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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 10,586Posts
    • 10,357Thanks
    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'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/
Page 15
    • kram
    • By kram 17th Apr 17, 11:08 AM
    • 12 Posts
    • 8 Thanks
    kram
    Hi Carbootcrazy

    Thanks for the update on your savings account.

    It looks quite straightforward to add one but there are so many to choose from that's what confuses me, but i'll give it a go.

    K
    • sourcrates
    • By sourcrates 17th Apr 17, 11:19 AM
    • 10,586 Posts
    • 10,357 Thanks
    sourcrates
    Have got the dmp down to 9yeaes 3 months but is still suggesting Iva as first choice! Help!
    Originally posted by Amandadwi
    Hi Amanda,

    In England and Wales, there are 3 regulated options for dealing with debt, they are :

    Bankruptcy,

    IVA (Individual voluntary arrangement),

    DRO (Debt relief order).


    and one unregulated option :


    The DMP (Debt management plan).

    It depends on a number of factors which option would suit you best, if your debts were hugh, with no real prospect of ever paying them back, then bankruptcy would be your best bet, if you had a house you needed to protect, but still had a good income, then an IVA may be the better option.

    If your debts are less than 20k and you have less than 50 a month left after all your bills are paid, a DRO may be the answer.

    Most every other situation would qualify for a DMP, which is unregulated, which means there are few restrictions on how its run.
    Sometimes more than one option gets recommended, you then need to discuss the finer details with a stepchange advisor, who can then work out the best option to go with.

    DMP`s can last a long time, so if an option appears that will reduce that timescale, its always worth looking at it.

    An IVA is a formal arrangement, its a form of insolvency, so not to be taken lightly, but can be a good way to go if you have a lot of debt, you also gain legal protection from your creditors, so they cannot contact you, it will most likely last 6 years.

    Get as much information as you can on both options, the web is full of information, but a good place to look is on the debt camel website :

    https://debtcamel.co.uk/

    Its written by a CAB adviser, so you know the info is correct.

    Please feel free to continue asking questions on this site, as we have a wealth of experience in the various options open to you.
    Last edited by sourcrates; 17-04-2017 at 11:23 AM.
    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/
    • sourcrates
    • By sourcrates 17th Apr 17, 12:03 PM
    • 10,586 Posts
    • 10,357 Thanks
    sourcrates
    This is one of the best analogies i can find on the net :

    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/
    • Suseka97
    • By Suseka97 17th Apr 17, 12:56 PM
    • 43 Posts
    • 67 Thanks
    Suseka97
    Afternoon all
    Hope everyone is enjoying the Easter Bank Holiday

    I've spent the morning updating and reviewing my debt countdown spreadsheet - nice to see the numbers dropping. Also applied for a Nationwide Flex Basic Account - all very straightforward and painless. The only niggle I have with having to change bank accounts is that my current bank/building society is not a member of CASS. So I'm going to have to do the switch manually and that's a little difficult to time - as my DDs are spread out across the month. The main ones to move first will be payments to SC and my mortgage company- then I'll have to see how I can time the others.

    Had an odd thing happen this weekend. I received an email from Amazon confirming an order I placed and that the order would be delivered the very next day. Only problem with that is I didn't place an order. I thought initially that the email was some sort of scam/hoax - but on checking my account - low and behold there was an order sitting in my order history for a game controller at 39.99. Spent ages on Amazon's chat line to try and get it sorted and it looks like the order was placed late evening on Saturday and yet I haven't been on the Amazon website in months. No-one else in my household has access to my Amazon account - so its all pretty odd. The item arrived today and now I've got to return it for a refund which will take up to 48hrs after they receive the item. Just as well I've got the funds in my bank otherwise I would have been in a right pickle. Amazon are now investigating -but I'm to holding my breath.
    LBM: June 2013 / 14 Creditors / 85k worth of debts
    Current Status: May 2017/ 8 creditors / 15k outstanding / 82% paid
    Est DFD: May Apr Mar 2018
    • January2015
    • By January2015 17th Apr 17, 1:42 PM
    • 1,688 Posts
    • 4,585 Thanks
    January2015
    This is one of the best analogies i can find on the net :

    Originally posted by sourcrates
    That's absolutely brilliant - makes it so simple to see which is the best way forward for each person's individual situation.

    Many thanks for sharing this Sourcrates
    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
    • DancingUnicorn
    • By DancingUnicorn 17th Apr 17, 6:41 PM
    • 42 Posts
    • 34 Thanks
    DancingUnicorn
    Hi, little bit of a rant/question.

    I received a letter from Halifax saying they were moving my loan to a DCA called Wescott. I then received a letter off Wescott saying they were now dealing with my loan and would be in touch with SC to sort out the payments. A couple of days later I got a letter from SC saying that Blair, Oliver and Scott had rejected my offer of payment (for the exact same amount as the loan) and then another letter saying BO&S were no longer dealing with my loan and I needed to let SC know who is now dealing with it within 6 weeks or they will strike that debt from my list and recalculate payments to everyone else.

    Who do I call about where my debt now lies and why am I being passed from pillar to post!? Surely they can see this is making it more difficult for me to pay and causing unnecessary stress for me.

    Every other aspect of my DMP has been easy but this feels like they're messing me about.
    October 2016: 20,130
    March 2017: 19,560
    DFD: February 2024
    • sourcrates
    • By sourcrates 17th Apr 17, 6:50 PM
    • 10,586 Posts
    • 10,357 Thanks
    sourcrates
    Hi, little bit of a rant/question.

    I received a letter from Halifax saying they were moving my loan to a DCA called Wescott. I then received a letter off Wescott saying they were now dealing with my loan and would be in touch with SC to sort out the payments. A couple of days later I got a letter from SC saying that Blair, Oliver and Scott had rejected my offer of payment (for the exact same amount as the loan) and then another letter saying BO&S were no longer dealing with my loan and I needed to let SC know who is now dealing with it within 6 weeks or they will strike that debt from my list and recalculate payments to everyone else.

    Who do I call about where my debt now lies and why am I being passed from pillar to post!? Surely they can see this is making it more difficult for me to pay and causing unnecessary stress for me.

    Every other aspect of my DMP has been easy but this feels like they're messing me about.
    Originally posted by DancingUnicorn
    This is par for the course with bad debts unfortunately.
    Don't let it stress you out, let them play there little games, its not going to affect you one bit.

    Are we talking about the same account here ?

    If so then wescot are currently managing it, and you should ring stepchange and let them know.

    This happens a lot sometimes, it's a pain I agree, but perfectly normal.
    The thing to remember is that Halifax still retain ownership of your debt, the DCA's are only acting on there behalf.
    Last edited by sourcrates; 17-04-2017 at 6:53 PM.
    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/
    • DancingUnicorn
    • By DancingUnicorn 17th Apr 17, 7:00 PM
    • 42 Posts
    • 34 Thanks
    DancingUnicorn
    This is par for the course with bad debts unfortunately.
    Don't let it stress you out, let them play there little games, its not going to affect you one bit.

    Are we talking about the same account here ?

    If so then wescot are currently managing it, and you should ring stepchange and let them know.

    This happens a lot sometimes, it's a pain I agree, but perfectly normal.
    The thing to remember is that Halifax still retain ownership of your debt, the DCA's are only acting on there behalf.
    Originally posted by sourcrates
    Thank you for the very prompt reply! I was hoping it was with Wescot as my Natwest loan went there and they have been great to deal with. I guess I just need to bite the bullet and call them to check - being a bank holiday weekend has been terrible for my anxiety as nowhere is open for me to call and check!

    It is the same account (exact same amount in every letter) just felt like it was being passed from pillar to post.

    Thank you again.
    October 2016: 20,130
    March 2017: 19,560
    DFD: February 2024
    • maxdickinson2003
    • By maxdickinson2003 17th Apr 17, 7:16 PM
    • 27 Posts
    • 41 Thanks
    maxdickinson2003
    DMP journey
    Well it's been a while since I visited this thread but reading through all the posts just inspires me more. I am 4 1/2 years into my journey and can finally see light at the end of the tunnel with only 8 more monthly payments to make before I reach my DFD in December. I never thought the day would arrive!

    I can honestly say it was the support and advice from members of this group that helped me to face my fears and deal with my debts and I haven't looked back since I took the plunge!

    For those of you who are still worrying about what to do I can honestly say it was the best thing I have ever done. Be brave you can do this
    DMP started 1st July 2012
    Total debt 24,000
    Balance at 17/04/17 3496
    Total Paid to date 12000
    DFD Dec 2017
    4 1/2 years in and all is well feeling good
    • motivated
    • By motivated 17th Apr 17, 8:35 PM
    • 1,291 Posts
    • 1,393 Thanks
    motivated
    Halifax definitely seem to be playing games at the moment. Just logged onto my accounts to see they have added over 500 interest over 2 loans

    The letters I received saying that they haven't received payments according to our payment plan is contradicting as both my loan accounts show the exact payments received on the 7th April. Interest was added on the 15th. These payments are the same amounts that SC had agreed according to my budget.

    Will be phoning them first thing in the morning. I have written to them twice now and may get a little further if I speak directly to them. I will be requesting that they remove the interest that has been added and hopefully they will. Fingers crossed.

    Any tips on what I should say to them.
    M
    Last edited by motivated; 17-04-2017 at 8:38 PM.
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 82,590 - 80.102.88 - DFD July 2024 April 2024

    Short term goal 220/1723.27
    • Lazzalaz
    • By Lazzalaz 17th Apr 17, 11:38 PM
    • 2 Posts
    • 12 Thanks
    Lazzalaz
    Thank you for the very prompt reply! I was hoping it was with Wescot as my Natwest loan went there and they have been great to deal with. I guess I just need to bite the bullet and call them to check - being a bank holiday weekend has been terrible for my anxiety as nowhere is open for me to call and check!

    It is the same account (exact same amount in every letter) just felt like it was being passed from pillar to post.

    Thank you again.
    Originally posted by DancingUnicorn



    Hey, I was about to say it is probably with Wescot, and how helpful I've found Westcot in the past. Never had a problem with them on the phone. I've also been able to make the odd extra payments to them online if I've felt I've got a little
    Bit spare that month and think I'll help knock an extra bit of my debt.

    Sometimes these things do happen with debt agencies, but it's good your ontop of and opening the letters. I was so scared to open those letter in the earlier days seeing my debt going to a different company and then worrying about if they will except my payments.
    But I soon got over that and realised it was all part of being in debt.

    Just let SC know what you have. I quite often just send them emails and scan letters and attach them to the emails. I always find them quick at responding and getting in touch with the credit agencies to make sure they all have the same information.

    Have a good week.
    • Sazzie23
    • By Sazzie23 18th Apr 17, 7:03 AM
    • 2,588 Posts
    • 10,455 Thanks
    Sazzie23
    Have got the dmp down to 9yeaes 3 months but is still suggesting Iva as first choice! Help!
    Originally posted by Amandadwi
    Hi and welcome to the board, you've made great progress in just the time you've been posting on here, well done.
    Just wanted to add that it's perfectly acceptable to start a DMP and then move to a DRO or IVA, although not oossible to go from IVA to DMP, so if you are not sure, but feel you need to do something, I'd recommend starting the DMP and looking at IVA again in a few months.

    Also to remember that IVA managers receive a payment, so are not impartial.

    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.
    • Bepop
    • By Bepop 18th Apr 17, 7:04 AM
    • 20 Posts
    • 15 Thanks
    Bepop
    Hi everybody. I'd posted on Friday for advice regarding sending letters to my creditors. All posted on Friday. Can feel the anxiety starting to creep in. The doubt setting in. Not sure if I've done the right thing..need a wee bit of advice please. I wrote to two of my store card creditors..now thinking should I have paid them both off and closed the account? I could have transferred money from my overdraft? This would have meant I still owed the same amount (although instead of it being on two store cards) it would be on my overdraft. Would this have made more sense, which would have meant less two creditors? Is it too late now to do transfer from OD today and make payments to both store cards? Thank you for your help x
    • motivated
    • By motivated 18th Apr 17, 9:11 AM
    • 1,291 Posts
    • 1,393 Thanks
    motivated
    Hi all

    Just spent a whole hour on the phone to Halifax. I had the strength to speak to them directly and challenge the 500 + interest they added on my account.
    Lots of going backwards and forwards, the lady saying they hadn't received payment by the 7th April and the payment plan has had to be reset starting in May

    I quickly reminded them that I have letters dated the 12th April thanking me for my payments in line with the payment plan etc. I then said I would like to escalate this to a manager (get me)

    I reminded them about my situation and how they were making things worse and so on.

    An hour later and All interest refunded and payment plan still up and running with the assurance that ALL interest and charges stopped from now on

    3 months ago I wouldn't have even had the balls to answer the phone to them let alone actually ringing them myself and challenging them.

    Thankyou to all who have given me the strength to do things like this. I actually feel quite proud of myself
    M
    Last edited by motivated; 18-04-2017 at 9:22 AM.
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 82,590 - 80.102.88 - DFD July 2024 April 2024

    Short term goal 220/1723.27
    • Bepop
    • By Bepop 18th Apr 17, 9:46 AM
    • 20 Posts
    • 15 Thanks
    Bepop
    Hi motivated..well done you, without the wise words and support of this group, I don't know if I'd have got as far as I have. I'm so glad you got the strength to challenge your creditor, great result. I'm hoping for a wee bit of advice this morning from my earlier post. Hopefully will get a reply ASAP. Well done again x
    • motivated
    • By motivated 18th Apr 17, 10:01 AM
    • 1,291 Posts
    • 1,393 Thanks
    motivated
    Hi motivated..well done you, without the wise words and support of this group, I don't know if I'd have got as far as I have. I'm so glad you got the strength to challenge your creditor, great result. I'm hoping for a wee bit of advice this morning from my earlier post. Hopefully will get a reply ASAP. Well done again x
    Originally posted by Bepop

    Hi Bepop
    I too wouldn't have ever had the courage to do things like this if it wasn't the amazing people on here. As for your questions I am still very much a newbie when it comes to DMPs. Although I don't think it matters how many creditors you have SC will organise things for you. Someone will definitely be along and be able to steer you in the right direction though.
    Well done for finding the strength to send your letters off and try not to worry about the process and being anxious is just part of the getting started bit. I was like you also but just 3 months in an already my stress levels are very low. I wondered whether I did the right thing too, now its the best thing I ever did and should have done it a long time ago.

    Our DMP was up and running in a very short space of time and so far (apart from Halifax but sorted now) all of our creditors have been absolutely fine.
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 82,590 - 80.102.88 - DFD July 2024 April 2024

    Short term goal 220/1723.27
    • carbootcrazy
    • By carbootcrazy 18th Apr 17, 10:04 AM
    • 3,644 Posts
    • 20,282 Thanks
    carbootcrazy

    3 months ago I wouldn't have even had the balls to answer the phone to them let alone actually ringing them myself and challenging them.

    Thankyou to all who have given me the strength to do things like this. I actually feel quite proud of myself
    M
    Originally posted by motivated
    You certainly should feel proud. Many congratulations on a job well done
    Make 10 A Day Challenge 2017. Jan-Apr: 1240.02. May: 380.96
    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
    • motivated
    • By motivated 18th Apr 17, 10:06 AM
    • 1,291 Posts
    • 1,393 Thanks
    motivated
    You certainly should feel proud. Many congratulations on a job well done
    Originally posted by carbootcrazy
    I don't know where this new me has come from
    M
    I have arrived in DMP Land and I like it. I may stay a while
    April 2017 82,590 - 80.102.88 - DFD July 2024 April 2024

    Short term goal 220/1723.27
    • sourcrates
    • By sourcrates 18th Apr 17, 10:56 AM
    • 10,586 Posts
    • 10,357 Thanks
    sourcrates
    I wrote to two of my store card creditors..now thinking should I have paid them both off and closed the account? I could have transferred money from my overdraft? This would have meant I still owed the same amount (although instead of it being on two store cards) it would be on my overdraft. Would this have made more sense x
    Originally posted by Bepop
    Really its swings and roundabouts, if it reduces the number of creditors, yet your debt remains the same, i would say do it.

    Basically do whatever makes things easier for you, it wont make one iota of difference to how the creditors treat you.

    I took 5k out of an overdraught when i started a DMP to use as an emergency fund, no one batted an eyelid.

    Do whatever works best for you.
    Last edited by sourcrates; 18-04-2017 at 11:00 AM.
    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/
    • Suseka97
    • By Suseka97 18th Apr 17, 1:30 PM
    • 43 Posts
    • 67 Thanks
    Suseka97
    .... I wrote to two of my store card creditors..now thinking should I have paid them both off and closed the account? I could have transferred money from my overdraft? This would have meant I still owed the same amount (although instead of it being on two store cards) it would be on my overdraft. Would this have made more sense, which would have meant less two creditors? Is it too late now to do transfer from OD today and make payments to both store cards? Thank you for your help x
    Originally posted by Bepop
    As Sourcrates has already said - it really doesn't matter in the long run. You've not arranged the DMP as yet, have you - so you have time to do what works best for you. At the end of the day if you would feel better having fewer creditors overall, then go for it.

    I started off with 14 of them and a couple of them never even put AP or AR or any other marker on my file. They just stopped interest -but they were the ones who I owed the least to and I guess they weren't that bothered. If I could have reduced the number of creditors I might have considered it - but at the end of the day the defaults will drop off your file regardless in 6 years, so it doesn't matter much. The only time it will is if it takes longer to get the much welcomed default (for example for me Halifax delayed it for a year - little *****).
    LBM: June 2013 / 14 Creditors / 85k worth of debts
    Current Status: May 2017/ 8 creditors / 15k outstanding / 82% paid
    Est DFD: May Apr Mar 2018
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