SC when I wanted the payments to start. I told them I had car insurance and car tax coming up which is true but if you have anything you need to pay then tell them that too.

    The advice from the members on here is delay the 1st payment usually for a few months in order to build up an emergency fund and get some money behind you.

    I contacted my creditors through the online secure messaging service. So far they have replied and been fine saying they put our accounts on hold and will give me 30 days to sort things out with SC.
    2 CCs have already written to us saying they will stop all charges and interest from now on and accept our payment offer. Still waiting to here from the others.

    SC have been great and I can now stop worrying. You will too

    Good luck on your journey
    M
    I have arrived in DMP Land and I like it. I may stay a while
    Started April 2017

    Short term goal 280/1723.27
    • sourcrates
    • By sourcrates 12th Mar 17, 12:09 PM
    • 10,854 Posts
    • 10,543 Thanks
    sourcrates
    is the earliest start time of my DMP likely to be 1st april or 1st may?
    Ive done the debt remedy tool and applied for the pack last week.
    Normally i'd be getting a pdl off another lender to be able to make my payments on the 28th of this month, but obviously thats not really an option now.
    Will my lenders be understanding of my scenario until the dmp is in place? would it be best to say to a couple of lenders I cant pay, or just short change all of them?
    I want to start arranging whats going to happen at the end of the month sooner rather than later as im just constantly worrying about it.
    Im guessing stepchange dont reject dmp applications?
    Originally posted by henrryyyy
    Hi,

    You need to change the way you look at things from now on, you have become the decision maker, not stepchange, not your creditors, you.

    You can start your plan whenever you choose to do so, the best advice on here says wait a few months until you have a good contingency fund established, this also allows creditors to default you, which is something you should actively encourage (you dont want arrangement to pay markers for 6 years after the fact).

    Currently creditors allow 30 days to take advice before resuming collection activity, what do we mean by collection activity ?

    well they will call you, and write to you, and..........and well thats it, thats collection activity, so in essence, nothing will happen expect calls and letters, for a good 6-9 months or so.

    You simply decide on a date to start, put it in writing to all your creditors, and tell them if anything changes, you will be in touch.

    Thats it, the rules have been re-written now so you need to get with the program.
    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 either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • henrryyyy
    • By henrryyyy 12th Mar 17, 1:37 PM
    • 36 Posts
    • 39 Thanks
    henrryyyy
    Hi I have my new DMP in place now and I told SC when I wanted the payments to start. I told them I had car insurance and car tax coming up which is true but if you have anything you need to pay then tell them that too.

    The advice from the members on here is delay the 1st payment usually for a few months in order to build up an emergency fund and get some money behind you.

    I contacted my creditors through the online secure messaging service. So far they have replied and been fine saying they put our accounts on hold and will give me 30 days to sort things out with SC.
    2 CCs have already written to us saying they will stop all charges and interest from now on and accept our payment offer. Still waiting to here from the others.

    SC have been great and I can now stop worrying. You will too

    Good luck on your journey
    M
    Originally posted by motivated
    Thanks for the advice, i didnt realise it was flexible in terms of choosing start date etc. I've always been fearful of creditors which is partly the reason im in such a mess being too scared to miss a payment or ask for help.
    Did you make token payments on the lead up to your dmp? or just didnt pay at all?
    Its great that yours has started, i bet you feel like a new person now you are on your way, i'll be following your progress and hope you successfully complete your plan
    • henrryyyy
    • By henrryyyy 12th Mar 17, 1:50 PM
    • 36 Posts
    • 39 Thanks
    henrryyyy
    Hi,

    You need to change the way you look at things from now on, you have become the decision maker, not stepchange, not your creditors, you.

    You can start your plan whenever you choose to do so, the best advice on here says wait a few months until you have a good contingency fund established, this also allows creditors to default you, which is something you should actively encourage (you dont want arrangement to pay markers for 6 years after the fact).

    Currently creditors allow 30 days to take advice before resuming collection activity, what do we mean by collection activity ?

    well they will call you, and write to you, and..........and well thats it, thats collection activity, so in essence, nothing will happen expect calls and letters, for a good 6-9 months or so.

    You simply decide on a date to start, put it in writing to all your creditors, and tell them if anything changes, you will be in touch.

    Thats it, the rules have been re-written now so you need to get with the program.
    Originally posted by sourcrates
    Hey,
    Thanks again for the advice, I know you are right and I need to change my mindset, ive just imagined my creditors as being these people to be feared. Im just going to talk to them all tomorrow and tell them im in financial diffiulty amd getting advice from stepchange.

    Is it wise to make a token payment? I read in stepchanges booklet they emailed me says I should, would that still register as a default because full payment wasnt received or should i just make no payment? I've switched bank accounts now so it would mean giving my new account details, im thinking that might not be wise, but then i guess they cant attempt payment without my permission.
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 12th Mar 17, 2:27 PM
    • 252 Posts
    • 780 Thanks
    BeingDebtFreeStartsHere
    Hey,
    Thanks again for the advice, I know you are right and I need to change my mindset, ive just imagined my creditors as being these people to be feared. Im just going to talk to them all tomorrow and tell them im in financial diffiulty amd getting advice from stepchange.

    Is it wise to make a token payment? I read in stepchanges booklet they emailed me says I should, would that still register as a default because full payment wasnt received or should i just make no payment? I've switched bank accounts now so it would mean giving my new account details, im thinking that might not be wise, but then i guess they cant attempt payment without my permission.
    Originally posted by henrryyyy
    Hi,

    Token payments are not necessary. When you contact your creditors, just tell them that you are currently in the processing of setting up your debt management plan and that SC will be in touch with them shortly with your income and expenditure details together with a payment amount. You could say that you expect the first payment to be made in May/June or whenever you are thinking of starting it

    Make sure that you cancel all direct debits relating to loan/CCs etc now and start building up that emergency fund.

    It is scary initially I know, but when you can start to realise that the people on the end of the phone are just normal people doing a job and no-one to be afraid of then you will feel much better. I was the same as you at the beginning of my DMP but now I am more than happy to speak to creditors if I need to. Remember, you are in control now
    Take care,

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 Apr 2017 £56,116.31 (20.8% paid) but proud to be in control and paying back what we've borrowed
    • sourcrates
    • By sourcrates 12th Mar 17, 2:33 PM
    • 10,854 Posts
    • 10,543 Thanks
    sourcrates

    Is it wise to make a token payment? I read in stepchanges booklet they emailed me says I should, would that still register as a default because full payment wasnt received or should i just make no payment? I've switched bank accounts now so it would mean giving my new account details, im thinking that might not be wise, but then i guess they cant attempt payment without my permission.
    Originally posted by henrryyyy
    It's up to you, but I wouldn't bother to be honest.

    I see no point in token payments at all.
    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 either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • motivated
    • By motivated 12th Mar 17, 4:12 PM
    • 1,518 Posts
    • 1,608 Thanks
    motivated
    Thanks for the advice, i didnt realise it was flexible in terms of choosing start date etc. I've always been fearful of creditors which is partly the reason im in such a mess being too scared to miss a payment or ask for help.
    Did you make token payments on the lead up to your dmp? or just didnt pay at all?
    Its great that yours has started, i bet you feel like a new person now you are on your way, i'll be following your progress and hope you successfully complete your plan
    Originally posted by henrryyyy
    I never made token payments as I sorted my DMP just before any payments were due. I asked my bank for a repayment holiday on 2 loans. They agreed and I added this to my EF. I contacted creditors and pre warned them that we were in financial difficulties up until then we too had never missed a payment on anything. Things are now starting to go into arrears as we speak. Now I am letting SC take the reigns.
    My 1st payment goes on the 1st April.
    So far so good for us
    Good luck
    M
    I have arrived in DMP Land and I like it. I may stay a while
    Started April 2017

    Short term goal 280/1723.27
    • heavenlyharry01
    • By heavenlyharry01 12th Mar 17, 7:46 PM
    • 79 Posts
    • 109 Thanks
    heavenlyharry01
    Just to reassure those just starting (it's new to me too). I haven't made a full payment since November to my 11 creditors.
    I set up with stepchange and then cancelled after one month as I wanted to self manage.
    I then stopped payments to them all, then gradually wrote to them offering a £1 payment.
    I've had hardly any phone calls and standard letters.
    • Sazzie23
    • By Sazzie23 13th Mar 17, 4:25 AM
    • 2,596 Posts
    • 10,468 Thanks
    Sazzie23
    Hi,
    I'm not sure if I'm doing this right but I finally got some of my debts sorted today and wanted to find somewhere for some advice/support/encouragement/general chat about things.

    I had a token payment plan with stepchange which I have been doing for around 6 months. My finances changed slightly and I'm now going to be entering a DMP with them to pay a little more towards my debts. I was in touch with them about this in December but due to my anxiety have only just managed to send my documents off to them.

    My Natwest overdraft and loan were transferred to a company called Wescot who have been trying to ring me to ask why it wasn't set up yet. Having spoken to them today and explained about my anxiety, they have removed my phone number from their system and will only contact me via post to minimise any anxiety caused to me - I never knew a debt collection company could be so nice!

    Hopefully, my DMP will be set up in the next few weeks and I'll finally see some movement in some of my debts (£1 a month doesn't move them very far!).

    Like I say, I'm new here and just wanted to get involved. I've read the first couple of posts and a couple of the most recent ones, so I hope I've not broken any rules about posting. I'll be going through and looking at some of the older posts later today when I have some more free time.

    Looking forward to some support and hopefully one day I can help others too.
    Originally posted by DancingUnicorn
    Hi Dancing Unicorn and welcome to the DMP thread

    We like company and encourage posting, so Defo no rules broken here.
    There is certainly plenty of reading to keep you busy. As you'll read we often don't recommend token payments but in your case I think it's a requirement of SC until you are able to start the DMP so don't worry. Try to think of your delayed DMP start as a bonus, since your debts should have defaulted and reduced to 0% interest, so those are good things. If they haven't, tell us and we'll make suggestions about what you can do.

    Remember defaults are your friend, the earlier the better as they have a definite end date on your credit record (6years after default they drop off even if you are still repaying). Other markers you might get on your credit file will stay on for 6 years after the debt is settled so for someone like me with another 8 -10 years possibly I will likely be retired before my credit file was cleared (however I'm now defaulted so I should have a clear record by the time I'm paid up).

    Look forward to you joining us in supporting DMPers old and new.

    Saz

    Ps I suffer anxiety too, hence I'm awake at 4am writing this, is therapy for me
    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.
    • Sazzie23
    • By Sazzie23 13th Mar 17, 4:31 AM
    • 2,596 Posts
    • 10,468 Thanks
    Sazzie23
    Hey,
    Thanks again for the advice, I know you are right and I need to change my mindset, ive just imagined my creditors as being these people to be feared. Im just going to talk to them all tomorrow and tell them im in financial diffiulty amd getting advice from stepchange.

    Is it wise to make a token payment? I read in stepchanges booklet they emailed me says I should, would that still register as a default because full payment wasnt received or should i just make no payment? I've switched bank accounts now so it would mean giving my new account details, im thinking that might not be wise, but then i guess they cant attempt payment without my permission.
    Originally posted by henrryyyy

    Hi Henryyyy

    I think this is answered already by outperform other fine DMPers, but just to be clear, If you are going to a DMP, there's no point continuing to pay, cancel your DD and CPA and tell them you are in difficulty and will be setting a DMP and will let them know.

    Don't forget that defaults are your friend, (see my reply to Dancing Unicorn above).

    Well done for making a start at facing your debts, and look forward to getting the budget under control. My advice is : Don't stretch yourself too far at first, it's tough starting a DMP, make life easy on yourself by having some slack in your budget, either by not declaring your overtime, your bonus or being creative with your budget

    Saz
    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.
    • henrryyyy
    • By henrryyyy 13th Mar 17, 9:42 AM
    • 36 Posts
    • 39 Thanks
    henrryyyy
    thanks, all my direct debits are cancelled and my wages have now been setup to be paid into my new account. I did my budget so that I would be able to live with a bit of wiggle room, its hard to judge your figures, but with what i filled in after rent and my dmp i'll have 300 to pay my monthly expenses with, which is great

    so just now I contacted my first creditor 118118, kinda hit a brick wall as they wanted a reference number which i dont have yet(apart from the debt remedy reference which it says not to give to anyone) They have put my account on hold for 7 days until I get the number. He said he searched the stepchange register and didnt see my name on it, I guess I have to wait til I've signed the forms they are sending

    on a side note i saw advice about trying to get payday loan refunds a few pages back, i contacted all mine asking for statements, sunnys the only one to have replied so far and just explained how to get access to it thru my (closed) account. done all the calculations and im staggered to see that I paid 2.6k interest in just over a year on that one alone.
    Hopefully I'll have some success in trying to claw some of it back
    • sourcrates
    • By sourcrates 13th Mar 17, 10:33 AM
    • 10,854 Posts
    • 10,543 Thanks
    sourcrates
    thanks, all my direct debits are cancelled and my wages have now been setup to be paid into my new account. I did my budget so that I would be able to live with a bit of wiggle room, its hard to judge your figures, but with what i filled in after rent and my dmp i'll have 300 to pay my monthly expenses with, which is great

    so just now I contacted my first creditor 118118, kinda hit a brick wall as they wanted a reference number which i dont have yet(apart from the debt remedy reference which it says not to give to anyone) They have put my account on hold for 7 days until I get the number. He said he searched the stepchange register and didnt see my name on it, I guess I have to wait til I've signed the forms they are sending

    on a side note i saw advice about trying to get payday loan refunds a few pages back, i contacted all mine asking for statements, sunnys the only one to have replied so far and just explained how to get access to it thru my (closed) account. done all the calculations and im staggered to see that I paid 2.6k interest in just over a year on that one alone.
    Hopefully I'll have some success in trying to claw some of it back
    Originally posted by henrryyyy
    Pursuing payday loan refunds is a good idea.

    Check out debt camel :

    https://debtcamel.co.uk/payday-loan-refunds/

    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.
    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 either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • carbootcrazy
    • By carbootcrazy 13th Mar 17, 10:36 AM
    • 3,674 Posts
    • 20,459 Thanks
    carbootcrazy
    thanks, all my direct debits are cancelled and my wages have now been setup to be paid into my new account. I did my budget so that I would be able to live with a bit of wiggle room, its hard to judge your figures, but with what i filled in after rent and my dmp i'll have 300 to pay my monthly expenses with, which is great

    so just now I contacted my first creditor 118118, kinda hit a brick wall as they wanted a reference number which i dont have yet(apart from the debt remedy reference which it says not to give to anyone) They have put my account on hold for 7 days until I get the number. He said he searched the stepchange register and didnt see my name on it, I guess I have to wait til I've signed the forms they are sending

    on a side note i saw advice about trying to get payday loan refunds a few pages back, i contacted all mine asking for statements, sunnys the only one to have replied so far and just explained how to get access to it thru my (closed) account. done all the calculations and im staggered to see that I paid 2.6k interest in just over a year on that one alone.
    Hopefully I'll have some success in trying to claw some of it back
    Originally posted by henrryyyy

    Well done on getting things set up. 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

    Although I'm trying to repay my debts in the shortest time possible (being retired, time isn't on my side) 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). 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. 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. I never have that problem nowadays. Without credit cards and with debt interest frozen I feel totally liberated.



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


    Good Luck with your interest reclaiming. Don't forget to come back and let us know how you get on with it
    Last edited by carbootcrazy; 13-03-2017 at 10:40 AM.
    Make £10 A Day Challenge 2017. Jan-May: £1620.98. June: £61.14
    3-6 Months Emergency Fund Challenge #12: £1200.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    • Billy12345
    • By Billy12345 13th Mar 17, 11:10 AM
    • 46 Posts
    • 67 Thanks
    Billy12345
    Hi all

    Wonder if someone can give me a bit of advice here. I am currently on a DMP with SC and on reduced payments for three months. I have received defaults from some of my creditors but not all (surprisingly I have received a default from BC which is unusual). Anyway my queries are

    1. will the creditors do anything towards recovery as I am on reduced payments but they have issued default notices. They have received notification from SC of the reduced payments but only BC have acknowledged this.

    2. Shall i stay on reduced payments to force the remaining creditors to default me or will this have a detrimental effect on the ones which have already defaulted me.

    As im with SC i cant pick and choose how much to pay as SC work this out and pay the creditors so if i say ill pay £5 to each creditor SC dont work like this but they will get the total paid to them and split this out using the calculations of how much is owed to who.

    Advice greatly appreciated

    Billy12345
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,527Posts Today

8,177Users online

Martin's Twitter