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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 12,188Posts
    • 11,649Thanks
    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, and delete spam.
    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 47
    • kram
    • By kram 17th Jun 17, 10:32 AM
    • 66 Posts
    • 58 Thanks
    kram
    Kram
    Hi this is my first ever post. Thinking of doing a dmp with sc or pp but big issue I have is my wage is masiffley variable because commission based and small basic. Ie one year could earn 20k more then the last or vise versa. One month come out with 2k one with 4k then one with 1.5. Any one else similar situation. Or any advice for who to use ?total debt is a lot 90 plus. I'm worried that disposable income would would worked out on average over 12 months then I have a couple of bad months and it all goes wrong. ??
    Originally posted by Silver1982
    Have a look at the debt remedy tool on the stepchange website which will give you an idea of where you are right now with everything.

    All I can say is its the best thing I did to face up to it all.

    Good luck
    • sourcrates
    • By sourcrates 18th Jun 17, 1:30 PM
    • 12,188 Posts
    • 11,649 Thanks
    sourcrates
    Hi this is my first ever post. Thinking of doing a dmp with sc or pp but big issue I have is my wage is masiffley variable because commission based and small basic. Ie one year could earn 20k more then the last or vise versa. One month come out with 2k one with 4k then one with 1.5. Any one else similar situation. Or any advice for who to use ?total debt is a lot 90 plus. I'm worried that disposable income would would worked out on average over 12 months then I have a couple of bad months and it all goes wrong. ??
    Originally posted by Silver1982
    Hi,

    Presuming you have discounted bankruptcy as an option, then my way to tackle this would be with a self managed plan.

    As your income is variable you can agree regular payments with your creditors, which would be affordable taking your basic wage into account, then as and when i had some commission based earnings, i would attempt to settle accounts with full and final offers.

    Thats the beauty of self managed, you can run it more or less as you please, it keeps you in control, and is a very rewarding, and interesting way to deal with your debts.

    As your wage is partly commission based, i assume you are a good negotiator ?

    That may be helpful to you if you choose this route.
    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, and delete spam.
    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/
    • Silver1982
    • By Silver1982 18th Jun 17, 6:31 PM
    • 4 Posts
    • 0 Thanks
    Silver1982
    Is there merit in using step change first and then going self managed ?
    • sourcrates
    • By sourcrates 18th Jun 17, 7:12 PM
    • 12,188 Posts
    • 11,649 Thanks
    sourcrates
    Is there merit in using step change first and then going self managed ?
    Originally posted by Silver1982
    Yes there is, although as you say, it may be difficult for them to determine payments due to your fluctuating income.

    No harm in trying though.
    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, and delete spam.
    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/
    • Silver1982
    • By Silver1982 19th Jun 17, 11:42 AM
    • 4 Posts
    • 0 Thanks
    Silver1982
    're morgageing with same bank
    One of my worries with a dmp is when my rate diminishes on my mortgage and goes to the standard rate. Will my bank not offer me the deal rates if I have defaults ? Or since I'm already with them will it make no difference ?

    Lots of advice saying change bank account but my account is a joint one and I don't want it to default it as it will damage the wife's credit. We have a 4 k over draft but most months clear it then go back in it. Also bank account is mortgage provider so want to keep them on side. I have a cc with them tho 6k.

    All debts are with major cards (mbna bc hsbc RBS )

    Really scared that interest charges won't get frozen as at the moment all balances are a fixed apr for life of balance (4.9 or 6.9) but if I miss a payment all will revert to 18 -20 apr which would create a lot extra debt. Total is 90 plus so would be over £1000 a month in interest and my hope is the payment for all of it to be around £750 -£800.

    Ps I can't risk iva as I work in finance and if I moved job iva would but a killer.

    I struggle to think about anything else these days and it ruining my life.
    To top it all my wife doesn't know 😥
    • sourcrates
    • By sourcrates 19th Jun 17, 12:05 PM
    • 12,188 Posts
    • 11,649 Thanks
    sourcrates
    Hi Silver,

    I can see your dilemma here, and its one many of us have had to face in the past, first of all, you must get your wife on board with this, there are no two ways about it, the very fact you are posting on here tells me you realize things must change, so you must tell your other half.

    Now any kind of debt management is going to affect you, your credit file will suffer, and you have to learn to live without credit, i`ve done it, many people on here are doing it right now, but you have to look at your finances in a different way, you leave the standard financial world behind, and enter into unfamiliar territory, defaulting on your accounts has got to be accepted as something that "will happen", so you need to prepare for this change.

    If you want to keep your existing bank account, you need to pay off the OD first, do this at the expense of other credit payments, you mention a credit card with the same bank, that can be included in the DMP, but be aware, any money in the current account can be taken by right of set off, by the bank, to repay what you owe on the credit card, hence why its wise to open a new account, with a bank with whom you have no debt.

    You have quite a complex situation, i have already suggested self management, which i think would be the way to go for you, i would run your situation by one of the debt charities, see what they say.
    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, and delete spam.
    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/
    • Keezing
    • By Keezing 19th Jun 17, 5:29 PM
    • 270 Posts
    • 238 Thanks
    Keezing
    One of my worries with a dmp is when my rate diminishes on my mortgage and goes to the standard rate. Will my bank not offer me the deal rates if I have defaults ? Or since I'm already with them will it make no difference ?
    Originally posted by Silver1982
    Most banks offer existing customers retention rates, allowing you to re-fix your mortgage with them on a new deal. No credit checks are involved.

    The rates you are offered may not be as good as the rates you could obtain by remortgaging to a new lender, but at least you won't be locked into the SVR.
    • Keezing
    • By Keezing 19th Jun 17, 5:40 PM
    • 270 Posts
    • 238 Thanks
    Keezing
    Creation are proving to be a big problem for me with regards to my DMP.

    The refused to accept my offer of repayment without seeing payslips and bank statements, so I sent them.

    They then reinstated interest and charges because they claim I didn't send my payslips, even though I have evidence of delivery.

    So I sent them again. Again they signed for the letter, but claim they did not receive the payslips.

    So they asked me to send everything by email. I did, but they claim to have never received the email despite sending me an email acknowledgment.

    They sent me a default notice but never defaulted me, so charges continue to pile on.

    They text me twice a day and call me once a day, and every time they ask me to send evidence of my income. I have done 4 times.

    I have sent 2 formal complaints. One was ignored despite them signing for it, and the other one they responded by sending me copies of their income and expenditure forms. Sigh.

    I'm desperate for them to pass the debt to a debt collector so I can communicate with someone competent but they don't seem to be in any hurry and that have been litigious recently according to posts on other forums.

    Part of me wants them to take me to court so the court can set the repayments at what I have offered, but I don't fancy a charging order.
    • sourcrates
    • By sourcrates 19th Jun 17, 5:54 PM
    • 12,188 Posts
    • 11,649 Thanks
    sourcrates
    Keezing, they won't take you to court, they will faff about saying this and that, they may pass it to a debt collector, but eventually, they will sell it on.
    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, and delete spam.
    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/
    • heavenlyharry01
    • By heavenlyharry01 19th Jun 17, 6:15 PM
    • 103 Posts
    • 126 Thanks
    heavenlyharry01
    Keezing - I have two debts with Creation. Theyvre terrible! Although we haven't had quite the experience you have had, they are pretty useless.
    We ignored them in the end, refused to send payslips and bank statements. Finally they have passed one to a debt collector, they other...who knows!
    Currently we are paying nothing towards them!


    I have a question regarding NRAM. We have a old NR together mortgage, which was part mortgage and part unsecured loan.
    We currently are on an arrangement to pay with NRAM for the loan side, and I recently offered a low full and final settlement.
    They have refused it, with no counter offer.
    They have also refused to default, as its "not their policy". I've put in a complaint. As the lady told me over the phone that they want to work with us, but refusing to default and refusing the settlement is clearly not working with us.
    Should we stop paying for a while to force a default?
    Anyone have any NRAM experience and getting a default?
    • unicorndeva
    • By unicorndeva 19th Jun 17, 7:27 PM
    • 35 Posts
    • 97 Thanks
    unicorndeva

    I have a question regarding NRAM. We have a old NR together mortgage, which was part mortgage and part unsecured loan.
    We currently are on an arrangement to pay with NRAM for the loan side, and I recently offered a low full and final settlement.
    They have refused it, with no counter offer.
    They have also refused to default, as its "not their policy". I've put in a complaint. As the lady told me over the phone that they want to work with us, but refusing to default and refusing the settlement is clearly not working with us.
    Should we stop paying for a while to force a default?
    Anyone have any NRAM experience and getting a default?
    Originally posted by heavenlyharry01
    Have you requested a CCA from them? We requested one for our old NR personal loan and were told they are unable to supply one! We won't be paying them another penny!
    • heavenlyharry01
    • By heavenlyharry01 19th Jun 17, 8:04 PM
    • 103 Posts
    • 126 Thanks
    heavenlyharry01
    Unicorndeva - I haven't actually.
    I kind of thought that they would no doubt have all the paperwork as it was a mortgage and loan taken out together - 125% mortgage.
    But I guess it's worth a try
    • unicorndeva
    • By unicorndeva 20th Jun 17, 11:31 AM
    • 35 Posts
    • 97 Thanks
    unicorndeva
    Unicorndeva - I haven't actually.
    I kind of thought that they would no doubt have all the paperwork as it was a mortgage and loan taken out together - 125% mortgage.
    But I guess it's worth a try
    Originally posted by heavenlyharry01
    Always worth a try
    • Billy12345
    • By Billy12345 20th Jun 17, 12:36 PM
    • 55 Posts
    • 82 Thanks
    Billy12345
    Quick update from me.

    DMP with SC ticking along nicely. Just started to self manage one creditor (as I didnt include it when I started with SC) long story but anyway, letter sent today offering token payment for six months then up to proper amount, hopefully they will default the account quickly.

    I used the NEDCAB templates and along with advice from January, Sourcrates, Puzzcat and others really kept me calm and sane, thanks .

    Puts the total back up to £58k though but no other credit so can only go down from here.

    Next year I may even self manage......just not quite ready for that yet.

    For all new to DMP land it really is an amazing place with lots of advice on this forum. My DMP will probably take a hundred million years but looking to increase when family loan paid off so hopefully clear in probably only a hundred years

    Best advice I received was to be honest with my figures and not to leave myself short each month, you have to live not just exist.....oh and an emergency fund is an absolute must. SC wont advise you about that but its essential. So if you are thinking of starting a DMP, read this forum, work out your pennies, open a new bank account with someone not attached to your debts, cancel those direct debits, save an emergency fund and take the plunge.

    Its not as scary as you might think.
    LBM August 2016 = £59k AUG 2017 = 12% PAID

    Sainsburys loan Default Tesco CC Default Barclaycard CC Default Santander OD Default Santander Loan Default Capital One Default
    Santander CC not yet Ratesetter loan not yet
    • Sazzie23
    • By Sazzie23 20th Jun 17, 10:09 PM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    Creation are proving to be a big problem for me with regards to my DMP.

    The refused to accept my offer of repayment without seeing payslips and bank statements, so I sent them.

    They then reinstated interest and charges because they claim I didn't send my payslips, even though I have evidence of delivery.

    So I sent them again. Again they signed for the letter, but claim they did not receive the payslips.

    So they asked me to send everything by email. I did, but they claim to have never received the email despite sending me an email acknowledgment.

    They sent me a default notice but never defaulted me, so charges continue to pile on.

    They text me twice a day and call me once a day, and every time they ask me to send evidence of my income. I have done 4 times.

    I have sent 2 formal complaints. One was ignored despite them signing for it, and the other one they responded by sending me copies of their income and expenditure forms. Sigh.

    I'm desperate for them to pass the debt to a debt collector so I can communicate with someone competent but they don't seem to be in any hurry and that have been litigious recently according to posts on other forums.

    Part of me wants them to take me to court so the court can set the repayments at what I have offered, but I don't fancy a charging order.
    Originally posted by Keezing
    Hi Keezing

    What a mess, I think I'd stop paying, what could be worse, and why would you get a charging order even if they did take you to court, you've tried to do it correctly from your side and can evidence that.

    I'd write/email them to say, stop calling, stop texting, I've done everything I can. Block calls and texts and then I'd probably stop paying . Or if it's a small amount outstanding, maybe focus all your repayments on them til the debts gone then redistribute your repayments to the others.

    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.
    • Sazzie23
    • By Sazzie23 20th Jun 17, 10:10 PM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    Quick update from me.

    DMP with SC ticking along nicely. Just started to self manage one creditor (as I didnt include it when I started with SC) long story but anyway, letter sent today offering token payment for six months then up to proper amount, hopefully they will default the account quickly.

    I used the NEDCAB templates and along with advice from January, Sourcrates, Puzzcat and others really kept me calm and sane, thanks .

    Puts the total back up to £58k though but no other credit so can only go down from here.

    Next year I may even self manage......just not quite ready for that yet.

    For all new to DMP land it really is an amazing place with lots of advice on this forum. My DMP will probably take a hundred million years but looking to increase when family loan paid off so hopefully clear in probably only a hundred years

    Best advice I received was to be honest with my figures and not to leave myself short each month, you have to live not just exist.....oh and an emergency fund is an absolute must. SC wont advise you about that but its essential. So if you are thinking of starting a DMP, read this forum, work out your pennies, open a new bank account with someone not attached to your debts, cancel those direct debits, save an emergency fund and take the plunge.

    Its not as scary as you might think.
    Originally posted by Billy12345
    Great post, thanks Billy and Good luck with it
    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.
    • Amandadwi
    • By Amandadwi 20th Jun 17, 10:47 PM
    • 9 Posts
    • 8 Thanks
    Amandadwi
    Hi all,
    Have not commented for a while but read the posts every night - absorbing all of the advice!
    So I took the plunge and have finally stopped paying all creditors and everything has been good. Until today! Two phone calls one Halifax and the other Barclay card. Unfortunately I was unable to answer either of them as at work.
    I have written to all of my creditors explaining my situation and have been paying token payements. Bc I stopped paying in the beginning of may and had only had a letter. Halifax only missed a payement a few days ago but have already began ringing I did state on all letters no phone calls.
    Tesco who is my largest creditor have written to me asking me to sign a form to say they could deal with a third party debt agency other wise they will chase me for the debt. I ignored this letter and just sent my second months letter explaining the situation. This is because although I have used sc debt remedy tool I have not actually put in my application as I am not ready and am saving my emergency tool. I have saved a bit but this month have managed nothing which shows how much I depended on cc before. Although I have used no more credit.
    My question is how long do I leave it before putting my application into sc - as in how long am I safe to do so?
    And am I okay ignoring calls from creditors if I have written to them? They obviously received the letter as they have cashed my cheque. I really cannot face speaking to them at the moment as I am in this mess due to a relationship breakdown where I am left unable to afford my payements. Stress levels are high!
    On a plus note the advice on here is great and keeping me from panicking ��
    • Julie67
    • By Julie67 21st Jun 17, 9:10 AM
    • 2,344 Posts
    • 21,245 Thanks
    Julie67
    Hi all,

    Just a quick update and a couple of questions.
    I wrote to all my creditors on 12th May requesting a copy of the CCA's.
    So far
    Idem(Halifax) unenforceable
    PRA(Barclaycard) Unenforceable
    NCO (HSBC) still waiting account on hold
    Robinson Way (Tesco) Still waiting account on hold
    Lowell (ASDA) still waiting account on hold
    Nationwide have cashed the £1 cheque and deducted it from the balance, completely ignoring the request.

    I intend to send follow up letters to NCO, Robinson Way, Lowell, and Nationwide, repeating the request. My first question is how long do I wait before assuming the can't find them and write saying I'm not paying anything else?
    Secondly I now intend to write and tell Idem and PRA that I have no intention of paying anything else. Does anyone have a template letter for this or did you just put something together yourself?

    It all feels very strange at the moment and very quiet. No letters or phone calls and working to get together an emergency fund.
    Thanks
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • January2015
    • By January2015 21st Jun 17, 9:34 AM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    Hello everyone

    I'm back Lots and lots of reading to do to catch up with this thread - it's amazing how fast it moves

    I'd like to be able to say I've been away on a fantastic holiday and am just back home - but unfortunately life didn't interrupt quite so nicely. However, without going into details the family are all okay and we are all still here alive and {almost} kicking so I'll take that as a huge win

    Add to family dramas - the boiler gave up the ghost whilst we were on holiday so having that checked out (man coming later today). Fortunately up to £1.5k of repairs/replacement is covered on the house insurance so even the boiler going wrong is not too bad - it's inconvenient, but we can live with inconvenience now and then

    I didn't realise how much I would miss you all - even though life has been very manic I have missed keeping up with my virtual friends. I also very much look forward to getting to know the new members of our group.

    It's great to be back
    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
    • Julie67
    • By Julie67 21st Jun 17, 9:39 AM
    • 2,344 Posts
    • 21,245 Thanks
    Julie67
    Great to see you back January glad everyone is ok
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
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