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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 13,104Posts
    • 12,401Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    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 non judgmental and all questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
Page 126
    • wildflower05
    • By wildflower05 9th Jan 18, 6:40 PM
    • 4 Posts
    • 3 Thanks
    wildflower05
    Hi all
    I am very new to this and my first DMP payment to StepChange is on 1st Feb. I received a letter today from Lloyds for the loan I have (which is the biggest amount of all my creditors) and they confirmed they would not be stopping charges or freezing interest. I am now panicking as two others are not freezing interest or stopping charges either so I am now thinking that I will end up with a huge amount of more debt than what I started with. Has this happened to anyone before where half your creditors are refusing to freeze interest or stop charges; and if so what is the best way to proceed?
    Any advice would be welcome.
    I also have three of the creditors asking me to complete an income and expenditure form but SC has already sent this to all of my creditors so I am not sure if I am supposed to be completing these forms or not?
    I am maybe just panicking as all of this is so new but it worries me that the interest and charges are not going to be frozen.
    • CallyJen
    • By CallyJen 9th Jan 18, 6:43 PM
    • 6 Posts
    • 10 Thanks
    CallyJen
    A bit of advice please
    Hi All

    I have sent holding letters to all creditors and my I and E is about ready to go. Several people have mentioned saving for an emergency fund by not paying/making token payments for a couple of months. My question is, could I send I and E plus offer letters, but say it will commence 1st April? I want to get this sorted but donít want to be skint and end up struggling in the meantime. Any thoughts greatly appreciated!
    • motivated
    • By motivated 9th Jan 18, 6:49 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    Hi All

    I have sent holding letters to all creditors and my I and E is about ready to go. Several people have mentioned saving for an emergency fund by not paying/making token payments for a couple of months. My question is, could I send I and E plus offer letters, but say it will commence 1st April? I want to get this sorted but donít want to be skint and end up struggling in the meantime. Any thoughts greatly appreciated!
    Originally posted by CallyJen

    Hi CallyJen

    I sent my offer letters with my I&E but I added to the letter that due to car repairs and high vet bills I will be paying £1.00 token payments for x amount of months. All were fine about it too. I also added that all correspondence should be in writing from now on. I would not discuss anything over the phone. So far so good.
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • January2015
    • By January2015 9th Jan 18, 6:53 PM
    • 1,820 Posts
    • 4,847 Thanks
    January2015
    Hi All

    I have sent holding letters to all creditors and my I and E is about ready to go. Several people have mentioned saving for an emergency fund by not paying/making token payments for a couple of months. My question is, could I send I and E plus offer letters, but say it will commence 1st April? I want to get this sorted but donít want to be skint and end up struggling in the meantime. Any thoughts greatly appreciated!
    Originally posted by CallyJen
    Just write to creditors advising you are enclosing your I&E and that you will be paying them token payments of £1 per month (if that's the amount you want your token payments to be) and from April (or whenever) you will pay them £xx.xx (whatever the amount you will pay each debt).

    Do not feel you need to find a reason for making token payments - I didn't - just tell them.

    Make sure you tell them in the letter you do not give them permission to contact you by phone and that all communication should be by letter.
    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
    • January2015
    • By January2015 9th Jan 18, 6:58 PM
    • 1,820 Posts
    • 4,847 Thanks
    January2015
    Hi all
    I am very new to this and my first DMP payment to StepChange is on 1st Feb. I received a letter today from Lloyds for the loan I have (which is the biggest amount of all my creditors) and they confirmed they would not be stopping charges or freezing interest. I am now panicking as two others are not freezing interest or stopping charges either so I am now thinking that I will end up with a huge amount of more debt than what I started with. Has this happened to anyone before where half your creditors are refusing to freeze interest or stop charges; and if so what is the best way to proceed?
    Any advice would be welcome.
    I also have three of the creditors asking me to complete an income and expenditure form but SC has already sent this to all of my creditors so I am not sure if I am supposed to be completing these forms or not?
    I am maybe just panicking as all of this is so new but it worries me that the interest and charges are not going to be frozen.
    Originally posted by wildflower05
    I'm about to send you a private message about Hellifax - they refused to stop interest on our accounts. Soon managed to sort that
    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
    • wildflower05
    • By wildflower05 9th Jan 18, 8:01 PM
    • 4 Posts
    • 3 Thanks
    wildflower05
    Thank you soo much for your message and help...i am so grateful to have found this forum
    LBM Feb 2018 £25,180.00 8 Creditors
    Current Status...will update in Feb 2019
    • CallyJen
    • By CallyJen 9th Jan 18, 8:24 PM
    • 6 Posts
    • 10 Thanks
    CallyJen
    Thanks for the advice motivated and January2015! It seems counterintuitive to launch straight into a DMP without a safety net - not to mention a recipe for disaster!!
    • LadyMorticia
    • By LadyMorticia 9th Jan 18, 9:01 PM
    • 19,120 Posts
    • 86,519 Thanks
    LadyMorticia
    Hey guys.

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.
    January wins: *4 piece bamboo towel bale* *Winter Wonderland break*
    Win £2018 in £2018: £816.26/£2018
    • January2015
    • By January2015 9th Jan 18, 9:03 PM
    • 1,820 Posts
    • 4,847 Thanks
    January2015
    Hey guys.

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.
    Originally posted by LadyMorticia
    How long is a piece of string ???

    I've been making token payments for just over 2 years now
    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
    • sourcrates
    • By sourcrates 9th Jan 18, 9:17 PM
    • 13,104 Posts
    • 12,401 Thanks
    sourcrates
    Hey guys.

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.
    Originally posted by LadyMorticia
    No maximum, take as long as nessessary to sort your self out.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • braveheart6612
    • By braveheart6612 9th Jan 18, 11:39 PM
    • 27 Posts
    • 23 Thanks
    braveheart6612
    Hi we have two MBNA accounts totalling 15k both defaulted and with PRA. We took them out in 2012 when it was Virgin Money , sent off CCA request as I had learned to do from the forum and PRA group came back in October saying they were putting it on hold as the original agreement could not be found ..........still no correspondence..........im hoping that they can't find it......but they will probably give us a reconstituted agreement
    • Sazzie23
    • By Sazzie23 10th Jan 18, 12:20 AM
    • 2,616 Posts
    • 10,487 Thanks
    Sazzie23
    Hi

    There is a F&f thread somewhere that may be able to give you a better answer but my experience has been that it can vary wildly. One factor is how much you pay, therefore how long there is to go,also whether the debt has been sold to DCA. Apparently there are other factors too, such as how close the DCA is to reaching target, when in the month and what side they got out of bed

    Good luck with it though.

    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.
    • Anniee88
    • By Anniee88 10th Jan 18, 3:27 AM
    • 50 Posts
    • 118 Thanks
    Anniee88
    Hi we have two MBNA accounts totalling 15k both defaulted and with PRA. We took them out in 2012 when it was Virgin Money , sent off CCA request as I had learned to do from the forum and PRA group came back in October saying they were putting it on hold as the original agreement could not be found ..........still no correspondence..........im hoping that they can't find it......but they will probably give us a reconstituted agreement
    Originally posted by braveheart6612
    Iíve read about CCA requests but someone said thereís no point doing one if the debt is post 2007 because itís not valid or something? Is this right? My debts have only just gone to DCA so it doesnít apply to me yet but Iím just thinking down the line if I need to send one but all are 203-2015 opened.
    • ploppy57
    • By ploppy57 10th Jan 18, 8:40 AM
    • 425 Posts
    • 3,123 Thanks
    ploppy57
    Hi guys, hope all is well in DMP world for you all. Happy new year to everybody. I haven't been on here for ages. Our DMP is ticking along nicely and we have actually been offered a 50% F&F settlement by one DCA, however they want it paid over 3-6 months, which works out at 238 a month, which we can't really afford. Trying to work out what we could do to accept this offer as it would knock 1400 off our total debts. Apart from that, everything is fine. I must start finding time to come back on here as you were all so helpful to me 2 years ago, and I'm sure I could now offer advice to other newbies.
    I do have another question, but will put that in a separate post so as not to confuse people. Great to talk to you all again.
    DMP started March '15 - £57,549 Now approx..£44,651. DFD 2031! Based on current figures, but hope improve on that.
    Emergency fund #231... £17/£1000.
    £2 Challenge #43.... £14. 20p Challenge #104... £2.40
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • ploppy57
    • By ploppy57 10th Jan 18, 9:52 AM
    • 425 Posts
    • 3,123 Thanks
    ploppy57
    Ok.....question about moving house whilst on a DMP. Has anybody every done that?
    Our mortgage does NOT form part of our DMP and we have never ever missed a payment in the 20 years we have had a mortgage.
    We desperately want to downsize to help save money....cheaper mortgage, council tax and heating bills. Also we are finding it hard to keep up with all the housework, gardening and decorating etc these days. the house is far too big for us now.
    We still have a mortgage of approx. 67,000 and think we could sell for approx 155,000 and looking to move to something around 140000 or less. So we would still need a mortgage...currently our mortgage is due to finish in about 7 years
    So.....what are the chances we could do this? I am imagining that we wouldn't stand a chance of getting a mortgage. Anybody any thoughts on it. ??
    DMP started March '15 - £57,549 Now approx..£44,651. DFD 2031! Based on current figures, but hope improve on that.
    Emergency fund #231... £17/£1000.
    £2 Challenge #43.... £14. 20p Challenge #104... £2.40
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • ploppy57
    • By ploppy57 10th Jan 18, 10:05 AM
    • 425 Posts
    • 3,123 Thanks
    ploppy57
    Hi everyone

    My new year's resolution is to visit this site everyday This site keeps me so focused on pushing down my debts. I haven't let the debt busting slip too much, but have to admit it's not been my main focus of late (family takes priority).

    So day 1 of new year's resolution sorted. I've visited and said hello

    I've also just prepared an updated I&E to send off to creditors before they start asking for one.

    We've now cleared approx 52% of our debts - which feels amazing. Yes, we still have a big amount to clear - just over £45k. This will look massive to many, but to us it is just amazing. Three years ago we were heading towards being £100k in unsecured debts. I never dreamt we would be anywhere near our current balances just 3 short years later. And it really is 3 short years. Those years have just flown by.

    Happy new year everyone
    Originally posted by January2015

    hi January


    I am the same as you....decided to come back on here after being absent forever.....lol...and try and get things rolling a bit faster now. You have done so well....we have only gone from 57000 to 44000, but getting there slowly.
    I agree the 3 years has gone by very quickly. Not that I want to be wishing my life away....lol, but it is nice to be getting the debts down.
    Good luck x
    DMP started March '15 - £57,549 Now approx..£44,651. DFD 2031! Based on current figures, but hope improve on that.
    Emergency fund #231... £17/£1000.
    £2 Challenge #43.... £14. 20p Challenge #104... £2.40
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • Rebeccadougherty
    • By Rebeccadougherty 10th Jan 18, 1:35 PM
    • 40 Posts
    • 19 Thanks
    Rebeccadougherty
    Hi all
    I hope someone sees this because I’m a bit worried and the past few things I’ve written I don’t think have been seen
    PRA group just phoned me at work!!! ( they were originally my Barclays debt) I said I didn’t want to speak on phone but she said she had to confirm details. They have all the same details Barclays had surely I don’t know how they have my work number because I don’t remember providing it. Thank you
    • Rebeccadougherty
    • By Rebeccadougherty 10th Jan 18, 1:40 PM
    • 40 Posts
    • 19 Thanks
    Rebeccadougherty
    Sorry I should add they took over the debt shortly after Christmas (or before, my brain is fuzzy right now)
    They’re going to phone me back at 7 :/ she wouldn’t accept that I didn’t want to talk to them although she sounded polite enough.
    Another thing I want to ask- as I’m moving at some point and there’s no guarantee of a job straight away, I want to go self managed and pay minimal payments to my debts so I have more money to fall back on and so I can save to pay them off lowest first. Stepchange reluctantly gave me about 4 reduced payments last year but things get in the way you have to pay out for so my savings haven’t amounted to much still yet. I haven’t told my boyfriend yet.
    So is this a good idea, and how do you get about offering way less than you technically can? I earn 1,280 a month and give my boyfriend 460.00 for rent etc. I should have 267.01 after paying out everything. Surely creditors won’t accept that? I don’t get how everyone gets around it as you have to show a truthful list of what you earn etc.
    I’d appreciate any advice
    Thank you so much x
    • ploppy57
    • By ploppy57 10th Jan 18, 2:58 PM
    • 425 Posts
    • 3,123 Thanks
    ploppy57
    Sorry I should add they took over the debt shortly after Christmas (or before, my brain is fuzzy right now)
    Theyíre going to phone me back at 7 :/ she wouldnít accept that I didnít want to talk to them although she sounded polite enough.
    Another thing I want to ask- as Iím moving at some point and thereís no guarantee of a job straight away, I want to go self managed and pay minimal payments to my debts so I have more money to fall back on and so I can save to pay them off lowest first. Stepchange reluctantly gave me about 4 reduced payments last year but things get in the way you have to pay out for so my savings havenít amounted to much still yet. I havenít told my boyfriend yet.
    So is this a good idea, and how do you get about offering way less than you technically can? I earn 1,280 a month and give my boyfriend 460.00 for rent etc. I should have 267.01 after paying out everything. Surely creditors wonít accept that? I donít get how everyone gets around it as you have to show a truthful list of what you earn etc.
    Iíd appreciate any advice
    Thank you so much x
    Originally posted by Rebeccadougherty

    Yes, you have to show what you earn, but how do they know how much all your outgoings are? You can say you need more for food than you really do etc. My husband pays 21 a month for a leisure centre contract to go swimming ...they don't need proof of that etc.
    You will be surprised what they accept. As a couple we bring home about 2000 a month, our debts are around 44000 at the moment, but we are only paying SC 285 a month and they are happy with that. We would pay more if we could, to speed things up a bit.
    DMP started March '15 - £57,549 Now approx..£44,651. DFD 2031! Based on current figures, but hope improve on that.
    Emergency fund #231... £17/£1000.
    £2 Challenge #43.... £14. 20p Challenge #104... £2.40
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • January2015
    • By January2015 10th Jan 18, 4:00 PM
    • 1,820 Posts
    • 4,847 Thanks
    January2015
    Hi all
    I hope someone sees this because Iím a bit worried and the past few things Iíve written I donít think have been seen
    PRA group just phoned me at work!!! ( they were originally my Barclays debt) I said I didnít want to speak on phone but she said she had to confirm details. They have all the same details Barclays had surely I donít know how they have my work number because I donít remember providing it. Thank you
    Originally posted by Rebeccadougherty

    Don't panic. Write to PRA today and advise that you do not give them permission to contact you by telephone and that all communication must be in writing. Providing you keep in touch with them they have to adhere to this. If they don't you can complain - but from personal experience PRA are okay and they stopped making calls immediately we put this in writing.
    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
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